Comments on: Flipping Foreclosures: Will 90-Day Rule Waiver Ease Crisis? http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/ Thu, 09 Sep 2010 04:41:56 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: skb http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/comment-page-1/#comment-2513 skb Thu, 29 Apr 2010 06:10:11 +0000 http://ecreditdaily.com/?p=1633#comment-2513 What would make a seller ( investor) unable to sell me a house? I am trying to purchase a home on the MLS that is listed for 210,000. I have offered 210,000 with 100K down and the seller tells me realtor he is unable to sell me this house, that he has to have CASH only due to this 90 day rule. I don't get what is going on here, can someone enlighten me please? The house is worth far more than 210,000. He has recently purchased this home, it is not even showing in the tax appraisers web site yet his purchase. Is there something fishy here? What would make a seller ( investor) unable to sell me a house?
I am trying to purchase a home on the MLS that is listed for 210,000. I have offered 210,000 with 100K down and the seller tells me realtor he is unable to sell me this house, that he has to have CASH only due to this 90 day rule.
I don’t get what is going on here, can someone enlighten me please?
The house is worth far more than 210,000.
He has recently purchased this home, it is not even showing in the tax appraisers web site yet his purchase.
Is there something fishy here?

]]> By: Common Sense http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/comment-page-1/#comment-849 Common Sense Tue, 09 Feb 2010 17:58:42 +0000 http://ecreditdaily.com/?p=1633#comment-849 The fact is the FHA was penalizing "real" investors that actually improve the value of a property by renovating it. Scam artists that try to fabricate equity via double-escrows and by defrauding distressed homeowners and their lenders will still have trouble. It's simple, if you have improved the value of a property by more than 20% in 90 days or less......prove that you did something to warrant the increase. (Besides committing fraud) It's back to basics time people! The fact is the FHA was penalizing “real” investors that actually improve the value of a property by renovating it. Scam artists that try to fabricate equity via double-escrows and by defrauding distressed homeowners and their lenders will still have trouble. It’s simple, if you have improved the value of a property by more than 20% in 90 days or less……prove that you did something to warrant the increase. (Besides committing fraud)
It’s back to basics time people!

]]> By: Sell or Die! Blog http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/comment-page-1/#comment-835 Sell or Die! Blog Mon, 08 Feb 2010 03:46:01 +0000 http://ecreditdaily.com/?p=1633#comment-835 It's true that the new rule may not make a huge dent in the inventory of foreclosed homes. Though, it does open up the opportunity for professional buyers to do simultaneous closings and have some impact, even if a small one. It’s true that the new rule may not make a huge dent in the inventory of foreclosed homes. Though, it does open up the opportunity for professional buyers to do simultaneous closings and have some impact, even if a small one.

]]> By: FreeFreedom http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/comment-page-1/#comment-781 FreeFreedom Tue, 02 Feb 2010 05:38:11 +0000 http://ecreditdaily.com/?p=1633#comment-781 http://typobounty.com/Funny/Foreclosure.htm http://typobounty.com/Funny/Foreclosure.htm

]]> By: risk mgr http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/comment-page-1/#comment-775 risk mgr Mon, 01 Feb 2010 10:36:17 +0000 http://ecreditdaily.com/?p=1633#comment-775 sillies- its fha tired of hearing from the world as to why their flip is really exempt from 90 day. so now it will be "the lenders responsibility" to sift through 2 appraisals, a home insection the lender ordered (plus your borrower already having their inpection) to make sure the work performed by the flipper is really something more that "shining a turd...". a lot of work done in an existing structure requires no licensing to complete-has no real oversight. sillies- its fha tired of hearing from the world as to why their flip is really exempt from 90 day. so now it will be “the lenders responsibility” to sift through 2 appraisals, a home insection the lender ordered (plus your borrower already having their inpection) to make sure the work performed by the flipper is really something more that “shining a turd…”.
a lot of work done in an existing structure requires no licensing to complete-has no real oversight.

]]> By: nobody http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/comment-page-1/#comment-773 nobody Mon, 01 Feb 2010 04:38:47 +0000 http://ecreditdaily.com/?p=1633#comment-773 actually ------ The FHA said that market research has shown that “acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days.” actually —— The FHA said that market research has shown that “acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days.”

]]> By: Drew http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/comment-page-1/#comment-771 Drew Mon, 01 Feb 2010 02:26:55 +0000 http://ecreditdaily.com/?p=1633#comment-771 I think the purpose for lifting this requirement is to allow the bank to get the properties off of their rolls as quickly as possible. It may also benefit some investor groups that try to buy at auction, but not nearly as much for the same reason you stated Mel. I think the purpose for lifting this requirement is to allow the bank to get the properties off of their rolls as quickly as possible. It may also benefit some investor groups that try to buy at auction, but not nearly as much for the same reason you stated Mel.

]]> By: Fielding Mellish http://ecreditdaily.com/2010/01/flipping-foreclosures-90day-rule-waiver-ease-crisis/comment-page-1/#comment-756 Fielding Mellish Sun, 31 Jan 2010 19:35:54 +0000 http://ecreditdaily.com/?p=1633#comment-756 The old rule - that a purchase agreement couldn't be signed until 90 days after the property was last sold - may have been arbitrary and, in some cases, pointless, but changing the rule won't do much to ameliorate the "problem" of a deluge of foreclosed houses hitting the market (one person's problem is another's oportunity). Most renovation projects take at least 1-2 months anyway. Having renovated properties hit the market one month sooner is irrelevant to the overall issue: the huge wave of foreclosed properties has not yet passed (check back in 5 years). Any would-be investor/flipper whose cashflow is so tight that one month's carrying costs would dissuade him/her from buying a property to re-sell probably has no business trying such an undertaking in the first place. Anyone who think this rule change will mean much is mistaken. The old rule – that a purchase agreement couldn’t be signed until 90 days after the property was last sold – may have been arbitrary and, in some cases, pointless, but changing the rule won’t do much to ameliorate the “problem” of a deluge of foreclosed houses hitting the market (one person’s problem is another’s oportunity). Most renovation projects take at least 1-2 months anyway. Having renovated properties hit the market one month sooner is irrelevant to the overall issue: the huge wave of foreclosed properties has not yet passed (check back in 5 years). Any would-be investor/flipper whose cashflow is so tight that one month’s carrying costs would dissuade him/her from buying a property to re-sell probably has no business trying such an undertaking in the first place.

Anyone who think this rule change will mean much is mistaken.

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