California has a flipped house law , where can I get more info. on it and when it went into effect?
My family and I were buying a house in California. The real estate agent was selling us a flipped house. Took our money and then said the house had been flipped and we couldnt get a loan. I just need more information on this flip it law.
This is not a law in California or any other state.
Most lenders have adopted a rule stating that a house must be owned by the current owner at least 3 months (90) days prior to the house being sold again. The length of time an investor or flipper has held the property is reflected on the title report required in each real estate transaction
This does not mean you can not get a loan, it means that a lender would not in all probability lend on this particular property until after the 90 day limit is up.
You should have gotten your earnest money returned to you by this real estate agent.
You might also consider using a more experience real estate agent in the future.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
Bandit Sign Laws & Keeping Your Signs Up – Flipping & Wholesaling Properties – The-Flip-Man
|
|
The House Flipping Answer Book: Practical Answers to More Than 125 Questions on How to Find, Fix, and Sell Houses for Profit $11.81 Can I flip houses like they do on the television shows? What are the risks associated with flipping? How much money can I make flipping houses? Are there any tax pitfalls to flipping? Flipping houses is one of the fastest growing ways to invest in real estate, but most of the information on the subject is confusing and conflicting. The House Flipping Answer Book is an authoritative reference for y… |
|
|
Form of Real Estate Fraud Known As Flipping: Hearing Before the Committee on Appropriations, U.S. Senate $25.00 … |
|
|
FHA extends waiver of ‘anti-flipping’ rule through end of 2011.(Briefing Book)(Federal Housing Administration): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on March 1, 2011. The length of the article is 381 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: FHA extends waiver o… |
Tags: estate, fha, flipping, foreclosure, real estate flipping laws, realestate
