Oct
10
2009

90 Day Rule For Property Flipping

Posted by Christian Chase under Foreclosure News

When an investor purchases a foreclosure property to buy, fix and resell it is subject to FHA’s Guidelines. The 90 day rule states that when a property is purchased in foreclosure it must season three months from the date of acquisition.

So if you have an investment property and a buyer makes an offer, you must wait until the 91st day to close. The buyer can apply for the mortgage and get pre-approved during this time.

FHA-Seal-299x300

This entry was posted on Saturday, October 10th, 2009 at 4:42 pm and is filed under Foreclosure News . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “ 90 Day Rule For Property Flipping ”

  1. michael h wasserman says:
    October 12, 2009 at 11:50 am

    90 days to close? or 90 days before you can sign a contract to sell?
    i keep getting mixed answers on that one…

  2. Christian Chase says:
    October 12, 2009 at 3:57 pm

    Property can close on 91st day from date of purchase. I am postive- I am doing this right now. Make sure you are working with a lender who does this on a regular basis. We have those lenders.

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