• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

FHA & Flipping

Status
Not open for further replies.

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
:rolleyes: Okay, rather than trying to understand the difference between an illegal flip, and a true re-hab job, they decide to ax all of them.
The new policy was applauded by both lenders and community activists.
This is a change, the kettle is calling the pot black??
 

Sean Wagle

Sophomore Member
Joined
Apr 18, 2003
Professional Status
Banking/Mortgage Industry
State
North Carolina
Won't hurt re-habbers much. It usually takes more than 90 days to repair and market a house. Retail sales use financing and need appraisals anyway.
 

Ron in AR

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arkansas
Thanks for the link to this article.

I do a lot of FHA foreclosure appraisals and a lot of these properties I have appraised as REOs have sold to investors that made cosmetic repairs and sold for a substantial profit.

Though I realize that there is a huge difference in market value between a run-down property in foreclosure and a cosmetically fresh property with a RE Agent working for the seller, I am staying away from the appraisal assignment when the investor resells the property.

I don't even want the appearance of a flip scam and I've turned down at least $1000 in orders on these deals in the past month. I figure better safe than sorry.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks