is there a waiting period to sell a home in florida after remodeling it

  • January 02 2014 - Palm Coast
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Answers (3)

Waiting periods here in Florida are often imposed by Lenders when they sell foreclosed properties.  You would be aware of it when you bought the property. This is done to eliminate "Instant Flipping". 

I buy investment properties to flip (when I can) and I don't mind the Lenders waiting period because I rehab the house and then market it.  When I find a buyer we negotiate the closing day if there is a delay to 1 day past the delay.

  • March 17 2014
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Profile picture for AdrianChu
When your buyers attempt to borrow money, some banks may require additional appraisals or higher down payment if there is less than a 12 month waiting period.  Lenders are generally not flipper-friendly.
  • March 17 2014
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The only waiting period would be if you agreed to one when you purchased the home. Some of the major banks will include a waiting period if you purchased a foreclosed home at a substantial discount over market rate. But even if this was stipulated its usually a short period of time ranging from 1-6 months. Typically these are written that if you sell the property for more than you paid for it during the 1-6 months that you may owe all or some of your profits. Legally the bank would have the right to sue you over the deal but you could sell the property anyway and hope the bank doesn't find out. If you are stuck in an issue like this the best bet would be talk to a real estate attorney. 

 And usually the only other waiting period would be if you took out a loan on the property, and claimed it as owner occupied, then some lenders will impose similar restrictions as the foreclosed example above.

Hope this helps
  • March 16 2014
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