Coni's Corner - A Community Blog: September 2009

Price: $195,000 Plus $10,000 in closing help!  Don't let this one get away....

4 bedrooms 2 full baths, Split Level, Brick front home ,with a one car garage 1 block from playground, tennis and basketball courts, and picnic area. shopping, and public transportation is available, beautifully landscaped, and a brand new fence in backyard. Home is freshly painted, it has a Huge eat-in kitchen, with a freshly painted deck,  family room and bedroom on the lower level.This house is a must see, owner is offering $10,000 towards closing help, close to Ft. Detrick

 This house has been inspected already just for you, just email me and I will send you the report.. The seller has also decided to offer $10,000 in closing help....

Contact: Coni Otto of Long and Foster

Listing Agent: Coni Otto

www.ConiOtto.com              Coni@Coniotto.com

Cell: 240-483-7556           Office: 301-384-8700

Front of house

Large country Kitchen

Large eat-in Kitchen

Full bathroom upstairs

Family Room

Master Bedroom

Bedroom1

Lower Level Bedroom

Backyard with deck

Fenced in backyard

Playground 1 block away with tennis courts and a picnic area

contact: Coni Otto

www.ConiOtto.com

Cell: 240-483-7556

Did you know that there is a Anti-flipping law?  What does that mean? It means if you purchase a property as an investor and you want to flip it you have to wait 90 days BEFORE YOU can accept a contract for the property. It's across the board, conventional, FHA, and VA....

So be prepared to hold the property for 90 days... FYI

Here is some info. on the FHA regulation...

Below you will see my email from FHA in response to my phone inquiry.  In the response, you'll see that they cite Handbook 4155.2.  A search of HUD's website led me to the 466-page handbook. In Chapter 4, page 25 (4-25), the anti-flipping regulation is laid out.  A specific answer to the question as to when the 90 days begins can be found at 4155.2 4.7.e, which is on the bottom of Chapter 4, page 26 (4-26)  It is very clear that the 90 day clock begins ticking on the "Seller's date of acquisition as the date of settlement on the seller's purchase of that property, and re-sale date as the date of execution of the sales contract by a buyer intending to finance the property with an FHA-insured loan."

Below is a link to the handbook.  I've also attached a copy of the relevant page.  FHA instructed me to have your UW call them if there is any uncertainty remaining.

http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.2/41552HSGH.pdf

Passing along the information I get to my clients and YOU.....