You had better check this out. Because what your going to run into if you sell to someone getting a FHA loan is this. It goes further than the article. First off a caution is in banner on every FHA case number pulled. It tells the lender to do due diligence for flips. This includes if house has been sold or title changed hands in the first 8 months. That you can only make 5% above the last sales price. Oh yes. Guess what all the crooks have brought it to this. You cant appraise the house with title but thats what FHA is doing. This only applys to your buyer coming in with a FHA loan. Now let me mention FHA has the highest default rate of any loan just about. But what they are looking at is inflation and straw buyers. Actually in a lot of cases there are people that will do anything to own a home. For the honest investor im sorry they are ruining this for you. This is only the beginning of what the govt is going to do im sad to say. They need to hire more law enforcement people to catch the crooks. Not punish the people that love the american way of life.
Check out one of the forum articles posted on this site at:
http://www.thecreativeinvestor.com/Article391.html&mode=&order=0&thold=0
Christian "The Solutions Kid" Beebe
[addsig]
You had better check this out. Because what your going to run into if you sell to someone getting a FHA loan is this. It goes further than the article. First off a caution is in banner on every FHA case number pulled. It tells the lender to do due diligence for flips. This includes if house has been sold or title changed hands in the first 8 months. That you can only make 5% above the last sales price. Oh yes. Guess what all the crooks have brought it to this. You cant appraise the house with title but thats what FHA is doing. This only applys to your buyer coming in with a FHA loan. Now let me mention FHA has the highest default rate of any loan just about. But what they are looking at is inflation and straw buyers. Actually in a lot of cases there are people that will do anything to own a home. For the honest investor im sorry they are ruining this for you. This is only the beginning of what the govt is going to do im sad to say. They need to hire more law enforcement people to catch the crooks. Not punish the people that love the american way of life.