Flipping Rule Eased

J. Philip Faranda — Sat, 14 Jun 2008 22:45:40 +0000

The 90-day waiting period to resell properties bought at foreclosure for a profit has been temporarily lifted. The rule made no difference toward preventing or lessening the current debacle (it probably made it worse, hence the change), and it is the right thing to lift it. I say keep the lift permanent.

The 90 waiting period was an awful rule anyway, and threw another roadblock in front of the lunch pail crowd trying to improve their economic circumstances. Isn’t that the point of the country? Of course, small-time real estate investors who buy, repair and resell homes for a profit don’t have much of a lobby in Washington. The closest ally they have is the NAR, but few realize that.

New York Real Estate Blog » flipping

Flipping Rule Eased