How soon can you sell a house after buying it?

How soon can you sell a house after buying it?

The answer is right away in the Minneapolis Saint Paul metro area. But there’s more to it than just that. you can legally turn around and sell a home you purchased the next day if you decided you didn’t want it anymore. I probably don’t have to go into detail about the financial hit you’ll probably take. But if you’re in a situation where you need to get out you have options.

The biggest thing holding you back will be your buyer pool. That depends a lot on the price range your home is in. FHA is one of the biggest loan programs available to home buyers. It’s financed by the government, and they have a few different rules. One of them states that a home cannot be sold to an FHA buyer for at least 90 days after its last purchase. This is something that comes up a lot when I’m helping investors purchase homes to flip. If you’re in a higher price range this usually isn’t applicable because most home buyers putting 20% down will go conventional for their financing. The main reason is they get a much better rate and they won’t have to pay mortgage insurance. That’s also known as PMI.

If you’re stuck in a situation where you have to sell quickly, it is an option. But and must caution you to be very careful so that you don’t get taken advantage of. I see this a lot in divorces where one of the spouses is leaving. They want a quick sale because of the divorce but they don’t want to lose any money at all. That’s just not reality in every situation. I’m not saying that you couldn’t walk away with a profit if you bought really well at a certain time of the year and with a certain market. But going back to what I had already mentioned about being cautious, before you even consider something like this I think it’s very important to sit down and really have a conversation with your real estate agent. I will never tell you what you want to hear, I will always tell you what you need to know.

If you have any questions or you would like to get started today, please call Tom Sommers of Coldwell Banker Realty 952-994-7204.