Selling flip house FHA

3 Replies

BP community

I bought a property that I plan to flip in NJ. The house will take 30 days to rehab. Are there any laws regarding how long I have to own a house before I can sell to an FHA buyer?

and some lenders in the past have required two appraisal if you are closing less than 180 from the last purchase if I remember right. Look at FHA anti-flipping rule. Keep receipts for everything to show the appraiser you added value.

If your buyer is FHA buyer: second appraisal is required when a property is resold between 91 and 180 days following acquisition by the seller, if the resale price is 100 percent (or more) higher than the price paid by the seller when the property was acquired. The lender must obtain a second appraisal from another appraiser and the cost of the second appraisal may not be charged to the homebuyer, the seller will pay for the second appraisal (please check this url - https://www.hud.gov/sites/docu...)