BREAKING NEWS: The real estate market recieved great news this week when the HUD guidelines were eased regarding the "flip rule". The "flip rule" affected all homes that were not bank owned and prevented a buyer from purchasing a home that was owned less than 90 days. The rule restricted the ability for investors to sell to buyers that required FHA financing.

The waiver begins on February 1, 2010 and is scheduled to expire in one year unless extended at that time. The easing of this rule will allow homes to move through the free market without impediment. In the past, investors would have to hold on to a home for 90 days prior to accepting any contracts from buyers that were utilizing FHA loan programs. This restriction was not placed on the banks as they were exempt. They have better lobbyists than we do.

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf