Monday, January 18, 2010

FHA lifts 90-day waiting period for Flippers

  • This ban on the required "90-day" waiting period is an effort to get investors to buy more foreclosures.

    tags: foreclosures, fha, 90-day

    • Starting Feb. 1, housing regulators will suspend for one year a 90-day waiting period on property resales that it says has put FHA borrowers at a disadvantage in bidding on foreclosed properties.
    • Some sellers of foreclosed properties have been reluctant to enter into contracts from potential FHA buyers because of the cost of holding a property for 90 days, and the risks that a vacant property would be vandalized, HUD said.

      Lifting the waiting period "will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities," HUD said.

Posted from Diigo. The rest of my favorite links are here.

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