va loans: Flippers rejoice
- 06/16/08 06:38 AM
WASHINGTON - The Bush administration is suspending a 5-year-old rule intended to deter property flippers as part of an effort to help speed the sale of foreclosed properties. For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold and receive government-backed loans. The policy aimed to deter property flipping schemes, in which buyers are overcharged for foreclosures. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern. - Associated Press This short article came out today. … (1 comments)
This blog is intended to update people who are interested in buying and selling homes, condos, or other real estate in the Volusia and Flagler market. While it is called Real Estate in Daytona Beach Area we will address statistics ranging from New Smyrna to Palm Coast and west to include Deland, Deltona, etc. I will also cover topics regarding investing in residential and commercial real estate. I encourage comments from everyone and am very interested in feedback and opinions.
WASHINGTON - The Bush administration is suspending a 5-year-old rule intended to deter property flippers as part of an effort to help speed the sale of foreclosed properties. For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold and receive government-backed loans. The policy aimed to deter property flipping schemes, in which buyers are overcharged for foreclosures. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern. - Associated Press
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