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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: condo flip Posted by gc on April 11, 2009 at 9:01 PM In Reply to: Re: condo flip posted by JK (the other JK) on April 11, 2009 at 12:05 AM You are right. It is 90 days. What happens if HOA goes bankrupt? Have u ever seen this happen? What effect does that have on the neigborhod? GC : : Is there a down side to flipping condos? I think I heard Bruce Norris say that it is not a good idea since lots of buyers will purchase using FHA, and FHA requires seller to be owner for at least 6 months. Is this correct, or am I missing something? : I thought it was 90 days. The biggest downside is that condos can go down in value faster than houses. Therefore you need to get a bigger discount on your buy. Other potential pitfalls to be prepared for are unknown assessments, HOA bankruptcies and low owner occupied #s (less than 50% owner occupied will kick out FHA financing). Follow Ups: Re: condo flip JK (the other JK) 12:22 AM, 04/12/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : You are right. It is 90 days. What happens if HOA goes bankrupt? Have u ever seen this happen? What effect does that have on the neigborhod? : GC : : : Is there a down side to flipping condos? I think I heard Bruce Norris say that it is not a good idea since lots of buyers will purchase using FHA, and FHA requires seller to be owner for at least 6 months. Is this correct, or am I missing something? : : I thought it was 90 days. The biggest downside is that condos can go down in value faster than houses. Therefore you need to get a bigger discount on your buy. Other potential pitfalls to be prepared for are unknown assessments, HOA bankruptcies and low owner occupied #s (less than 50% owner occupied will kick out FHA financing). [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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