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Cynthia Chakurian-Lum
Cynthia Chakurian-Lum Realtor

CALBRE#01329008
Guarantee Real Estate
559-287-8973
Contact Me

Buying and Selling Flips

Buying and Selling Flipped Properties

Our market is full of properties being flipped. Some people and companies are buying houses, fixing them up, and selling them for a profit.

Wheater you are thinking of buying a home that has been flipped or buying a home and flipping it yourself, there are certain requirements. The first requirement you must be aware of is the buyer's loans. Each loan has different requirements.

FHA Loans: If the property was previously sold in the last 90 days and there is more than a 20% increase in price from what the flipper paid compared to what your buyer is paying there are 2 requirements. A 2nd appraisal must be done and the buyer CAN NOT pay for it. Also required is a copy of the buyer's home inspection report that includes any health or safety issues.

VA Loans: VA does not have any restrictions of flips. Only one appraisal is required. As long as the property appraises for the purchase price and underwriting approves the appraisal.

Conventional Loans: Typically only 1 appraisal is required if it is a strong appraisal.

In all cases the lender will want to see what the flipper paid for the property. A copy of the trustee's sale receipt is sufficient. Flipped properties do not necessarily require a longer escrow than a Traditional, REO, or Short Sale.

You should always discuss all your options with a Real Estate agent that knows what is required before making any decisions. Please do not hesitate to contact me if you have any questions (559) 287-8973 or CynthiaSellsFresno@gmail.com

Thank you,
Cynthia Chakurian-Lum
 


Cynthia Chakurian-Lum Realtor | 559-287-8973 | Contact Me
CALBRE# 01329008
3 River Park Plc East - Fresno, CA 93720
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