I hate how a flipped house can't be bought using an FHA loan!

[cmist]

Originally Posted by Rick Lee

I don't understand anyone's problem with flippers. Do you complain when your stock price makes a sudden jump? Do you feel guilty for selling shortly after buying? I can't afford the money or headaches to rehab a house. I'm happy to pay market price for a move-in-ready place and couldn't care less about the seller's profit or motive. If he bought it for a song and fixed it up, good for both of us. The gov't. has no business trying to channel people's behavior through the tax code and other gov't. giveaways. Nothing wrong with taking advantage of any gov't. program you legally can, especially if you're one of the taxpayers paying for it.

I agree that its a great deal for all parties, if someone fixes up a home, then turns around and offers at a price that makes both parties happy, why should the government care.

But I also feel that the hoardes of investors that flocked here from all over the country, essentially on field trips scarfing up every home they could touch with their greedy little hands, is part of the reason why we are in this mess.

The FHA rule sounds dumb and like it isn't really addressing anything, but I do think that some kind of more realistic plan should be put into action to avoid investors beating out residents when the market really recovers.

Things were going in the wrong direction when residents couldn't compete with out of state investors to purchase a home. I don't think it has a positive effect on the marketplace when a home is sold to an investor for thousands over list price just so they can add house #30 to their portfolio as opposed to someone who is actually going to live in the home. There shouldn't be upward pressure on pricing based on rich people exploiting market conditions. This creates the imbalance we are seeing now between what people earn compared to what the homes cost.

Let the investors buy all the trash though and turn them into diamonds for those that aren't capable of doing it themselves for sure.

[Captain Bill]

Originally Posted by TegaCayfamily

Captain Bill, I am new to these forums but I have been reading over everything in this thread. We are trying to buy a house in Queen Creek and we are having a problem finding a bank that will do a conventional loan with 20% down on a house thats still within its 90 days of a seasonal clause. Do you know of a bank that we could contact for a mortgage?

Try Quicken loans. Also try some private local banks and credit unions. The listing agent may know some names also.