The federal government is updating the Home Affordable Foreclosure Alternatives (HAFA) program guidelines in February.
One change in particular is good news for real estate investors that are looking to rehab and resell (sometimes called a flipper, or fix and flip).
Currently, short sales executed through the HAFA program have a restriction on reselling a property within 90 days of closing.
After the February update, resale of the property is allowed after just 30 days. This allows investors more flexibility to purchase
properties for rapid improvements and quick, profitable sale. These investors can play an integral role in the real estate market, as in
most markets there is no shortage of properties that need to be repaired and returned to market.
One caveat remains, however, from 31 to 90 days, the resale price cannot exceed 120% of the HAFA short sale price.
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