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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] new FHA anti flipping rules effective June 2 Posted by Travis-CA on June 04, 2003 at 9:45 PM In Reply to: Not a problem... posted by Ward-CA- on June 04, 2003 at 7:52 PM : : Even when there are properties in abundance at the sale, is it still worth negotiating with the owner, and attempting to assume the loans? : : I am thinking that a "Trustee's Deed" may be a negative flag to the lenders of a potential buyer. I keep reading on other forums, that lenders are getting pickier and want a year or more of ownership. I've also read that appraisers may adjust downward, when they know something was sold via a sale. : : There's also the possibility that a buyer's agent may be astute enough to check the courthouse records online. He might tell his client "the current owner is an investor and payed $X; don't let him make too much profit..." (At least with loan assumptions and a private equity split, there was no "sale price" recorded in the records.) : =•=•=•=•=•=•=•=•=•=•= : Sean, : Don’t worry about which foreclosure arena to work. Just work the most profitable one you can at the time. : A trustee’s deed isn’t negative to your future buyer’s lender. The year or more of ownership doesn’t apply to foreclosure acquisitions. : Get your current comparable sales examples together when you’re selling the property and give them to the appraiser. : I guess some agent might be stupid and not want to close a deal as easily as possible. I’ve not met too many that are that dumb when it comes to possibly blowing the deal (and their commission). New FHA rules imposed June 2, 2003 prohibit FHA from insuring loans on properties sold twice in a 90 day period, and may require 2 appraisals if sold within 91-180 days. See link for full article. Travis New FHA Anti Flipping Rules Follow Ups: It Could Have Been Worse SeanW 7:39 AM, 06/05/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Even when there are properties in abundance at the sale, is it still worth negotiating with the owner, and attempting to assume the loans? : : : I am thinking that a "Trustee's Deed" may be a negative flag to the lenders of a potential buyer. I keep reading on other forums, that lenders are getting pickier and want a year or more of ownership. I've also read that appraisers may adjust downward, when they know something was sold via a sale. : : : There's also the possibility that a buyer's agent may be astute enough to check the courthouse records online. He might tell his client "the current owner is an investor and payed $X; don't let him make too much profit..." (At least with loan assumptions and a private equity split, there was no "sale price" recorded in the records.) : : =•=•=•=•=•=•=•=•=•=•= : : Sean, : : Don’t worry about which foreclosure arena to work. Just work the most profitable one you can at the time. : : A trustee’s deed isn’t negative to your future buyer’s lender. The year or more of ownership doesn’t apply to foreclosure acquisitions. : : Get your current comparable sales examples together when you’re selling the property and give them to the appraiser. : : I guess some agent might be stupid and not want to close a deal as easily as possible. I’ve not met too many that are that dumb when it comes to possibly blowing the deal (and their commission). : New FHA rules imposed June 2, 2003 prohibit FHA from insuring loans on properties sold twice in a 90 day period, and may require 2 appraisals if sold within 91-180 days. : See link for full article. : : Travis Optional Link URL: Link Title: Optional Image URL: [ 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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