Buying up foreclosed and abandoned homes, renovating them and selling them to first-time buyers is an unlikely business for a local government, but it’s one that South Florida officials have become heavily invested in this year.
via MiamiHerald.com.
Apr 28
Flipping was also given a boost in February when the Federal Housing Administration temporarily suspended its “no flip rule,” which prohibited people using FHA loans from purchasing properties from sellers who had owned the homes less than 90 days. The one-year suspension was designed to give the housing market a boost
via latimes.com.
Apr 22
A house flipper called Go Invest Wisely faces 10 lawsuits accusing it of doing virtually nothing with 50 properties in downtown Kansas City but allowing them to become dangerous nuisances. After Go Invest Wisely bought the foreclosed properties, it failed to maintain them, or pay taxes, or find occupants, and did not respond to citations for code violations, the plaintiffs say.
Apr 01
Improbable as it sounds, house flipping—that hallmark of American real estate mania—is making a comeback. All around the country, but especially in some of the regions hit hardest by the housing slump, investors are swooping in on distressed properties and banging them into shape for sale to first-time home buyers, vacation-home seekers, and people looking for rental income.
via BusinessWeek.
Mar 26
[A] little-known Federal Housing Administration (FHA) loan program that’s been around since 1978 can help take the sting out of “as-is.” Only 219 borrowers took advantage of the FHA’s 203k program in 2009. Not that many lending and real estate professionals are aware of the program, say observers.
via RISMedia.
Jan 21
House flipping, a quick-buck scheme pursued by amateurs and professionals alike during the real estate boom, now is dominated by investors willing to pay all cash, who troll auctions for foreclosures that banks are gradually trying to siphon off their books
via sfgate.com
Jan 21
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan recently announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
via RISMedia.
Jan 13
The number of house flipping “gurus” out there is at a high point, matching the peak in troubled mortgages.
via Suite 101
