FHA Lifts 90 Day Seasoning Rule for 1 Year! - Short Sale Fundamentals
 
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14
Jun

FHA Lifts 90 Day Seasoning Rule for 1 Year!

Yup… you read that right!

This is going to be an AMAZING here especially for all us short sale investors. Just think how many different programs FHA provides first time buyers to qualify to buy a house. Now take those buyers and match them up with all your short sale approved houses and what do you get?

Short Sale Buyer FRENZY!!!!!

Where do you think are some of the BEST places to find FHA Buyers? List all your answers in the Comments Section below.

http://money.cnn.com/2008/06/13/real_estate/property_flipping.ap/index.htm?section=money_latest

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Property-flipping rule suspended

The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.

See all http://www.CNNMoney.com RSS FEEDS (close)

June 13, 2008: 4:17 PM EDT

WASHINGTON (AP) — The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties.

For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.

The policy was put in place in 2003 to deter property "flipping" schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern.

"A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community’s recovery," FHA commissioner Brian Montgomery said in a prepared statement.

The new policy "will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes," Montgomery said.

Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday.

  • Dave Schneider

    That is great news for the short sale business!

    Now we can penetrate first home buyer markets again!

  • http://www.resolveteam.com jbbeyer

    Cory
    That is fantasic news! thank you for posting it!
    JB Beyer
    Coastal Mitigation Partners LLC
    http://www.resolveteam.com

  • http://www.ShortSaleShow.com Brian Kurtz

    Still true is the fact that the majority of all retail buyers for residential homes are controlled through Realtors that have already established relationships with those buyers.

    MLS exposure is the cornerstone of brining buyers through your houses.

  • John/Chicago

    We now have the tools to turn the neighborhoods back to productive communities

  • http://www.OnlineClosingTeam.com Michelle Spalding

    Developing and maintaining relationships with local mortgage brokers is an excellent way to tap into the FHA buyer market. Some buyers just don’t want to work with a Realtor or haven’t found what they want in their search with a Realtor. Most mortgage broker who have pre-approved the buyers with an FHA loan would be greatful to receive updates or know of a source they can go to for properties properties available that may work for his/her borrower.

  • Omar Albarran

    Host a first time homebuyer seminar. Either you conduct it or have a mortgage broker come in and give a presentation to include down payment assistance programs which would allow your new potential homeowners to come in with as little as $500.

  • http://www.FreeRealEstateTraining.com Bryan Ellis

    It’s interesting because its an implicit admission that the government’s policies are actually hindering the market’s recovery. It’s very good news indeed.

  • http://www.eastcoasthomesavers.com Ali K.

    This is great news for us short sale investors! This seasoning issue was killing many deals in the market, especially short sales and foreclosures, which are usually ‘better’ deals financially for buyers looking for a good deal….. Thanks for sharing this good news!

  • http://www.aafminc.com Ali K.

    P.S.– Running a mortgage comapny for the past 5yrs and getting into short sales recently, I can personally acknowledge mortgage brokers as a great source for FHA buyers and also for getting referals for homeowners who need our services for short sales…..

  • http://ShortSaleFundamentals.com cboatright
  • JJ

    Whoa…before we break out the champage everyone, read the article again. It says, and I quote “…for one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.”

    The operative word is “foreclosed” which means REOs. So, this is a gift to lenders and their asset disposition firms. It would appear this offers no benefit to short sale flippers.

    JJ

  • http://theinvestblog.com adallyentinue

    Good day, sun shines!
    There have been times of troubles when I didn’t know about opportunities of getting high yields on investments. I was a dump and downright stupid person.
    I have never thought that there weren’t any need in large initial investment.
    Nowadays, I’m happy and lucky , I started take up real money.
    It’s all about how to choose a proper companion who uses your money in a right way – that is incorporate it in real deals, and shares the income with me.

    You can get interested, if there are such firms? I have to tell the truth, YES, there are. Please be informed of one of them:
    http://theinvestblog.com Online Investment Blog

  • Lou

    is there a max profit threashold that fha will not allow the seller flipping the property to exceed befor documented improvements are required/



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