On December 31, 2014 FHA will stop allowing property that has not been owned for at least 90 days to be re-sold. This waiver had allowed investors to absorb foreclosed properties, rennovate them and re-sell them to a new end user in under 90 days.
Unforutunately this will, once again, slow down the process of absorbing the left over inventory from the Real Estate crash of 2008. Investors will be forced hold their inventory for at least 90 days if they are going to re-sell to a buyer using an FHA loan. Investors need to turn their properties quickly in order to satisfy their money partners and to be able to keep contractors and their staffs employed.
Don’t lose heart! There are still no-seasoning programs out there and always a way for a willing buyer and a willing seller to make a deal! Here in Malta, Saratoga Springs, Albany, Schenectady and Troy, NY there is a good inventory of Real Estate to be flipped AND a healthy number of buyers to purchase correctly renovated properties! Victory Funding and Living Well Realty stand ready to help home buyers, investors and sellers with all their Real Estate and Financing needs!
For the HUD letter click here.
