"Other stipulations of the so-called "anti-flipping" regulations are aimed primarily at quick resale of new homes. They state that only the owner of record may sell to a person obtaining FHA mortgage insurance for the loan. In other words, the arrangement can't involve the sale or assignment of a sales contract on a property. If a resale does occur between 91 and 180 days, the lender can be forced to obtain a second appraisal based on a resale threshold percentage established by the FHA. For example, if the home price rose by more than 50 percent within a five-month period, the FHA could ask for the new, independent appraisal."
For more information about The Norris Group's California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor event calendar. You'll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 200 podcasts in our free investor radio archive.
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