Here is some good information that will hopefully help reduce the number of vacant foreclosed homes. This will open some more doors for your buyers! Let me know if I can be of assistance or if you have any questions!
FHA WAIVES 90 DAY FLIP RULE
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS-measure to help bring stability to home values and accelerate sale of vacant properties.
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure.
...The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
• In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the specific conditions are met, which include the requirement of a 2nd appraisal and property inspection.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
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