House Flipping Still Alive in South Florida

by Isaac Benmergui, Esq on December 7, 2011

The housing bust may have only hurt the house flipping craze temporarily. With the bargain basement prices in South Florida, real estate house flippers are at it again; sometimes selling properties before the ink is dry on the purchase agreements.

Banks, including Bank of America and Wells Fargo and Frannie Mae and Freddie Mac, have caught on to the flippers and are now requiring them to sign affidavits which state they will not flip the property immediately just to make a quick buck. If flippers can find with an institution without the affidavit requirement, they can flip a property in as little as a couple of weeks.

Flippers haven’t completed as many flips this year as last due to the new requirements, but they maintain the deals are out there and there’s money to be made.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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