Foreclosure in 60447>Question Details

bill.thoma, Home Buyer in Grayslake, IL

If you buy a home out of foreclosuer in Illinois. Do you have to wait 3 months before you can sell it again?

Asked by bill.thoma, Grayslake, IL Fri Mar 29, 2013

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Odds are that you will not have to wait, but sometimes that language appears in the addendum and then you can choose not to sign it or you can work on it for awhile and get it real nice to flip it for more $.....
0 votes Thank Flag Link Fri Mar 29, 2013
Hi Bill,

As stated below - many banks typically do not have a restriction on when you can resell a foreclosure. However, Fannie and Freddie require you to occupy the home for 1 year before you can resell the property. There is typically an "owner-occupant" rider you'll have to submit with these offers, if you purchase the home within the "First Look" period (first 15 days of the property being on the market, if applicable). This is an "owner-occupants only" period that allows owner occupants the "first dibs" on making an offer, without having to compete with investors.

Each property is different and has different limitations/restrictions - so if you are interested in these types of properties your agent will be able to ascertain any restrictions beforehand. If you have any additional questions - feel free to contact me directly, or through my website at http://www.SelectiveBuyer.com.

Thanks!

Terry Farnsworth
Licensed Broker
Prospect Equities Premier
http://www.SelectiveBuyer.com
terryfarnsworth@prospectequities.com
Direct: (630) 747-3426
0 votes Thank Flag Link Fri Mar 29, 2013
Not necessarily. It depends on the deed restrictions put on by the seller. Government owners like Fannie and Freddie commonly put a resale restriction on the property. Many banks do not. That type of information will be available on the contract addendums you must sign when purchasing the property. Generally your agent can figure that out before even entering into the transaction.

Also note on the 90 day restriction it is for entering into an agreement to sell. It does not prohibit you from marketing the home.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
0 votes Thank Flag Link Fri Mar 29, 2013
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