Changes in the Flip Policy
Effective March 26, 2010, for case numbers assigned on or after February 1, 2010, Plaza will be adopting HUD’s temporary waiver for properties that have been owned by the seller for less than 90 days!
Guidelines:
1. Purchase transactions with a sales price greater than or equal to a 20% increase over the seller’s acquisition cost are not allowed.
2. All transactions must be arms-length; no identity of interest between the buyer, property seller or third parties. (see the program guidelines for helpful hints in detecting NAL transactions)
We have covered this new law a few times on our radio show so tune in.