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Updated over 8 years ago,
Anti-flip law experiences
I just found out today that my current deal which is supposed to close this Friday is subject to the FHA anti-flip law because the purchase price was less than half of the sale price to the current buyer. Last time I had this happen the second appraisal came in $13,000 light, and I had to eat it. In this scenario I'm only off by a couple thousand dollars. In fact if I ignored seller concession the anti-flip lot wouldn't apply.
Does anyone know if the anti-flip law states that my purchase price has to be greater than my affective sale price, or do I have to be greater then the total purchase price which Includes $3000 seller concession.
In other words I paid 43,800, I sold it for 90,000 to the Envir which includes $3000 seller concession
Thanks