Are you unintentionally planning to commit fraud?

by Jeff Reynolds on

Well, according to Bank of America and several other lending institutions, if you buy a short sell and turn around and sell it for a profit within 30 days of obtaining the property, fraud is the name of your game.  They are requiring in most instances an additional short sale addendum that says the buyer cannot sell the home within 30 days of closing.  This is in addition of course to the mountains of paperwork you will already be dealing with.  Lucky you.


So why are they doing this?


Well, from their perspective if there is additional money to be made on the property sale without putting additional work into it then they believe it should go towards offsetting the deficit and loss that they are taking.


At the end of the day, I say the hassle can still be worth it if you’re patient and are not emotionally attached to any one property.  Short sales still can be a phenomenal way to buy property.


for additional information, check out this article

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