Posted by steve on March 04, 2008 at 10:34:50:
use a good real estate attorney to avoid trouble
banks, title co’s and seasoning- no flipping? - Posted by Mark
Posted by Mark on March 03, 2008 at 19:38:20:
I have learned from an investor friend that there are rumblings that title co’s are going to require 1 year seasoning before they will insure title, in effect giving banks an out to not fund quick flip deals, especially simultaneous closes.
Any merit to this?
Re: banks, title co’s and seasoning- no flipping? - Posted by KNSC
Posted by KNSC on April 09, 2008 at 16:35:51:
I can’t imagine what kind of havoc that would wreak in the already slow RE market - can you imagine that now people who bought a house, can’t pay for it, and try to move … can’t … and are forced into foreclosure because the title companies won’t insure title??? Lots of people sell for lots of reasons, not just investors. And although most people don’t plan to sell within a year … stuff happens.
In any event, I almost got caught up in the FHA mess. Their rules (as related to me are):
If your buyer is going FHA:
- You cannot sign a contract within 91 days of purchasing the property
- If you sell the property within 180 days, and you sell for more than twice what you purchased for, FHA requires two appraisals, one of which cannot be paid for by the Buyer
This is usually a pain in the lower price ranges. I hear these rules have been in effect for a couple of years, but it’s the first time I’ve tried to sell in that market.
So things are getting tighter all around.