Yesterday I discovered one was not sold, but rented, and in the same conversation was told that a house 2 doors from me, slightly larger than mine, was sold .

The additional categories of properties exempted from the time restrictions include sales of properties by: •· State and Federally chartered financial Institutions and government-sponsored enterprises (GSEs) (e.g., Fannie Mae and Freddie Mac) •· Local and State government agencies •· Nonprofits approved to purchase HUD REO properties at a discount http://www.hud.gov/offices/hsg/sfh/np/np_hoc.cfm •· Sales of properties within Presidentially-Declared Disaster Areas (upon FHA's announcement of eligibility in a mortgagee letter specific to said disaster) Prohibition on Property Flipping Described Property flipping is a practice whereby a property is resold a short period of time after it is purchased by the seller for a considerable profit with an artificially inflated value, often abetted by a lender's collusion with the appraiser.

That's effectively how most financial institutions make their money.

http://www.fdic.gov/news/news/press/2009/pr09006.html Bank of Clark County, Vancouver, Washington, was closed today by the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named receiver.

. - UPDATE: FHA does require 90 day seasoning unless the transfer of title comes directly from a federally insured banking institution to buyer.

Or, they will only lend based on that value, meaning the buyer will have to pay your fee in cash.Further, with an assignment, the seller will see the cut you're taking, and may get unhappy with you.If you try to double close, the lender will run a title search and discover you're not the owner.

Hi guys,I've discovered a potential house just 9 minutes away from my campus and I'm wondering if this is a good deal.

Hi Janet, it sounds like you've already discovered what a great site this is, welcome aboard.Have a great day!

(around here) I saw a BAD REO a month or so ago a bank turned down 3 times more than I would even offer,,,in my opinion there was WAY too much hidden water damage,yet to be discovered!!

"Right now, Fannie Mae and Freddie Mac -- the institutions that guarantee home loans for millions of middle-class families -- are generally not permitted to guarantee refinancing for mortgages valued at more than 80 percent of the home's worth.