Home Buying in Brooklyn>Question Details

clecle1, Home Buyer in Brooklyn, NY

How long after purchasing a home can the owner resell it? (the buyer is preapproved through their local bank)

Asked by clecle1, Brooklyn, NY Mon Feb 11, 2013

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6
Michael Richman’s answer
Hi,

There are no time restrictions on selling property you own. Several other responders have cautioned you about be aware of any pre-payment penalty in your mortgage note. However, they are rare in residential mortgages. You do not even have to close to sell. You can assign the contract if youare able to find someone willing to pay a higher price than you are for the property.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes Thank Flag Link Tue Feb 12, 2013
I agree with the answers below but one more thing to look out for. Lenders on the buyers end are sometimes putting requirements if the home has been sold within the last 6 to 12 months, possibly a second appraisal or limitations on the LTV. Make sure your buyer talks to their lender about the fact that they are purchasing a home that was sold recently. It can depend on the type of loan they are doing and the company they are using.
0 votes Thank Flag Link Mon Feb 11, 2013
It will depend of you have a prepayment penalty on your mortgage and the other time there are seasoning isuues if you purchased a bank owned home, some have a 3 month ban on reselling.
0 votes Thank Flag Link Mon Feb 11, 2013
An owner can resell a home at any time after purchasing it. The only restriction that I'm aware of is that some lenders may charge a prepayment penalty within a short time after closing on a loan. I'm glad to know that you say that your buyer is preapproved through their local bank. While that is always encouraging to a seller, unfortunately lenders don't dig as deep while issuing preapprovals as when an application for a loan is actually submitted. It is possible to get a preapproval and yet get denied the loan.
Best of luck to you in your real estate dealings. Feel free to contact me for more information or assistance.
Sincerely,
Douglas Meyer, Realtor
Bergen Basin Realty
718 915-8003
http://www.bergenbasin.com
0 votes Thank Flag Link Mon Feb 11, 2013
Dear clecle1:

Most homeowners can sell their property anytime they wish, however, there can be special circumstances where you can be penalized. You need to speak to your mortgage banker and or attorney to find out for sure. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Feb 11, 2013
The seller needs to check with his or her lender to see if there are any penalties that must be paid if the property is sold after a certain period of time. SONYMA loans are one example as are FHA (shorter term).

Also, a few years ago, the federal government offered buyers an $8,000 credit for purchasing a home. (This is no longer in effect.) If you benefitted from that credit, you may need to pay some of that money back to the government.

Call your lender first, then check with your tax preparer to determine what penalities, if any, may apply.

Best wishes,
0 votes Thank Flag Link Mon Feb 11, 2013
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