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South Florida

Government extends anti-flipping law waiver

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The U.S. Department of Housing and Urban Development is maintaining the
waiver of its anti-flipping law, which first went into effect in 2010.
Now, buyers in Florida and nationwide can purchase homes using FHA
loans, and real estate agents said it would be a positive for the local
market. “Right now, we really can’t afford anything delaying or
discouraging a qualified buyer willing to buy a home at fair market
value,” said Shannon Brink of RE/MAX Prestige Realty in West Palm Beach.
The previous rule, which required a 90-day wait to sell a home after it
had been bought, was discouraging clients, she said. The law was
initially aimed at discouraging flipping. [Palm
Beach Post]