Anti Flip Law on the 180 day rule.

[Account Closed]

I am currently selling a house, suppose to close tomorrow but wont be happening just yet, in the final hour the bank called me out on the anti flip law. The price I paid was $43,700. I put it under contract for $90,000 but it had a $3000 seller assist. Was an FHA loan. Bank told us they wanted a second appraisal.

The last time I had this happen, it ended up costing me $13000 because the second appraisal came in massively light.

What are folk's experiences with the second appraisal.  I think it is important to know, because if the consensus is you get screwed, it may be better to just pass on offers where you would be subjected to that second appraisal

thanks.

.

[J Scott]

First, it's 90 days to resell to an FHA buyer, not 180 days.

Second, a second appraisal pass no longer FHA mandated. Find a lender that doesn't require it.

Finally, no, the second appraisal isn't any more likely to come in low than a first appraisal. 

Have you read my articles on how to get the best appraisal possible?