Flipping With Investors: FHA Rules and Guidelines

By
Real Estate Agent with Long Realty - Dove Mountain, Marana AZ BR564219000

Flipping With Investors:  FHA Rules and Guidelines

If you work with investors, the Federal Housing Administration's extension of the "quick flip" is good news.  The program was due to expire on December 31, but this move by FHA encourages the purchase of foreclosed and distressed properties, repair and remodel, and resale...all within 90 days.

BEFORE     AFTER

I personally like the affect the small-time investor has had on homes for sale in Tucson.  We call it a "beautification project" and if you can be satisfied with consistent, modest gains...this can be an area for you as well.  There's just a few rules when selling to a buyer using a FHA loan here in Arizona.

  • All transactions must be arm's length - no relationships involved.
  • You must have clear, recorded legal title. 
  • A second appraisal will be necessary if the selling price is 20 percent higher than what the investor paid for it initially.  In addition, a separate, independent inspection is required by a professional with no connection to the participants in the transaction.  So wait to hear from your loan officer before ordering an inspection yourself.  Health and safety for the new owners is always required.
Call me please if you'd like more information regarding beautifying another little corner of Tucson!
Posted by

If I can assist you in your home buying or selling in Marana, Tucson, Oro Valley, or Vail, please don't hesitate to call me!  Email at swdeserthomes@aol.com

Cara Marcelle Mancuso, Long Realty,

520-909-2988   

Regarding the material posted in my blog postings, these are my personal opinions and not those of Long Realty Company. 

All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified.

Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.

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Rainmaker
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John G. Johnston
John G. Johnston & Associates, LLC - Westcliffe, CO
An Exclusive Buyer's Agent ~ Westcliffe, CO

Cara  I sell about 3 or 4 foreclosures a year but I have never done one with FHA financing.  I would assume this is a national program?  I will look it up... Suggest and Merry Christmas

Dec 22, 2012 08:23 AM #1
Rainmaker
820,770
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Cara, I loved seeing the improvements in this home.  It was a beautification project, for sure.  And, I hadn't heard he FHA extended their guidelines - great news for home buyers in Tucson looking for FHA financing. 

Dec 22, 2012 11:46 AM #2
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Rainmaker
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Cara Marcelle Mancuso

Call a Marana neighbor, I'm THERE! LONG REALTY
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