Real Estate Weekly

Real Estate News that Matters

Real Estate Weekly - Real Estate News that Matters

Flip this house – Dixie Style!

Join us for the next SUREIA meeting on March 30th, we call it “Flip this House- Dixie Style”!
We are fresh off our rehabbing trip to Jacksonville, FLA, where we spent 4 days refining our rehabbing techniques with our very own real estate coaches, Paul and JD Esajian, stars of A & E’s “Flip this House”.
Where:  Wednesday, March 30th 7:00 PM at the Lexington Hotel and Conference Center (formerly the Holiday Inn) located at 850 S. Bluff Street, Saint George, UT.
See you there.
Brian Lewis
President, Southern Utah Real Estate Investors Association

Never been to a meeting?  We welcome first timers with complimentary admission (a value of $10 per meeting) For more information call me at (435) 668-6745 go to SUREIA.COM or send me an email.

FHA Extends ‘Anti-Flipping Waiver’ to Speed Sales of REO Homes

“Because of past restrictions, FHA borrowers have often been shut out from buying affordable properties,” Stevens added. “This action enables our borrowers, especially first-time buyers, to take advantage of this opportunity and buy a home that has recently been rehabilitated. It will also help to move more foreclosed properties off the market and reduce the number of vacant homes in neighborhoods throughout this country.”

The waiver contains strict conditions and guidelines to protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices. The agency’s anti-flipping waiver is limited to those sales meeting the following criteria:

  • All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
  • In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
  • The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Read this article by Carrie Bay of DSNews.com in its entirety at   http://www.dsnews.com/articles/fha-extends-anti-flipping-waiver-to-speed-sales-of-reo-homes-2011-01-28