Anyone familiar with the Anti-Flipping law? Is there a loophole?

[Camden]

I guess there's a new law that prevents people from buying foreclosed homes and re-selling them within 90 days.

For the second time this week I have been unable to sell a house because I haven't owned it long enough. The buyer that I had today has been pre-approved and is ready to sign a purchase agreement but her lender said she couldn't close until December!

Has anyone else run into this ridiculous law? Were you able to find a way to get around it?

 

[DenverR1]

I know very little, but I'm looking at going into a real estate venture myself. Here's the little I know:

The law was imposed to prevent people from purchasing a home, selling it to a friend for a higher price without repairs, having that person intentionally let it go into forclosure, then the seller and friend split the profits from the sale.

If the property has changed hands frequently, the sellers mortgage company wants to make sure that the new price is worth the value. From what I've been told, documentation such as pics, invoices etc. will be enough proof that the home has been repaired from what it was purchased from.

Supposedly if you show the buyer's broker the evidence they can go ahead with the sale.

Not sure if this helps, but I'd like to know how this turns out.