Posted by Redline on June 06, 2000 at 21:41:27:
Technically when you sign the closing docs on a house you’ll live in it says you agree to move in within x days and live there for atleast x amount of time…my closing docs did.
Now, if you want to up and sell at any point who is really going to stop you? As long as there’s not a clause in the contract that prohibits repayment of the loan (even this can be worked around, right?) before a certain time you should be fine.
The only thing I can think of is, alot of people here say that some lenders will not loan on a property that has not seasoned for atleast a year. So that means if your new buyer is applying for a mortgage they may have a problem. That you’d have to check on with your local money boys.
RL
Intent to occupy? - Posted by another steve
Posted by another steve on June 06, 2000 at 17:37:30:
Made a low offer on a bank owned property and the bank accepted. (they asked 159k and accepted 94k) Comps are 165-180k. Anyway, I fully “intended” to move into this house after closing but circumstances have changed where I no longer want to move. I can rent this place for 1400 a month, with a very nice cash flow.
My question is, how long do I need to “occupy” this property before I can sell it? Understand, I did not purchase this property with fraudulent intent. Things change. (I ain’t gonna call them up tommorow for a heart to heart chat either.) Maybe that ain’t quite the proper attitude, but what’s done is done.
Thanx for info in advance…
By the way, there’s gotta be a hunert or more hard money lenders in Georgia. One of ya’ll E-mail me please. Got some stuff ta talk about.