Well more information is in and the new waiver of seasoning regulations (see previous post)only applies to homes that were foreclosed by the lender. Here is the ruling from HUD.
The key language is:
This waiver is limited to a sale within the 90-day period if the property is acquired through foreclosure, and is effective for a period of one year.
So it would appear that this will not help investors who wish to resell quickly. This is only designed to help lenders who have foreclosed.
The irony is that most banks seem to take quite a bit of time to move properties through their system anyway. The 90 day waiver may not really speed things up.
Happy investing,
Ned
Get FREE investing tips and bargain wholesale properties via e-mail.
