California, San Diego: 90 Day Flip Rule Lifted for All Sellers
Here is the remarkable news for all who are going to buy or sell their California property in 2010! Widely famous 90 day flip rule has been provisionally suspended for all sellers effective February 1, 2010 and the waiver shall come to the end one year from February 1, 2010. The regulations at the Urban Development Act ensure that a mortgage for a property will not be eligible for FHA insurance if the contract of sale for the purchase of the property is executed within 90 days of the prior acquisition by the seller, and the seller does not come under any of the specific exemptions that apply to the 90-day rule.
This document takes effect on February 1, 2010. This waver regulates all the transactions which are arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales bargain.
Tags: California, real estate, San Diego
