June 25, 2017

FHA 90 Day Flip Rule Extends Waiver of Anti-Flipping Regulations Through 2012

FHA Extends Waiver of Anti-Flipping Regulations Through 2012:

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration (FHA) Commissioner Carol J. Galante will extend the FHA 90 day flip rule temporary waiver of the anti-flipping regulations.

With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, FHA temporarily waived this FHA 90 day flip regulation through January 31, 2011, and later extended that waiver through the remainder of 2011. The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The extension is effective through December 31, 2012, unless otherwise extended or withdrawn by FHA flipping guidelines. All other terms of the existing Waiver will remain the same. The Waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers. The Waiver continues to be limited to sales meeting the following conditions:

• All FHA 90 day flip transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the Waiver will only apply if the lender meets specific conditions and documents the justification for the increase in value.

• The Waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Phoenix Real Estate Statistics

The great news for Phoenix Real Estate Statistics for March, 2011 is it’s sales figure of 9,933 homes sold! 

This is the highest monthly sales total in the previous SIXTY-SIX (yes, 66) months.  This March figure is also the 5th highest sales record since 2001 when ARMLS started tracking these Phoenix real estate trends.  This statisic represents a 38.8% gain over the February total sales and complets the upward pattern for the first quarter of 2011.  Over 40% of these homes were investors and buyers paying cash for real estate.

The month over month gains since January are not unusual for to see each year because of the holidays and year end sales always being a bit sluggish, but March’s claim to the highest sale in five years definitely is.  Clearly investors and buyers are taking advantage of the affordability of the Phoenix real estate market.  Click on the PDF document here to see all the cash sales in Maricopa County.  Cash Sales – April 2011.  42.3% of the April sales in 2011 were purchased with cash!

Click on the PDF document here ,StatPlus-Q1-2011, to see the ARMLS Stat Plus Quarter 1 of 2011 Phoenix real estate market statistics.

For more on local Phoenix real estate stats – or other cities in Phoenix, contact Jason Dawson today online or call 480.442.9809 for what areas you’re interested in learning about:
     –  Rental rates
     –  Average days on market
     –  List price versus sales price
     –  Average sales price of positive cash flow properties
     –  Monthly sold units in certain cities or subdivisions
     –  Or any other Phoenix real estate statistic that you’re interested in!

1450 E Hoover Ave, Phoenix AZ For Sale

Remodeled Central Phoenix home at 1450 E Hoover Ave, Phoenix AZ for sale!

Ask us for a FREE list of all Central Phoenix homes with pictures and addresses!

Tired of being out bid on foreclosures and short sales with Central Phoenix homes for sale?  We’ve got Central Phoenix remodeled homes for sale with no waiting line! 

Arcadia Remodeled Kitchen

NOT A SHORT SALE OR FORECLOSURE on this particular home for sale!!  Don’t sit around and wait 4 months for a short sale to be approved or worry about being outbid by an investor on a foreclosure property – we work with one offer only and want to get you into this home. 

Completely remodeled with:
 –  Custom interior two tone paint
 –  Custom exterior designer paint
 –  Wonderful kitchen featuring brand new cabinets
 –  Kitchen with granite counters and stainless steel appliances
 –  All new carpet
 –  And brand new bathrooms, this home has it all.

Call Jason Dawson at 480.620.8874 for pricing or contact us here.  Click here to see all of our remodeled listings and homes for sale.

This remodeled Central Phoenix home at 1450 E Hoover Ave, Phoenix AZ 85006 for sale can be yours with no waiting line but only from The Rehab Agent so contact us today!

Creating Professional Videos For Your Investment Listings

One of the things that we do for our investor listings is create a professional video featuring the property.  Check out the following video as an example of what we can do to expose and market your properties!

We can help you too with all your Arizona real estate investment needs, feel free to call or email me to find out how quickly we can sell your Arizona fix’n’flips.

We can create professional videos for your investment listings as well as all of our online marketing to help them get sold quicker – keeping your holding costs down and more profits in your pocket!

Simple Bathroom Remodel Ideas

House rehabbers regard bathrooms as one of the most important areas in a home to fix up. Besides the kitchen, they will spend a significant portion of the rehab budget in this part of the house. Bathrooms can often make or break home sales. At the end of a renovation they budget is usually tight and it’s easy to skip over the little things – but the little things are ofter the emotional triggers which could help sell the home fast. Here are some easy bathroom improvements you can do to help sell your home quicker.

  1. One of the cheapest but most effective simple repairs is installing a tower bar and bathrobe hooks. Small details like these are actually very helpful when flipping properties.
  2. Install the towel rack. Make sure the towel rack material matches with the lights, towel hooks and toilet paper holders.  If you’re doing brush nickel throughout the house make sure they match – you don’t want items to clash.
  3. Have nice medicine cabinets if there is room. When flipping properties, you don’t need the fancy models, just the cheap cabinets will do. Once they are installed and clean they’ll look sharp – again, make sure they match your faucets and towel rack accessories. 
  4. Boot that old faucet out. It’s standard to replace all faucets, shower heads, and handles when rehabbing bathrooms. Like towel bars and bathrobe hooks, these are very cheap pieces that greatly affect the overall look and appeal of a bathroom. They’e easy to replace or you can have a plumber do it for cheap.
  5. Light it up. At The Rehab Agent team, we can seem to get enough of minute details. So, don’t forget to make sure you have great lighting. Where do the ladies spend their time looking beautiful for their men?  That’s right – make sure they have enough light to do their business!

Remember these simple upgrades before you start ruling out items on the flipping property business budget. When flipping properties, stay focused on the rehab job to do quality work so you don’t rush to put an unfinished home up for sale.  Good luck!

Flipping a house with a Realtor

If you feel you need someone to assist you in your flipping projects,

then getting a Realtor is the right decision. Working with a Realtor
may be uncomfortable to you at first but as soon as you get to know
each other and develop an open communication line, everything
will go on smoothly. It’s okay, though, if you want to be extra
careful because the Realtor will be part of your personal experiences
once you make a commitment. 

A good Realtor should explain to you what to expect from the buying
and selling process as well as your rights and obligations.  They should
inform you of the area and types of homes you wish to buy, the turn-over rate in the area you target and if the location has a good resale potential. They should not pressure you into making decisions but rather should guide you in making the right choice concerning your needs, wants and expectations. 

Always keep you communication lines open to avoid misunderstanding and misinterpretations on some vital information. Feel free to share your views and other things that bother you. Be sure to ask for written documents like a comparable market analysis to find out the prices of homes that were recently sold in your area. A dedicated Realtor, however, will provide you with these documents without you asking for it. 

Remember that Realtors work for your best interest. They know their work and are well-informed about their local market so you can rest assured that they will help you look for the right homes to flip and the right buyers when you resell the home at the highest possible price. 

Realtors are experts in the real estate business and are members of the National Association of Realtors (NAR). As NAR members, they are required to follow a code of ethics to assure their honesty and integrity in all their work. Their knowledge, training and skills should greatly help you in the negotiation process. They also have access to the multiple listing service (MLS) in marketing your homes and to pre-qualified buyers who are bent on buying homes in your area. 

If you plan to continue your home flipping ventures for a long time, it’s best that you stick with your trusted realtor. They work fulltime to meet your needs so give them the respect due them. If, however, you feel your realtor is not doing you a great job, by all means look for another one.

How To Sell A Fix and Flip

You must be able to document your work to justify the upgraded value that you want for the work you’ve done.