Can you still flip a house? It is almost impossible to do these days. FHA will not do a new loan to any buyer on a particular address, for at least 90 days. So those few folks that are still trying to get a bargain. Fix it up and sell it…well now it is even harder. Other rule changes; a house has to be inhabitable before it closes. Ergo, if anything needs fixing, someone must do it before the FHA/VA appraiser/inspector will give the okay.
So if a property is bank owned, or short sale and the seller will not repair the items, then no closing will take place if the buyer is getting a VA/FHA loan. Sometimes I feel like we are going around in a circle.
Of course cash is king. If someone has the cash and does not need a loan, then they can do almost whatever they want.