Comments on: FHA Waives 90-Day Flip Rule! (Updated 5/20/10) http://kimhannemann.com/2010/01/21/fha-waives-90-day-flip-rule/?utm_source=rss&utm_medium=rss&utm_campaign=fha-waives-90-day-flip-rule Sell Your Northern Virginia Home for Only 4.5% - Cash Back to Buyers, Too! Mon, 26 Jul 2010 15:00:57 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Kim http://kimhannemann.com/2010/01/21/fha-waives-90-day-flip-rule/comment-page-1/#comment-473 Kim Tue, 18 May 2010 13:58:27 +0000 http://kimhannemann.com/?p=1174#comment-473 The fact it was only owned for 45 days is not going to be a factor unless it is a ripoff - for instance, the seller is making more than 20% profit (after his documented rehab costs). Who are "they" who are telling you that you can only go conventional? You might wish to consult with another mortgage professional. Even conventional loans can be had that might work well for you. The fact it was only owned for 45 days is not going to be a factor unless it is a ripoff – for instance, the seller is making more than 20% profit (after his documented rehab costs). Who are “they” who are telling you that you can only go conventional? You might wish to consult with another mortgage professional. Even conventional loans can be had that might work well for you.

]]> By: kathy benzinger http://kimhannemann.com/2010/01/21/fha-waives-90-day-flip-rule/comment-page-1/#comment-472 kathy benzinger Tue, 18 May 2010 01:54:17 +0000 http://kimhannemann.com/?p=1174#comment-472 can you get an FHA mortgage if the seller only owned the house for 45 days when I bought it? My realtor allowed me to put a deposit on this house knowing full well that I was going FHA now they tell me I can only go conventional. I'm 25 yrs. old and was hoping to take advantage of the Obama $8000.00. Can you help? can you get an FHA mortgage if the seller only owned the house for 45 days when I bought it? My realtor allowed me to put a deposit on this house knowing full well that I was going FHA now they tell me I can only go conventional. I’m 25 yrs. old and was hoping to take advantage of the Obama $8000.00. Can you help?

]]> By: Kim http://kimhannemann.com/2010/01/21/fha-waives-90-day-flip-rule/comment-page-1/#comment-140 Kim Fri, 05 Feb 2010 17:38:58 +0000 http://kimhannemann.com/?p=1174#comment-140 A legitimate argument. I agree - the language the HUD/FHA used (which I reused) about "predatory" practices can be construed as inflammatory. If you are selling at market price, why would it be "inflated?" Smacks of a Snidely Whiplash-like characterization of investors who make a profit, as though that is evil. A legitimate argument. I agree – the language the HUD/FHA used (which I reused) about “predatory” practices can be construed as inflammatory. If you are selling at market price, why would it be “inflated?”

Smacks of a Snidely Whiplash-like characterization of investors who make a profit, as though that is evil.

]]> By: jp moses http://kimhannemann.com/2010/01/21/fha-waives-90-day-flip-rule/comment-page-1/#comment-139 jp moses Fri, 05 Feb 2010 17:14:15 +0000 http://kimhannemann.com/?p=1174#comment-139 OK, so you said: "To protect FHA borrowers against predatory practices where non-rehabilitated properties are quickly resold at inflated prices to unsuspecting borrowers..." I don't get it. If you get a killer deal on a house that's already in great shape (no rehab needed), then turn around and resell it quickly for a nice profit, how's that harming the buyer? Or anyone? What makes this predatory? The amount of profit? Is it somehow OK and not "predatory" if you only make $5,000 on flipping a nice house...but if you make $50,000 because you got it at such a great deal, now it's suddenly predatory? Frankly, it's this kind of careless language thrown around that gives honest real estate investors a bad wrap. No one's being deceived in a deal like that. Folks just can't grapple with the fact that you can, in fact, make a KILLING on one house if you're good at finding killer deals...and that it can be a house that actually needs little-to-no work. It happens. A lot. And it's not predatory. Sorry, but that kind of talk just sets me off. Regarding the FHA waiver, folks should definitely read it for themselves to understand it. I also posted an executive summary on my blog if you're interested. Thanks, ...jp OK, so you said: “To protect FHA borrowers against predatory practices where non-rehabilitated properties are quickly resold at inflated prices to unsuspecting borrowers…”

I don’t get it. If you get a killer deal on a house that’s already in great shape (no rehab needed), then turn around and resell it quickly for a nice profit, how’s that harming the buyer? Or anyone? What makes this predatory? The amount of profit? Is it somehow OK and not “predatory” if you only make $5,000 on flipping a nice house…but if you make $50,000 because you got it at such a great deal, now it’s suddenly predatory?

Frankly, it’s this kind of careless language thrown around that gives honest real estate investors a bad wrap. No one’s being deceived in a deal like that. Folks just can’t grapple with the fact that you can, in fact, make a KILLING on one house if you’re good at finding killer deals…and that it can be a house that actually needs little-to-no work. It happens. A lot. And it’s not predatory.

Sorry, but that kind of talk just sets me off.

Regarding the FHA waiver, folks should definitely read it for themselves to understand it. I also posted an executive summary on my blog if you’re interested.

Thanks,

…jp

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