FHA Temporary Lift of Anti-Flipping Rules: More Government Regulation Helping Big Corps?

I don't see it as causing a huge bidding war at the trustee auctions because a) some investors have no idea the 90-day flipping rule exists and b) conventional lenders have been lending and c) some homes take more than 90 days to fix up and d) investors in my area have been buying homes in bulk directly from the banks and by-passing the auctions altogether.

The more I read into the government bailout, the more I am concerned it is soley for the benefit of the banks.

Thanks for the reblog Lenn!

Elizabeth:  I am estimating about 30% of trustee sales are going to private investors/corporations.  That is up from about 2% in July 2008.  We will see where the ship is headed after this!

I am always concerned when there is too much regulation, what happened to free market economy?

Lenn,

Yes it is a little strange that on one hand they do this to move their foreclosure inventory but then they change the lending guidelines to tighten up on the lending.

Lenn

Thanks for post the information.

Good luck and success.

Lou Ludwig

Lenn, thanks for bringing Renees post some extra attention.  I think that the responses and views will vary depending on where in the country you are sitting.  What may help some...FLORIDA....might not seem so hot to others.  The average agent in my Realtor Board is closing 1-2 deals a YEAR!!  Most listed cash, conventional.  Flippers will at least spruce up the place so we can go with FHA on the buying side.  The REO/Shortsale can look like something out of a war torn city. No appliances, no light fixtures, no wiring, piping......NO FHA.  

Lenn- All this wool always looks so great on the outside, but when you pull it back...

Banks own our country. When you see any President get up to reprimand them, let's not kid ourselves, the banks and the White house know exactly how to play this dangerous game of keeping the American citizens hostage. Nothing is as it seems when it comes to banks. They throw us a bone here and there, or should i say crumb!