The FHA Less Than 90 Day Flip Rule Waived In Arizona and California for 2012
Today 12/23/11, FHA declared that the 90 Day Flip rule be waived and extended up to 12/31/2012, unless withdrawn or extended by FHA in Arizona and California.
As you can already know many Arizona and California investors, agents and buyers are glad to know that the less than 90 Day FHA Flip Rule has been extended. I hope that FHA comes to their senses and gets rid of the less than 90 Day FHA Flip Rule in Arizona and California, all together. The less than 90 Day FHA Flip Rule was originally enacted to prevent the predatory practice of property flipping in Arizona and California; this means properties that are quickly resold at inflated prices to unknowing Arizona and California borrowers and where the property does not meet FHA's standards that protects Arizona and California home buyers from possibly costly repairs and/ or the property is deemed inhabitable; but with FHA's less than 90 Day FHA Flip Rule waiver, FHA have enough safe guards in place that this would prove to be very difficult to do.