HUD Releases 90-Day House Flipping Rule, jillwatts@kw.com, 360-852-1689

By
Real Estate Agent with Realty Pro, Inc. #96851


INVESTOR ALERT!! HUD has announced today that the 90-day house flipping restrictions have been lifted as of February 1st, 2010.  For my friends who are really into multiple streams of income and like to get their hands dirty fixing up those Fixer Uppers....this announcement is for you!  "Flipping" homes has now just become easier...at least for the coming year. This will certainly be a positive effect on our market.

Here are some things that are rules applying to this new HUD flipping houses rules::
  • Buyer and seller may not be family members.
  • Seller may not increase the sales price by more than 20% and if that happens..the house must be appraised to deduce what improvements have been made.
  • If improvements have been made, an inspection must be done and results given to the new buyer.
This is going to be a fabulous opportunity for investors!! Especially those who want a invest in a fixer upper and make a few adjustments, SELL and EARN SOME PROFIT!!
Do you like ripping up carpet, fixing a few holes, painting, maybe putting in countertops or new tile in a bathroom??  Is HOME DEPOT one of your favorite Saturday trips?? Check out this this great link about how to flip houses:

E-HOW TO DO JUST ABOUT ANYTHING -NEWBIES GUIDE TO FLIPPING HOUSES

This E-HOW link has other links that you can use to educate yourself on flipping houses!

Jill Watts - Agent
Keller Williams

(360)852-1689

Search for Clark County, Washington listings Email MeVisit my website www.jillwatts.yourkwagent.com

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Are you Selling, Buying or Building a home in one of the great livable cities that make up Clark County? (Battle Ground, Camas, LaCenter, Vancouver, Ridgefield, Washougal, Yacolt) Buying? I am a Keller Williams Real Estate professional working for you with my team of professionals to make your sale smooth...contract to closing table!  I have blazing hot property deals from the RMLS (including all listings from all companies, even  ReMax, Century 21, Prudential, Windermere, etc.) right at my fingertips and can provide them to you before the sign even goes into the yard. Selling? The RMLS and Keller Williams up-to-the-minute technology will give you all the research tools you need to make your contract property sale negotiations razor sharp and your property buying or selling decisions precise and save your money! (I am also connected to our new Keller Williams Commercial group, so give me a call today to get hooked up with a dynamic possibility for your investment future. No really! Call me!! 360-852-1689 to get started on your next life transition today)

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Topic:
Mortgage / Finance
Location:
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Tags:
home selling
fixer upper
real estate
for sale
flipping houses
hud
buy houses
90day

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Rainmaker
459,017
Kim Boekholder Utah Real Estate
Results Real Estate 801.580.5624 - Draper, UT
Broker, Results Real Estate

Great Post Jill!  I just got an email regarding this.  Way to be on top of the lastest breaking news.  I am so glad they finally suspended this for a while.  It affects so many people.  Best wishes,

Kim

Jan 15, 2010 02:59 PM #1
Rainer
23,567
Marcus Barber
Exit IH-10 Realty www.RealtyPromo.com - San Antonio, TX

Thanks for the update Jill.  It's about time HUD did this!

Jan 15, 2010 03:06 PM #2
Rainmaker
551,512
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Jill,

Thanks for the heads up, I just read this on another post, yet you've spelled it out just a little more.

Jan 15, 2010 03:25 PM #3
Rainmaker
299,380
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

Thanks Jill, I will have to read up on this to learn more.   I might have to start buying a few more homes again!

Jan 15, 2010 03:34 PM #4
Rainmaker
782,095
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

I missed this so thanks for letting us know, Jill.  Investors are snapping up the HUD and Fannie Maes very rapidly when they are priced right in our market.  Thanks!

Jan 15, 2010 03:51 PM #5
Ambassador
553,475
Larry Story
Total Care Realty - Greensboro, NC
Total Care Realty, LLC, Greensboro, NC Real Estate

Jill,

Yes I saw this and just wondered what took them so long to do it.  I mean did they really want to hold onto all that inventory.

 

 

Jan 16, 2010 04:19 AM #6
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Rainmaker
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Jill Watts

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