Whidbey Island Real Estate Information

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Flip Your Home Through 2014

December 12th, 2012 at Wed, 12th, 2012 at 4:03 pm by Rick Schutte

house flipping your house through 2014If you are considering investing in real estate in the new year or in selling your home that was recently purchased, you’ll be excited to know that the Federal Housing Administration has agreed to a temporary extension on the waiver on home flipping.

At one point in time, home owners were required to hold title for more than 90 days before selling their property. Now, however, you can buy your home, fix it up, and resell it without time restrictions, per the original policy put into place in 2010 by the Obama administration.  Since 2010 the extension has been granted on a yearly basis, but this announcement extends it for two years.

The renewal of this policy, announced at the end of November, will remain in force until December 31, 2014 to allow security to buyers and lenders who wish to engage in these practices. The waiver is subject to certain restrictions, and may result in an increase in available home inventory.

According to Carol J. Galante, Acting FHA Commissioner, the extension was granted to increase resales of foreclosed properties in struggling neighborhoods. He said,  “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

Learn About How the Extension Affects Your Home and Neighborhood

To read the actual waiver and restrictions placed on anti-flipping regulations, such as the need to show renovations and an inspection to support a sales price increase of greater than 20%, click here.  If you are interested in learning more about investing and how this change can impact your home, give me a call.

Rick is the owner/designated broker of Coldwell Banker Koetje Real Estate and Koetje Property Management. He has been involved with the real estate industry on Whidbey Island for over 32 years. He is a past president of the NWMLS as well as a current board member of the North Puget Sound Association of Realtors. He has been designated by the National Association of Realtors as a Certified Real Estate Brokerage Manager as well as a Graduate of the Real Estate Institute. Rick can be reached at 360-675-5811 or cbk@WhidbeyRealEstate.com You can also check out his website at http://www.cbkoetje.com

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