Coastal Florida Real Estate

This just in from the government.

Effective yesterday, the Federal Housing Administration (FHA) started providing mortgage insurance for some home purchases in which the seller bought the property and held it for less than 90 days.

The agency changed what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens. Waiving the 90-day rule encourages private investors to buy vacant properties, fix them up, and quickly sell them to buyers who are eligible to buy them using FHA financing.

Hey there's nothing wrong with this.  Banks and counties are simply unable to cope with the numbers of short sales and foreclosures and they need some help from investors.

"Git 'er done" means nothing to beauocracies.

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