Friday the 13th turned out not to be soo bad after-all!
As we all prepared for our weekends and started wrapping up our weeks this little tidbit came across my desk (thank you Ralph!):
Print and Save the Notice here:
HUD/FHA has had a rule in place since 2003, updated in 2006, that basically said, you can't sell a home less than 90 days after purchasing it unless you're a federal or state chartered institution. There were a couple of exceptions to the rule but you had to wait until the 91st day after a change in vesting before opening a new escrow, signing a purchase contract or ordering an appraisal or case #.
This rule (203-37a(b)(2)) is called the Anti-Flipping rule.
The Mortgagee Letter release is: ML2006-14
Print & Save the Original ML here:
Either way as of Friday, June 13th HUD made official the waiver of this Flipping rule!. Please Print the notice above.
HUD Press Release Here:
This is great news as many of you know with ALL of the REO sales happening in California more than one company has come in to purchase scratch and dent notes/properties to re-sell at a small (if any) profit and I've had more than one loan that went side-ways because of this Anti-Flipping rule.
HUD made the change citing:

• increased Forclosures,
• lack of subsidiaries being listed for the federal/state chartererd institutions,
• the need for FHA to allow for more home sales in foreclosure affected area
• Adding over-all price stability to depressed markets with high volumes of foreclosures

This is great news for all of us given the amount of headaches we were dealing with when it came to these types of properties.
To be clear on the way this waiver works:

• The company must still be an entity
• This waiver does not apply to individuals
• The entity must no longer be a state/federally chartered institution
• It may be their subsidiary or Vendor hired to handle the sale
• Valid for 1 year from June 9 '08 to June 9 '09

Please be sure to forward this to any Realtor Partner you have that has/is/will be working on Foreclosed/REO properties.
I will post the notice on my site as well for your review if you forget to print and save it today.