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 ?)


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

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.


Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.





"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


  Real Estate Crimes


Click "HERE" For Today's Question



TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis



America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 2 commentsDavid Saks • August 25 2014 06:17AM
Real Estate Practice : Lesson 3631 (Did FHA Screw Up )
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)
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)
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)
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 )
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)
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)
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)
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)
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)
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