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August 2012

There are 2 blog entries for August 2012.

Atlanta Property FlipProperty Flipping Guidelines

The Jarvis Team works with investors on selling their investments as well as buying new ones.  In this market it's hard not to talk about flipping homes even if you aren't doing a traditional flip.   Here's some Property Flipping Guidelines  from the mortgage side of things - which is important for the buyers, you know the ones trying to buy your flip (if you are flipping that is). 

FHA Mortgages On "Flips"

Homes that qualify for HUD's Temporary Flip program (re-sold within 90 days or less) require two appraisals, a home inspection, and documentation on seller improvements  Any FHA required repairs mentioned in either appraisal or home inspection reports must be repaired. Properties re-sold between 90 days to 6 months

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Do Days On Market Determine Value?

 

There's a lot home buyers that look at Days On Market (DOM) as an indicator of value and frankly as a suggestion that maybe the price is too high.  This was certainly the case under normal market conditions and for traditional real estate sales.  

Unfortunately (or fortunately), we are not in a normal market with traditional sales, at least not in the Atlanta Metro Area. We're in a seller's market with little inventory and the sellers have little to no or even negative equity.  Ultimately, that creates an interesting mix but banks aren't exactly known for efficiency.  With bank owned homes we're seeing closing timelines of up to 45 days.  With short sales, you're looking at 90 days if you are lucky.  If the

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