Did you know that there is a Anti-flipping law? What does that mean to a WNY Real Estate Investor? It means if you purchase a property as an investor and you want to flip it you have to wait 90 days BEFORE YOU can accept a contract for the property. It’s across the board, conventional, FHA, and VA….
Investors be prepared to hold the property for 90 days. Additional information on the FHA regulation:
FHA Handbook 4155.2. HUD’s website has a 466-page handbook. In Chapter 4, page 25 (4-25), the anti-flipping regulation is laid out. A specific answer to the question as to when the 90 days begins can be found at 4155.2 4.7.e, which is on the bottom of Chapter 4, page 26 (4-26) It is very clear that the 90 day clock begins ticking on the “Seller’s date of acquisition as the date of settlement on the seller’s purchase of that property, and re-sale date as the date of execution of the sales contract by a buyer intending to finance the property with an FHA-insured loan.”
Thinking of investing in Western New York? Interested in finding out the current market value of your single family home, condo or investment property? Then call Colleen Kulikowski at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market.
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