David Saks: August 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3631 (Did FHA Screw Up ?)

fha

Was this a good idea?

Did somebody make a mistake?

Was the flood gate wide open for bad deals?

The FHA 90-day waiting period, created in 2003 to retort predatory lending and house flipping was given a reprieve, on the heels of the worst housing crises since Moses and the Hebrews had to flee Egypt and wandered in the wilderness for forty years without a home !!!

The original ruling , "FR-4615" Prohibition of Property Flipping in HUD's Single Family Mortgage Insurance Programs," also required lenders to obtain a second appraisal on properties that they flipped or resoldflipped within 91 and 180 days if the resale price exceeded the original sale price by 100%.

Did that mean that if the flipped price was only 99% in excess of the original purchase price that the red flag was lowered and it was ok to sell the house the investor purchased for 50k for 99k without raising an eyebrow, without even replacing a doorknob?

 

What kind of affect did this have on the housing market?

There are still nearly 20 million vacant homes in the United States at this time according to the United states Census Bureau.




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • August 25 2014 06:17AM
Real Estate Practice : Lesson 3631 (Did FHA Screw Up )
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Was this a good idea? Did somebody make a mistake? Was the flood gate wide open for bad deals? The FHA 90-day waiting period, created in 2003 to retort predatory lending and house flipping was given a reprieve, on the heels… more
Real Estate Practice : Lesson 3630 (Breach of Contract)
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Just what in the heck does it mean when somebody says that your in violation of a breach of contract?? Well kind of in a nutshell, it means that it's the kind of contract that's been terminated, canned, axed, or blown off if the… more
Real Estate Practice : Lesson 3629 (Depreciation)
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When we think of depreciation we usually think of three types of depreciation: physical depreciation functional obsolescence external obsolescence which might even be taken a step further and referred to as local… more
Real Estate Practice : Lesson 3628 (PUD, Not the Dog)
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A PUD is a Planned Unit Development This is a type of subdivision that will allow a developer to exceed the normal zoning density because the developer is willing to set aside a big piece of land for everybody to enjoy. PUD… more
Real Estate Practice : Lesson 3627 (Split Level )
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What in the heck is a split-level house Well, these unique homes are basically constructed in such a manner so that they have several levels that are floundered in such a way so that each level is separated from the next level by a… more
Real Estate Practice : Lesson 3626 (Architectural Style)
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It's been said that the style of a home can affect it's value, it's worth, it's economic status. Does the architecture of a home really have an impact on the market… more
Real Estate Practice : Lesson 3625 (The Bogus Real Estate Coach)
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I got this trash in the mail: "Short Sale Training • In &*&*^%$# weekend Attend One or Both Days Reserve your seat and watch a professionally produced 3-minute video. Short Sale Success… more
Real Estate Practice : Lesson 3624 (Keep the File)
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Just in case of an audit or the need to keep track of documents, here's a short list of stuff you need to keep in the transaction file to stay on the safe side. If you can think of anything else, add it below We can help each… more
Real Estate Practice : Lesson 3623 (This'll Interest You)
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Interest is a tough concept to grasp for many Especially the unsophisticated borrower. It doesn't make any difference if your paying the interest or receiving it, it's still tough for some to understand what interest is. Interest is… more
Real Estate Practice : Lesson 3622 (Slimy Slugs)
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Slugs are creepy They're covered with slime, sticky, gooey, vile, slippery and real ugly. When you place you dog or cat food outside the bowls become a target for slugs, especially in warm… more