purchase contract must be 91 days from the time of closing (90 days need to pass). That is the basic FHA guideline, however some lenders have different, longer requirements - from 6 to 12 months. And as Colleen said, lenders are going to heavily scrutinize a home that is listed for much higher than it was bought for in the last 6-12 months.

They may require a second appraisal be done, or they may request documentation from the seller of all improvements and upgrades made to the home to substantiate the higher value. Bottom line is there needs to be justification of a higher price.

Call this the result of widespread abuses and scams in the real estate industry over the past several years. Banks will be damned if they're going to get caught with their pants down again, even if it hurts some good people trying to make an honest buck in the process.

I am trying to buy a house that has been flipped, but don't know if it has been owned long enough.

Settlement cannot occur before 90 days of the first purchaser holding title. But be careful because if the new price is double what the first person bought it for (which in many cases it is) there are other rule requirements for multiple appraisals and such.

Colleen Pearsall
239-458-5566
colleen@colleenpearsall.com

Cant be put under contract until the 91st day.

Jay LaGace
RE/MAX Realty Inc.
2326 Del Prado Blvd.
Cape Coral, FL 33990
239-443-8795

If the buyer is getting a mortgage, most lenders are asking for 6 months chain of title. If you bought it low and want to flip it that would be your best bet. What the guideleines say vs. what they are asking for are two seperate things.