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Waiver on flipping is good for the local Colorado Springs economy
Waiver announced on 90 day flipping
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The 90 Day Flipping rule has been lifted for at least 1 year starting February 1, 2010. HOWEVER, it’s important to keep in mind that it is 
not completely free from all stipulations. Here’s a link to the actual Waiver on the HUD web site; which gives the conditions of the waiver.
What does this mean to the Colorado Springs First Time Home buyers?
It means that buyers who are going to buy a property with a FHA loan financing can do so without having to wait for 90-days from the date of the last purchase of that property in order to purchase it.
As an example: A home was purchased by an Investor on November 15, 2009 and the investor fixed up the property. With the previous 90-day rule, a buyer who was using FHA financing would have to wait 90-days from the 11/15/09 date in order to go into contract on this property. The new rule is waiving the 90 day period.
What does this mean to Colorado Springs Real Estate Investors?
It means that investors can buy and flip properties and not worry about waiting 90 days to get the property sold. Although conventional and cash purchases were not affected by the 90-day rule, the majority of homes are now being financed by FHA. This moratorium will help homes sell quicker; which means investors can then move on to the next property!
Who Else Does it Affect?
Many of the homes that the banks are foreclosing on are in bad shape and need repaired and updated to make them more attractive to Colorado Springs First Time Home Buyers.
I think this change in the guidelines will help Colorado Springs foreclosed homes sell faster, which in turn helps the local economy. It’s estimated that on an average a home buyer spends an additional $8000.00 on a house after they purchase it, which certainly also stimulates the economy.
Wouldn’t you much rather have a homeowner in your neighborhood vs. a foreclosed empty house?
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Kathy (719-287-1049) KTorline@msn.com
Top 3 websites for home buyers
The following information is the third in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #7 – 9
For a FREE Buyer’s Guide, Email KTorline@msn.com
Home Buying Resources on the Internet
As I started to put together this article, I originally was going to write it about the wonderful resources that HUD provides on the Internet, but as usual, my blog article evolved into something much more. The Internet provides all of us an amazing opportunity for education, and home buying is no exception. Remember, knowledge is power.
Tip #7: My favorite site for Home Buyers: HUD web site. In fact, when you google “buying a home”, the first site that comes up is HUD’s site. The site provides an easy way to find out about all of the loan products offered through HUD/FHA, but equally important it offers perspective buyers great advice on all types of things. One of my personal favorites is the quick easy list they have on the 9 steps to buying a home:
Nine steps to buying a home
- Figure out how much you can afford
- Know your rights
- Shop for a loan
- Learn about homebuying programs
- Shop for a home
- Make an offer Read the rest of this entry »
