Working with Investors who FLIP? No sale for 90 days!!

Reblogger Charles Stallions
Real Estate Broker/Owner with Charles Stallions Real Estate Services

Pensacola, Florida: I am continuing my best best of the best series by choosing articles on different real estate topics beneficial to Pensacola REO's Investors, home buyers and sellers. This weeks topic is on the Investor and who wants to be the next millionaire in Pensacola, Pace, Gulf Breeze, Florida. With a well know, little used strategy we can make you the next millionaire. Unbelievable, put me to the test and see.     I hope you find this series to be educational as well as informative. Call me to discuss the use of the of this little used strategy and to discuss how we work and if it will benefit you here in Pensacola, Pace or Gulf Breeze, Fl. Call Charles Stallions 800-309-3414 or E-mail charles@charlesstallions.com. To view short sales, foreclosures, REO's and homes for sale in  Pensacola, Pace or Gulf Breeze, Florida Click Here.

Original content by Coni Otto 608255

Did you know that there is a Anti-flipping law?  What does that mean? It means if you purchase a property as an investor and you want to flip it you have to wait 90 days BEFORE YOU can accept a contract for the property. It's across the board, conventional, FHA, and VA....

So be prepared to hold the property for 90 days... FYI

Here is some info. on the FHA regulation...

Below you will see my email from FHA in response to my phone inquiry.  In the response, you'll see that they cite Handbook 4155.2.  A search of HUD's website led me to the 466-page handbook. In Chapter 4, page 25 (4-25), the anti-flipping regulation is laid out.  A specific answer to the question as to when the 90 days begins can be found at 4155.2 4.7.e, which is on the bottom of Chapter 4, page 26 (4-26)  It is very clear that the 90 day clock begins ticking on the "Seller's date of acquisition as the date of settlement on the seller's purchase of that property, and re-sale date as the date of execution of the sales contract by a buyer intending to finance the property with an FHA-insured loan."

Below is a link to the handbook.  I've also attached a copy of the relevant page.  FHA instructed me to have your UW call them if there is any uncertainty remaining.

http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.2/41552HSGH.pdf

Passing along the information I get to my clients and YOU.....

 

 

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Rainmaker
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Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

Are you paying too much in Property Management Fees? Are you going broke with maintenance fees, low rents, lack of tenants etc? We charge a Flat Fee of $50. a month which includes monthly reconciliation statement, tenant screening, property inspections, we do low cost preventive maintenance saving owners thousands. We save owners 75% over other property managers. Bottom Line is WE make you MONEY. Call Michelle - 800-309-3414 - Charles Stallions Real Estate Services Inc.

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Jul 26, 2012 01:42 PM #1
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