While the purchase of a home should be one of life’s greatest joys, it doesn’t always work out that way. For any number of reasons, that first foray into home ownership can be more stress than joy. Be it a change in jobs or family, or realizing the need for extensive repairs, you may find yourself regretting your recent home purchase. So you may be wondering how soon can I sell my house after purchase?
Reasons to Sell a House After Purchase
While the process is still fresh in your mind, remember why you bought the home in the first place. Sure you need a place to sleep, but so much goes into buying a house. Being close to schools, having ample yard space, and a big garage are some of the reasons you may have chose the home you did.
Of course, circumstances can change how you make your decisions regarding home ownership. A main reason people want to sell their home just after purchasing is due to unexpected problems with the house itself. Maybe the inspector missed going through a certain room or a plumbing issue went unnoticed.
Especially as a first time home buyer, walking into unsuspecting problems tend to sow fear into the new owners. Unsuspecting costs and the potential for more issues may cause you to regret the purchase all together.
Whatever the reason may be, what options do you have if you need to sell your house right after buying the house?
If you purchased your home with a conventional mortgage, the rules for selling will likely be dictated in your mortgage agreement. While there are no deliberate laws against selling your house after purchase, the lender who gave you your mortgage may have specific rules.
A lender’s job is to verify your financial standing in order to determine your repayment ability. When they give you a mortgage, it is because they deemed you financially able to pay back your mortgage. This includes verifying employment or confirming income.
Unless you agreed to certain stipulations in your mortgage, you can sell your house after closing on your house. Once the mortgage is funded and the keys are in your hand, then the burden of responsibility is on the homebuyer. If you choose to sell your house, the rules of the mortgage will determine your options.
As long as you are making mortgage payments on time then the lender will not fault you for selling your house. The only thing they care about is getting paid back for their home loan, so that is the only thing between you selling your house after purchase with a conventional mortgage. If you can maintain payments and fully pay off the mortgage, then you can sell your house.
As for FHA loans, the federal government is your lender. In this case the rules may be slightly different.
If you want to sell your house after purchase via FHA loan, then you are free to do so with no stipulations. The only difference is that FHA restricts properties from being bought and resold within a 90 day period. The restrictions are not placed on the seller however but rather the next potential buyer.
This means that if you want to sell your FHA funded home right after purchase, a buyer is not allowed to purchase the home from you until 90 days after the origination of the loan. So you are welcome to shop the house around, but you will have to wait until buyers are allowed to complete the transaction within FHA rules.
If you bought your house with cash, then you can freely ignore everything in this article. Since there are no lien holders on your mortgage, you are the only person who can decide what you do with the home. If you wish to sell one day after closing, then you are welcome to do so.
Speaking of cash purchases, InstantOffer wants to buy your house for cash right now. So if you want to sell your house for cash, we are waiting to fill your needs.