Justicejohn, Other/Just Looking in Daytona Beach Shores,...

If you buy a foreclosed property is there a time limit you have to wait before relisting the property with a realtor ?

Asked by Justicejohn, Daytona Beach Shores, FL Sun Dec 5, 2010

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Plus it also depends if you are buying it from the government. Fannie Mae homes usually give priority to primary residence buyers, then they consider investors offers. But even after that first screening they have the investors sign that they will not resale the property for at least 120 days and cannot resale for more than 20% over purchase price.

Tony Vega
Charles Rutenberg Realty
1 vote Thank Flag Link Sun Dec 5, 2010
Also if you bought a home via a Short Sale in the HAFA program, you are not allowed to sell sooner than 90 days after closing.

Your contract when you purchased should indicate if there are any resale restrictions.
1 vote Thank Flag Link Sun Dec 5, 2010
A foreclosed property just means the bank has purchased it back and they now own it. If you buy it you can do anything you want to with it at any time. Unless you buy it with a federally back mortgage or some other type loan where you agree to terms, such as it being your primary residence for a period of time, then you might have to wait. So it just depends on how you bought it.
1 vote Thank Flag Link Sun Dec 5, 2010
Not unless you signed something specific where you promised not to resell the property within a certain time frame.

Most likely, the common areas won't be maintained as well or at all, the fees would increase in the future or owner would get assessed. If it's still being built, then it might have to sit incomplete until someone buys the out.
It's not the best situation and it can lwoer your market value, but it's not the end of the world as long as you can sit it out.

Andrew and Elena Ollick
Amerivest Realty
239-206-4500
eo@oceanhomesrealty.com
Latest Post: Housing Has Finally Hit the Bottom
http://www.andrewollick.com/realestateblog
0 votes Thank Flag Link Tue Dec 7, 2010
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