More homes to be available in North County San Diego and beyond
Is it for real? Yes it is!
The FHA (Federal Housing Administration) is temporarily moving the anti-flipping rule from their guidelines for the next year. So, what does that mean? Well, if you’ve been trying or tried to buy a home in San Diego for past 18 months, then you’ve fallen victim to the anti-flipping rule. Basically that means investors who buy property can not sell to an FHA borrower until after 90 days of acquiring the property. This rule has frustrated a lot of buyers because a house will hit the marketplace, be in move-in condition & then only to find out the seller isn’t taking their offers due to the FHA restriction.
All that is about to change…..
Starting Feb 1st, the Federal Housing Administration will allow investors to sell to FHA borrowers as soon as the house is ready for sale. What’s the catch? Potentially two appraisals (depending on lender guidelines) & all transactions must be arms-length, meaning no interest between the buyer and seller or other parties participating in the sales transaction.
Only time will tell if there will be more homes available now that this rule does not apply. But it’s likely the continuous competition we’ve faced here in North County San Diego will still be here to stay, or at least until the banks release more foreclosures….but that’s another story.
Many industry experts say recovery may be on the horizon. What do you think of the housing market in San Diego?
For more details on the new FHA guidelines, check out this website: http://bit.ly/7zi07l
