Transactional Lender Explains FHA Guidelines and Property Flipping to Short Sale Investors

July 20, 2009 - PRLog -- Florence, KY – Jodi Funke is a transactional lender who specializes in short sales and back-to-back closings.   Jodi spoke at a recent real estate investors network meeting; the topic was “property flipping.”  Jodi defined property flipping, “Property flipping is a practice where the seller purchases a property and then immediately resells it for a large profit.  The seller often inflates the value with the help of an unethical appraiser.  This is the reason for the strict guidelines that have been put in place within FHA mortgage insurance programs.”

Jodi gave an overview of the property flipping policy indicating that only owners of record may sell properties that will be financed by FHA insured mortgages and any resale of a property may not occur within 90 days.  When sales occur 91 – 180 days after the purchase at a price exceeding 100% of the first sales price, FHA will require documentation validating the property’s value.

Guidelines are in place to discourage real estate scams and mortgage fraud which have increased significantly in the last few years.  Jodi advised real estate investors to be careful who they are working with to avoid being involved in any illegal activity.  “If the deal sounds too good to be true, it probably is,” said Jodi.  “When unethical real estate transactions occur all parties who were involved are held accountable.”

Jodi Funke is the founder of http://www.cashforshortsales.com a company who specializes in short sale transactions.  Jodi is a transactional lender who provides funding for the investor to purchase a property on a short sale and sell the property for a profit the same day.  Their team of real estate professionals, attorneys and title companies are experienced at handling these transactions while working at the highest level of integrity.

Contact:

Jodi Funke, Transactional Lender
Cash for Short Sales
7657 Mall Rd
Florence, KY  41042
859-594-4357
info@cashforshortsales.com


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