Selling flips, trouble with FHA buyers

[Thomas Gerhart]

It seems all of the buyers for my flips are FHA buyers. This has been frustrating on a few levels. FHA will not loan on a property that has changed hands within 90 days so I cannot move quickly. Also my buyers have needed two appraisals due to the drastic price differences in the home over a short period of time which also delays closing as much as two weeks.

Has anyone else had issues with this and or has advice for me? I am trying to really move quickly in this new year and this seems to be my biggest hurdle. I am located in Oregon and usually rehab and sell entry level homes. 

Thank you! 

[Michael Noto]

@Thomas Gerhart We had the multiple appraisal happen with a FHA buyer on a 2-family flip we sold in Connecticut in the fall of last year. It was actually only 35 days from contract to close which I thought was a great timeline for a FHA buyer. Had we had to wait 60 days to close i might have been a little more upset that we had the 2 appraisals, but since it didn't slow anything down it ended up working out. We have been there where we were waiting longer to close because of the 2nd appraisal and that gets very frustrating. I completely agree.

Timeline wise property was put on the market 4 months after we closed on the purchase, took it 10 days to formally get under contract to sell. So it sold a little more than 5 months after we purchased it on the front end.