• 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.

Resale Of A Property

Status
Not open for further replies.

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
I was pulling comps for an FHA appraisal tomorrow and noticed that the property recently transferred in March for $61,900 with 131 DOM. This may have been a foreclosure sale but I have to double check public records. The property is now selling for $93,000. I seem to remember reading some HUD info regarding insuring a property if it had recently sold especially if the new sale price was significantly higher than the prior sale. Does anyone remember reading this information? Any help is appreciated.
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Larry,

Looks like you may be okay. The basic requirement is the current owner must have owned the property for at least 90 days before the new date of sale. However, between 91-180 days there are some details you should be aware of, too.

Here's the HUD link:

http://www.HUD.gov/offices/hsg/mltrmenu.cfm

Go to Mortgagee Letters for 2003 and find 2003-07 on flipping.

Hope this helps.
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
read HUD clips
this one is testing the waters

just do the appraisal and report what you know(ALL SALES)
let the lender squirm.
NOT YOUR PROBLEM
 
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