Russie Weidl says New HUD Measures on Foreclosed Properties “A Great Opportunity for Investors”

Feb. 1, 2010 - PRLog -- (Lake Mary, Fl) Russie Weidl, Realtor for Watson Realty Corporation in Lake Mary, Florida and Certified Distressed Property Expert says the new HUD policies that come into effect today on foreclosed properties are a great opportunity for Investors.

HUD Secretary Shaun Donovan announced on January 15, 2010 a temporary policy that will expand access to FHA mortgage insurance. Investors will now be allowed to quickly resell foreclosed properties. Previously FHA would not insure a mortgage on a home owned by a seller for less than 90 days. This ruling has been temporarily lifted and will give investors access to a wider range of foreclosed properties. The waiver will take effect on February 1, 2010 and will be effective for one year. HUD has reserved the right to stop or extend the program at any time.

The FHA found that buying and preparing foreclosed properties for resale usually took less than 90 days. By not allowing the use of FHA mortgage insurance for a quick resale within 90 days of purchase, stopped sales to investors. Investors do not want the extra expense of holding costs or the threat of vandalism that could happen during the 90 day holding period.

This change in policy will allow investors to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. As a result homes should sell quickly, helping to stabilize prices in real estate and to rejuvenate neighborhoods and communities.

To protect buyers against predatory practices of "flipping" where properties are quickly resold at inflated prices, certain conditions have been set:
•   All transactions must be arms-length. There can be no relationship between the buyer and seller or anyone participating in the sales transaction.
•   The waiver will only apply if specific conditions are met if the sales price is more than 20 percent seller's purchase cost.
•   The waiver is limited to new mortgages

To find out more about this program go to HUD’s website or contact your local Certified Distressed Property Expert (CDPE).

About Russie Weidl
Russie Weidl is a real estate agent for Watson Realty Corporation in Lake Mary Florida. She has received many awards throughout the years for excellence in her profession. She was also awarded as one of the Top Hot 100 Real Estate Professionals in Orlando, Florida for the last 2 years and Best in Client Satisfaction in Lake Mary, Florida for the last 3 years. Russie is a Graduate of the Real Estate Institute, an Accredited Staging Professional and recently added Certified Distressed Property Expert to her list of titles. To find out more about Russie Weidl and her services visit her website at http://www.russiesells.com.

Contact Information
Russie Weidl - Realtor®, GRI, ASP, CDPE
Watson Realty Corporation
7015 County Road 46A
Lake Mary, FL 32746
Phone: (407) 721-8822
Fax: (407) 330-2475
russie@watsonrealtycorp.com

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