By Caitlin Coakley
CHARLOTTE — Tom Latimer remembers last summer, when his company, Tomika Investments, took possession of a house and spent a month doing renovations. They put the house on the market in August, had a buyer lined up by September and finished paperwork and inspections by November.
There was one problem: Since the buyer was financing with a Federal Housing Administration loan, both parties had to follow the FHA regulation that an investor must own a property for 90 days before re-selling it.
“We had a willing seller and a willing buyer that could not perform an act until that regulation had met its course, and it did nothing at all,” said Latimer, who is president of the Metrolina Real Estate Investors Association (REIA). “It didn’t protect the buyer, it didn’t protect the seller … now you’re sitting with a stopwatch waiting for the 90 days to expire.”
As of Feb. 1, the FHA has lifted the 90-day requirement in an effort to reduce the number of foreclosed homes crowding the market.
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