Another 203k question.... - Posted by IB (NJ)

Posted by IB (NJ) on June 18, 2001 at 10:22:57:

Hello All:

I’m flipping a REO I just purchased for $72k to my cousin for $96k. The price should make the appraisal. My cousin is using the 203k program to buy and fix. It’s a 3 fam. which he intends to owner occupy. I’m drawing up the contracts now which do state that he’s using a FHA loan to purchase. Are there any other concerns I should have throughout this process? I guess I’m just wondering if anyone out there has any experience with flipping an ‘as is’ property to a FHA buyer. Thanks