Heard the Great News for Rehabbed Homes & REO Sales?
The Federal Housing Administration has announced the extension of the “Anti-Flipping” waiver thru December 2011.
The Agency has discovered that the process of rehabilitating and re-selling distressed properties can be successfully completed in less than 90 days. There were also concerns that the waiting period made homes more vulnerable to vandalism. The former mandatory 90-day waiting period caused concern among neighborhood homeowners about the length of time that properties were sitting empty. The extension is expected to accelerate the sale of rehabbed homes. This is exciting news for investors, homebuyers, and ultimately the REO industry.
Get the Word Out. Spreading the word to investors could mean that they can sell existing rehab inventory faster and take on additional properties. It could also mean
that a frustrated buyer may now be willing to move forward with the purchase of a home which they had ruled out because they did not want to wait the 90 days required by “anti-flipping” regulations.
Know the Facts. Properties must still meet certain criteria in order to benefit from the waiver. Click here to get the details.