Last year was a year of challenges and change. I learned so much more by staying focused and in the game. I met many homeowner who were in desperate need for help. Short sales became the norm for real estate agents and we resigned ourselves to the reality of this way of doing business. As ugly and time consuming as short sales were, I have to say it was so rewarding to finally close escrow on them. The homeowners were so relieved, we all were, when each deal was done.
Now 2010 rolls in with promises of change. Streamlined short sales? Dare we hope? A credit to the Sellers to complete a short sale? Less paperwork? No more hardship letters to write? A 21 day maximum waiting period for an approval?
Then there's the FHA anti-flip rule being lifted as of Feb 1st. That's HUGE! Now my investors and I can rehab a house and flip it to an FHA borrower. Even if we resell the house above 20% from our original purchase we just need to show before and after pictures and a detailed records of our improvements.
I'm looking forward to this coming year!
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