Flippers making a comeback!
I've posted recently about the return of the flippers. And, I'm not talking about the squeeky sea mammal from the 1970's whose friends were Bud and Sandy seen above.
This just out 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.
The phrase "Git 'er done" means nothing to beauocracies. We need private investors.
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