Testimonials
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Rebecca was my realtor for the sale of my townhouse and the purchase of my house. I have bought and sold several properties and my experience with Rebecca was by far the smoothest and most pleasant. |
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90-Day HUD Flipping Rule Relaxed |
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Denver, CO, March 23, 2010 90-Day HUD Flipping rule Relaxed
With the numerous foreclosures, the U.S. Department of Housing and Urban Development (HUD) had enacted an anti-flipping rule which would not allow the resale of a residential property within 90 days of purchase. The mindset was that this would curb rapid escalations of home prices, which in turn over states an area's value. Unfortunately, this measure actually hindered the renovation of properties in communities with many bank-owned and foreclosed homes, as well as continued the cycle of lowered home prices and more foreclosures.
On February 1, 2010, HUD and FHA relaxed their 90-day rule to encourage private investors to again purchase residential properties, fix them up, and get them sold to eligible buyers using FHA financing.
By allowing this turnaround of properties, more homes should move through the system quickly leaving less vacant homes on the market.
Not only is this a great opportunity for investors, but many first-time homebuyers that may not have had funds available to fix up a distressed property will now have additional options.
Looking for more information about investing, buying, or the FHA anti-flipping rule, contact us today! |
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Contact Us Still have unanswered questions? Please email or call. We are here to help!  Rebecca A. ThompsonBroker Associate (303) 868-5746
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