what is flip?
i am in the process of buying a manufactured house in az. my agent put me in touch with her preferred loan guy, and he said i was ready to roll. that was two weeks ago. no he says he has to send me more docuements to sign and move fha case number cuz the property is a flip. now i have wasted almost a grand between house inpsection, pest inpsection and the appraisal. and now they are telling me i can't go fha. the agent says she is not liable cuz the seller never told her a thing about him buying at auction. yet she has me on the hook for 2% if i buy something in the next 90 days cuz i want to work with another agent and lender. i am not all that up to speed on real estate but even i can see that property was bought august. plus i am talking to other lender and they say if i go with the main stream option instead of fha the seller can't account for the mark up of 56,000 how is that fair? do i have to wait or can i go find another lender and agent without having to worry about that 2% by gilber_404_987 from Arizona City, Arizona. Oct 12th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Your agent should have known that this property was a flip. My guess is if you contact her broker and explain your situation, he should let you out of your contract.. that being said.. if the property was flipped inside of 90 days, then it still can be done, but it requires 2 appraisals.. or you could just wait out the 90 days and then apply again using a different lender. The clock starts when the investor purchased the home, so based on your question above, it was August.. you can apply next month.. if you would like other options, you can contact me at 480-287-5714, or WilliamAcres.com... our offices are located in Scottsdale Az...
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
things have changed on the rules of FHA since Oct 1. I do not know what your purchase contract stated regarding the 2%. if you want , you can email it to me at lindaforloans@live.com
David Kester (davidkester)
#77 ranked lender in Arizona - 23 contributions
Well, this really stinks! I would contact your Agents owners and explain to them what happen. They should release you from these broker agreement (for the 2%). If that doesn't work you may what to contact the Arizona Department of Real Estate at www.azre.gov Flipped property are property that have been sold and trying to be resold within 90 days of the first sale date. Just as a heads up Manufactured Home are a little difficult to finance to begin with (not impossible, but a little difficult). When you combined the property being a flip it makes financing almost impossible.If you would like more assistance please call me at 602-628-6500 or www.trustyourlo.comHave a great Arizona day!
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