Thanks to a fellow Realtor/FaceBook Friend for sharing this late breaking information:
FHA is waiving the 90 day flipping law for one year starting February 1st 2010. FHA understands that alot of these bank owned properties are being purchased, rehabbed and resold. The hope is with this waiver that homes will be purch...ased, rehabbed and sold for fair market value which in turn will increase home values.... As we all know FHA is the most commonly used financing in today's market. See the HUD guidelines (link below) for more information.
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
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