BUYING AND SELLING FORECLOSURES IN ST MARY'S, CHARLES AND CALVERT COUNTIES, MD
Effective February 1, 2010 the FHA will temporarily waive property flipping rules for one year.
Investors will no longer have to hold a property for 90 days before resale.
This means that "investors" may increase BUYING AND SELLING FORECLOSURES IN ST MARY'S, CHARLES AND CALVERT COUNTIES, MD. "Investors" attempt to buy low (foreclosures), renovate and then sell for a profit. The FHA had increased the turn around time needed before resale. This increased the financial commitment needed by the investor, due to holding on to the foreclosure property longer. One reason this was implemented was to reduce the number of investors in the market, allowing more non-investors to buy and keep lower priced, often foreclosed, homes.
If you decide to be an "investor" do:
Know the neighborhood that you are going to invest in. Find out about schools, crime rates, community organizations and area businesses.
Find the worst home on the best block. It will often make the most money.
Search for HUD foreclosures. You can find underpriced homes that banks or the government want to unload.
If you decide to be an investor:
Don't quit your day job! Property flipping is not a hobby, but can be a second job. There are a lot of people out there that do it full time and they are your competitors.
Don't overdo renovations. Be realistic about potential profits and make renovations accordingly. Putting in too much money on renovating a property is like throwing money away.
Summary:
In many cases you can make a quick return. However the lending party is over. Financing is not as easy anymore. And there's the ever-present risk: If the market takes a dip before you can sell, you lose!
BUYING AND SELLING FORECLOSURES IN ST MARY'S, CHARLES AND CALVERT COUNTIES, MD
Margaret C. Taylor SFR CDRS Century 21 New Millennium Real Estate Agent, Lexington Park, St Mary's, MD
Serving: Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, et al. also Calvert and Charles Counties.
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