Posted by JT-IN on June 03, 2003 at 22:48:56:
This policy revision has been in the works for well over a year now. There is not really much unexpected there.
As for flipping, it condems it as if all flipping is illegal… and the mtg broker assn, kisses up on the policy, too. Of course that is not the case. A few bad apples have tainted the bushel, as always.
AS for the 2nd appraisal, that will not hurt or effect a legitimate flipper as long as you hold title to the property. If you don’t and are selling assingments, then this will complicate the deal for FHA deals. As for fraudulent deals, those folks will just find another way around the system, while the rest of us pay the price for the ineptitude that has existed in the sytem heretofore…
But again, nothing that can’t be dealt with here… nor nothing much new.
JT-IN