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Rehabbing & House Flipping
Account Closed
  • Real Estate Investor
  • State College , Pa
173
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Anti Flip Law on the 180 day rule.

Account Closed
  • Real Estate Investor
  • State College , Pa
Posted Jan 6 2016, 17:02

I am currently selling a house, suppose to close tomorrow but wont be happening just yet, in the final hour the bank called me out on the anti flip law. The price I paid was $43,700. I put it under contract for $90,000 but it had a $3000 seller assist. Was an FHA loan. Bank told us they wanted a second appraisal.

The last time I had this happen, it ended up costing me $13000 because the second appraisal came in massively light.

What are folk's experiences with the second appraisal.  I think it is important to know, because if the consensus is you get screwed, it may be better to just pass on offers where you would be subjected to that second appraisal

thanks.

.

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