The government has temporarily suspended a rule which imposed a 90-day waiting period before foreclosed homes can be sold to receive government loans.

This 5 year rule intended to deter property flippers has been suspended for one year to help speed up the sale of foreclosed homes.

This should hopefully lessen the excess of the home inventory out there.

 

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3 Comments on Govt Property Flipping Rule has been suspended

Unless there has been more clarification, the new ruling states that this applies to bank and lender owned homes only and not to private investor owned homes.

06/18/2008 08:47 AM by Kris Wales-Macomb County MI Real estate (RE/MAX Advantage 1, Inc.)

Hi Craig. Thanks for sharing the great tip! Keep them coming.

06/18/2008 10:57 PM by Vincent Martinez (Prudential Network of Homes)

Kris,

I think you are correct. The order specifically states that this applies to foreclosure sales, not to investor flips.

Here is the link to the order.

http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/PRESS/PROPERTY_FLIPPING_WAIVER/PROPERTY%20FLIPPING%20WAIVER%20REQUEST.PDF

Richard

06/19/2008 06:11 AM by Richard Smith Mortgages Home Loans FHA TN GA AL (American Acceptance Mortgage, Inc)

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Real Estate Agent: Craig Smith, Frederick MD Real Estate (Keller Williams Realty)
Craig Smith, Frederick MD Real Estate
Frederick, MD
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Keller Williams Realty

Office Phone: (240) 405-1660
Cell Phone: (240) 344-5538
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Maryland and West Virginia licensed real estate agent

Serving Frederick, Washington, Carroll, and Montgomery Counties in Maryland and Jefferson and Berkeley Counties in West Virginia. Services include residential, farms and land, new homes, and relocation.


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