Coni's Corner - A Community Blog: District of Columbia

CONDO REDUCED TO $69,900....... Deanwood neighborhood... Call me today, 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.....

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brochure & Free Stuff

FREE Relocation Information for DC OR MD courtsey of Coni Otto

Relocating and need information? I have just the packet for you. All I need for you to do is fill out the form at the bottom of this page and I will send it out to you today! 

The packet will come separately but rest assured what ever you order you should get very soon. 

What do you get? A packet with lot's of information about Maryland and you can choose from the following items: 

These powerful CDs include hundreds of web sites for education, transportation, taxes, cost of living, healthcare, entertainment and community profiles.

Just go to my website at http://www.ConiOtto.com and click on "RELOCATION" enter your name and address and I will be happy to send it to you.. 

CD Rom Area Guide: 

          

 

  

 JUST LISTED on Capitol Hill
1433 A. St. SE, Washington, DC 20003

 

 

Presented by Coni Otto, Long & Foster Real Estate, Inc.
Cell Phone: 240-483-7556
Office Phone: 301-384-8700
www.ConiOtto.com                          Coni@ConiOtto.com

Check out this home on Capitol Hill
3 Bedrooms, 2 Full Baths, and Garage

 

• 5 Blocks from Stadium Armory Metro
• 3 Blocks to Lincoln Park
• 6 Blocks to Potomac Metro
• 7 Blocks to Eastern Market
• 5 Blocks to Safeway

This house shows pride of ownership boasting Hardwood floors through out, a fully finished walkout basement, Sunroom off kitchen, fenced back yard, Garage, Remodeled downstairs Bathroom, 2 bedrooms upstairs have huge walk-in closets, Galley Kitchen, Dining Room, and Living Room.

              
Community Ammenities...3 blocks from Lincoln Park, walk your dog, play with your kids, Run, sit and visit, ride your bike, plus more....
     
Sunroom                
 

          
From the Foyer to the living room to upstairs the house has hardwood floors throughout. It also has a spacious back yard with a garage. OWNER FINANCING AVAILABLE...

If you are a seller and you are looking to list your home, call me I will list your home and get it sold.

Buyers, I would love to sell you a home, working to help you find the right home is very rewarding.