Attention Investors and First-time Home-Buyers

Investors and First-Time Homebuyers - Among other updates, this property features a new roof, new AC, new refrigerator and stove, new carpet, new lighting, and updated bath. The eat-in kitchen and bath have ceramic tile flooring. Property may qualify for Newburg Renovation Grant. Sellers are offering 1-year home warranty and 3% towards closing costs or down-payment assistance. Owner is a licensed agent in Kentucky.

Properties in the Park Forest area rent for $600-650 / month.

So, you just completed your flip in 4 weeks.  Congratulations! Unfortunately, selling your renovated project may not go as smoothly as you think.  Everyone is aware that Freddie Mac and Fannie Mae homes come with a 90-day deed restriction when you purchase the home.  But, there may be a holding period even if you do not have a deed restriction.  There is a little-known (at least in my area) 2003 rule that was implemented to help prevent predatory flipping.  The consequence to investors is that if the buyer gets an FHA loan the closing cannot occur within 90 days of the last sale.  If the property is being sold between 90-180 days for more than 100% of the purchase price, 2 appraisals are required and the seller will have to pay for one.  

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I am a licensed real estate agent with RE/MAX Alliance. I work with buyers and sellers in Louisville and Bullitt County including Shepherdsville, Mt. Washington, Brooks, and Lebanon Junction. Whether you are relocating to Bullitt County or simply moving across town, feel free to send me an email or contact me.