TOPIC: Unbelievable busy!!

I'm about triple last year. This week was a little slow though.

Hmm, the new government subprime lending programs not working so well?

alturl.com/6ssw

New FHA/HUD flipping guidelines:

Might help us a little bit.  Sounds as though the lender will be ordering the inspection and providing it to the buyer.  I'm guessing some buyers will be getting their own inspection as well.

And HUD has put some conditions on these flips:

All transactions must be arms-length with no “identity of interest” between the buyer and seller or other parties involved.

The property in question must have “no pattern of previous flipping” in the past 12 months.

And in cases where the sale price of the property is 20% or more above the seller’s cost — which most of these sales will likely be — the lender must justify the mark-up with documents outlining the renovations, and/or order a second appraisal. Moreover, the lenders must order a property inspection and provide it to the buyer before closing.

realestate.msn.com/article.aspx?cp-documentid=23616063