Question Details

Chiropaul, Home Buyer in Merced, CA

How soon after an FHA loan funds can you sell the house?? I could probably turn around and sell my house to a cash buyer for a 40-50k profit right

Asked by Chiropaul, Merced, CA Wed Sep 9, 2009

now due to lack of inventory. Let me know.

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5
@ Scott. I bought the house for my family and I and bought it so that in a few years we could use it as a rental and move on to a bigger house. The reason I asked this question is because my agent and I were talking yesterday about how the inventory is so very low and how cash buyers are swooping up houses in our area and bidding $30-40k over asking. Jokingly I asked her what our house would go for right now if we got a cash offer on it and she said $220 easily. Seeing as we paid $180 for it and are about to close escrow in a few days I thought it was worth asking.
0 votes Thank Flag Link Fri Sep 11, 2009
Web Reference: http://www.eramorrison.com
0 votes Thank Flag Link Thu Sep 10, 2009
Changing circumstances can cause you to decide to sell your home at ANY time. Stacey is correct in saying you may loose out on that tax credit, but another pitfall, especially if this is not your first home purchase this year is that fact the you will sign in your closing papers that you intend to occupy the subject property as your primary residence and that it is not being purchased as an investment. You will probably sign this statement spelled out in 10 different ways. If you did sell the property right away, and a book thumping, hungry lawyer decides to investigate, they may find this very post (prior to your purchase) and claim that you always intended to purchase the property as an investment, and use this post as evidence that you LIED on your closing papers. This is exactly FRAUD. This particular version of fraud has put many, many people in jail recently.

Not trying to scare you out of making money. Just sayin.
0 votes Thank Flag Link Wed Sep 9, 2009
Ok, thanks for the answer. I will keep monitoring my local market and see if it is worth still.
0 votes Thank Flag Link Wed Sep 9, 2009
Chiro,

I am fairly certain FHA Loans must be "Seasoned" for at least ninety (90) days. If you took advantage of the First-Time Home Buyer Tax Credit, you have to own it for three (3) years or your must pay it back.
0 votes Thank Flag Link Wed Sep 9, 2009
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