As we all know, a bank owned property that had been acquired through FORECLOSURE was only allowed to be purchased with a HUD insured mortgage after 90 DAYS from the day the bank took title.
Investors who had licked their chops to pounce on an attractive fix-me-up, would have to wait an excruciating three months while the vacant home took down property values in the surrounding area and made the investment opportunity less and less attractive as the days ticked by.
Not anymore. If you see something you want, and you can qualify to buy it with FHA financing, you have a greenlight from Day 1.
Exciting opportunity for investors looking to get their chips in now and sell high later.
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