Profile picture for lvl85

How fast can i sell a home after i purchase and close on it?

I was looking into short sales and i was trying to see if there's a mandatory time period you have to wait to sell a home after you just purchased and closed on the home yourself for profit. I couldn't find anything that would prevent you but i wanted to see if i was missing anything.
Thanks Ruben

  • November 24 2013 - San Antonio
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Answers (10)

Profile picture for Rebecca Marvel
...your contract should state any reselling restrictions.

I know that if you want to resell it right away (within 90 days) any buyer using FHA financing will need two appraisals done and two home inspections (required) if you sell within 90 days of purchasing your property.
  • December 15 2013
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Profile picture for JoshBarnettREIB
You are not missing anything if your buyer is paying cash.  If the buyer is using funds the buyer's lender may have some guidelines but not for cash. 
  • December 15 2013
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If there are limitations, restrictions, or waiting period, it should be in your contract. Review your contract details to make sure you will not violate any agreement.
  • December 15 2013
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Profile picture for MicahHarper
Usually no, there is no required hold period for a property purchase via short sale.  Most hold periods are dictated by your lender and the type of financing that you use.  If you purchase a distressed property, the seller may require that you do not re-sell the property for a specific period of time or for more than a specific price, but that would have to be in the contract before closing and in the deed after closing.
  • December 14 2013
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Usually there will be riders from the lender who is approving the short sale that specifically says you can't sell for profit for two years. And the short sale guidelines say the same as well, you can find the short sale guidelines on this website
http://www.fhfa.gov/webfiles/24211/shortsalesprfactfinal.pdf
  • November 24 2013
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Remember a lot of times the posted price or list price will not be the sales price.
This is a starting price.
So it may be listed for $90,000 you bid $95,000, seller signs, you send to the bank for approval and they come back with $115,000.
  • November 24 2013
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Profile picture for lvl85
Thank you Louisa so even after the 45 days are completed. There shouldn't be any issues even if it's a. FHA buyer?
  • November 24 2013
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Profile picture for LouisaGhali
45 day
  • November 24 2013
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Profile picture for lvl85
Thanks for the response.  The home is only 2 years old in great shape appraisal were looking at 120k low end and the home was posted for 90k i did plan on have fresh paint and newer  appliances since it doesn't need anything else. Just a possibility for now and just looking into it.
Thanks
Ruben  
  • November 24 2013
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Profile picture for TEAM COUCH
Ruben,

You may have issues if the new buyer is using FHA financing to purchase the home. If they are, you will have to wait a minimum of 90 days from the date the deed is recorded to sell the home. There are also different time limits depending on the profit you make on the home after improvements. Since I won't know all of the scenarios to your purchase, I suggest you call a local mortgage lender to discuss before you purchase a property. You may also want to contact a tax specialist or your accountant since there are many factors to consider which you may want to incorporate in your initial offer.



Hope this helps.
  • November 24 2013
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