All Forum Posts by: Sergey Sidelnikov

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...)

Hey, Christian, I worked with Jersey Coast Insurance in 2020. Phone number is (609)823-8300, ask Sofia. I would definitely recommend her and this company to work with. Good luck.

I sold several properties with previous mold. Yes, you can negotiate with the seller due to mold issue. Before negotiation with the seller it would be good to know, at least roughly, how much mold remediation will cost. Seller may agree to cover the amount of mold remediation or may not depending of the seller's and overall market situation.

You'll need to hire mold certified contractor for a mold remediation. They will do a test before and after remediation. You have to disclose mold issue that was remediated on sale after rehabbing. You'll need to provide documentation mold was treated by certified mold contractor including test results. If you won't provide this information you may be liable down the road if the buyer will find this information. Any real estate agent will tell you the same. And yes, previous mold may affect being able to resell the property depending of the buyer. Some buyers don't buy properties with any issue even if the issues were fixed, and appropriate documentation was provided.

On purchasing you'll need to pay appraisal and inspection fees, around $1,000.00, closing cost on purchasing 3% from $85k = $2,550.0, closing cost on sale will be up to 3% or more from $190k = $5,700.00, transfer tax fee 1% in PA payable by the seller $1,900.00, property insurance around $800.00 to $1,000.00 if not more, rehab is always an estimate, consider at least 10% contingency, number of draws is not quite right, depending of the cash reserve you have, I would consider 2 - 3 draws, 6% RE agents fee will be more realistic due to the price range of this property, RE agent may charge broker's admin fee up to $300.00. Your profit calculation is on the base of ARV $190,000.00, however it is not granted, try to use conservative estimate.

John, this is about the rules from Fannie Mae.  If you purchase the property from Fannie May there will be a restriction to re-sell this property with the price no more than 20% above your purchase price for 90 days after recording Deed. This restriction is not only in the contract between you and Fannie Mae, but also recorded in the Deed of the property. Basically you can sell the property within the period of 90 days after you purchase the property, however your asking price will be no more than your purchase price plus 20%. Please check this link - http://www.123flip.com/education/the-various-90-day-restrictions/

Mike, my partner and I flipped properties to FHA buyers. Your statements about 90 days, double appraisal if the selling price is double or more than purchase price and 180 from the day of closing are correct. You can find this with any lender who works with FHA.

Antonio, please PM me with more details.

Mark, can I have more details about SFH. Do you have a contractor for the flip?

Yes, I'm interested. Do you handle signing contract? We'll need to see the property. How we can proceed?

Hi Daniel,

Is this property still available?