SPECIAL ALERT: New FHA Ruling Makes Short Sales Easier!
Short Sales Made Easier By New FHA Ruling!
If you have been shying away from doing short sales because you have had a hard time getting them closed, the recent ruling published by the FHA is going to help you make some serious money in 2010.
The FHA has waived its seasoning restriction wherein title could only be passed if someone held the property for a minimum of 90 days. Now the properties can be sold for a profit right away.
This means investors are going to be looking to buy short sales in big demand. The profit ratio just shot through the rook over night!
Short sales are back and will be in high demand! Here’s what the FHA said in its ruling:
“FHA borrowers, because of the restrictions we are now lifting,have often been shut out from buying affordable properties, ” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner.
To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
* All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
* In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
Can you seen how investors will be frothing at the mouth over these deals? Now get out there and get as many short sale prospects listed if you want to have a great 2010.
If you have had a problem with short sales or are not sure how to execute them or if you need a refresher, then check out the number 1 short sale training program on the market. The Short Sale Video Course has trained thousands of agents nationwide.
The Short Sale Video Course has been the system of choice of agents who actually list and sell short sales as a part of their daily business.
We know the economy has been tough on real estate agents so we are lowering our price from now until February 1, 2010 to allow you to take advantage of this new FHA ruling so that you can hit the ground running and be ready for the surge of buyers that will result from this ground breaking announcement.
Register for the Short Sale Video Course today.
HUD Takes Action to Speed Resale of Foreclosed Properties to New Owners eNews Park Forest, on Fri, 15 Jan 2010 13:51:27 -0800 … because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. …
HUD Ruling Paves Way For Easier Short Sales In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
