For many years the federal government prohibited buyers from purchasing homes from sellers who owned the property for less than 90 days using FHA mortgage financing. This idea was to prevent investors from defrauding the government with “flipping” of houses.

According to the Washington Post, a flip is a quick resale of a house or condominium at a significantly higher price than the purchaser paid with only cosmetic improvements to the property, if any at all. Sometimes only the contract itself is being signed over to a new buyer at a higher price.

With many foreclosures on the market requiring lots of handyman work to get them back in shape, this approach may turn the housing market around get neighborhoods back in shape and offer opportunities to home buyers.

First-time home buyers are responding overwhelmingly to the opportunity to buy renovated homes with low down payments according to the LA Times!

Call our foreclosure specialists for Daytona foreclosed homes and condos. We are ready to assist you.

Contact Team Gagliardi now for more information. Marty Gagliardi 386-316-5968 – Michael Gagliardi 386-316-5967 or Heidi Gagliardi 386-290-6842. We are ready to assist you!