For a Conventional, VA, or USDA mortgage, the increase in the sales price must be supported by an appraisal.
With an FHA mortgage, more restrictions will apply. For title changes on the last 0-90 days, two FHA appraisals along with a home inspection will be required. The seller will need to document improvements made to the property to justify the increase in value. When the title change is in the last 90-180 days, two FHA appraisals will be needed. If there was a title change in the last 181-365 days, the need for a second FHA appraisal will be determined by the Underwriter. HUD does not allow the buyer to be charged for the second FHA appraisal, so the seller will need to pay for that cost.
If the property that was purchased was an REO, then the REO seller could have placed a Deed Restriction on the property. This Deed Restriction will limit the new buyer’s (current seller) ability to resell the property within a certain time period, typically, 12 months.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Ava is right, other than 90-day restrictions on the deed there shouldn't be another issues that prevent you from selling it at the market price next months.
There is also a quesiton on the appraisal if the house was purchased within last 3 months. Since you purchased it in August, it shouldn't be a problem.
Veronika Barash, Realtor®,
CERTIFIED SKILLED NEGOTIATOR
REO & SHORT SALE CERTIFIED
CERTIFIED MARKETING SPECIALIST
Keller Williams Realty Consultants