Flippers- Buyers dont sink!

An issue I have run into this week  in Santa Cruz area is that 90 day flip rule. Something to remember. It has come up twice for me this last week.

It’s very exciting to find a home that has been renovated and is basically “move-in-ready”. Many homes  have been purchased by investors and then fixed and are being re-sold in a very short amount of time.

This is really important to know! Listen: if you have less than 20% down you most likely won’t be able to write an offer on a  property until 90 days after the last sale date, especially if the list price has increased over 20%.

Furthermore, if you have 20% down or more many banks  most likely will require two appraisals. That means extra costs to you and  possible extra time.Some banks reimburse you for the second appraisal, some do not.

Of course all banks have their own rules about  “flips”- but make sure you check on the last sale date if you suspect the home you have just fell for is  a “fix-n-flip”. Your agent can help with that. Check with your lender as well to find out their particular rules.

90 days on the market is a long time nowadays…It’s very disappointing to fall in love with a home and realize you can’t write an offer.

 

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Chris Clayton

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2407 Porter St. #150 Soquel CA. 95073

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About Chris Clayton

I am a local girl born and raised in San Jose area , 4th generation and spent my summers, holidays in Boulder Creek and Santa Cruz. I have a daughter who just graduated college, 2 stepsons 2 step - grand daughters, horses, dogs,chickens. I am married and my husband and I also own Santa Cruz Carriage Company and Draft Horses for Hire. Full-time in the business for 10 years and counting. I am proud to be a player in a company that supports and gives back to the community through our Sereno Cares-1% Campaign..We have offices in the hottest areas of real estate, Palo Alto, Los Altos, Los Gatos, Willow Glen, Santa Cruz, and SaratogaI appreciate rural properties and land. I have lived in Soquel and was a "Westside" resident for many years . Our first house was in Lompico. I now live in the Santa Cruz Mountains, Scotts Valley. I am comfortable selling in many areas of the County. I do sell in Santa Clara County having grown up on that side of "The Hill".I have experience in short sales, and bank owned properties. I can handle that. I hold a "Short Sale and Foreclosure Resource" designation (S.F.R.) As well as H.A.F.A. certified. I am a" Graduate of Real Estate Institute" or "G.R.I." I continue to educate myself to better assist my clients. Currently, I am taking a series of detailed classes specific to Santa Cruz County that are important to know about in our great area. When I'm not selling real estate I'm playing with horses, hiking and training for 1/2 marathons my new" hobby". I love real estate, where I live and I work hard for my clients.


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One thought on “Flippers- Buyers dont sink!

  1. Bogus

    The flippers are ruining the market. The realtors are playing that game too. Run down termite infested properties selling in the millions. This is not the home recovery one should hope for. When the flippers realize it is over, you will have a bunch of dud first time homebuyers sitting on inflated homes.

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