Foreclosed Properties Only… Dang It!
Well I almost was ready to swing from the rafters! Then all of a sudden reality struck!
It seems the 90 Day FHA Seasoning Lift for 1 Year only applies to properties acquired from foreclosure. That means it really doesn’t affect short sale properties.
Download HUD Flipping Guidelines for 90 Day Seasoning Lift
WHAT ARE YOUR THOUGHTS ON THIS?
So Cory, what’s your take on this?
Cory,
Doesn’t all Short Sale infer there is a pre-foreclosure in process?
This ruling is only for the lending institutions and their hired brokers or the dispostion companies they have hired. If you or I as real estate investors purchase any real estate in pre foreclosure, or short sale, or at the auction, or just a regular purchase, we still have to wait the 90 days when the buyer wants to use an FHA loan. If the buyer uses a conventional loan there is no waiting period.
It just goes to show that the gov. is only caring about the big guys.