A new law will allow investors who have bought homes to renovate and flip to get those homes back on the market immediately. Under the previous guidelines the investor must have owned the home for at least 90 days. As a result, investors have been skeptical of buying foreclosures because of the carrying expenses during the 90 day hold period. There are some guidelines for investors and buyers under the new ruling: 1) The property must not have a pattern of being flipped by investors. 2) All transactions must be “arms length”. In other words, no related parties. 3) Lender may require documentation of renovations if sales price is inflated by 20% or more or a second appraisal may be required.

For more detailed information about Wilmington, NC real estate foreclosures or short sales available , please contact me kaybaker@ec.rr.com. I will send you  a detailed list of Wilmington, NC homes right to your email. Or, if you are a homeowner and need assistance in selling your home, we are experts in the short sale and foreclosure market, too.

I