OfflineI just found out in Maryland, you have to hold a property for 90 days before you can sell it. Is there anyway around this?
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Oh Lord, road block......
Posted on: Mon, 12/12/2011 - 23:34
I just found out in Maryland, you have to hold a property for 90 days before you can sell it. Is there anyway around this?
As I said in the subject, I'm a novice too but you may want to look up "assignments" and include "...or assigns" in your contract. This allows you to transfer all authority to anyone that you "assign" to complete the contract. This, of course, will be the buyer that purchases your rights to fulfill the contract.
Anyone? How am I doing on this line of thinking?
Steve
I know when you buy a house using homepath or other government type loans you have to hold them for 90 days. I do not know about Maryland laws. It might be the type of loan or if it was a government owned home that you have to wait 90 days. Also B of A REOs they want you to hold the home for 90 days.
DiceMan you might want to ask a Realtor about if you buy a home from an owner not a REO if you can sell it sooner than 90 days.
Steve.
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http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
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work around this by buying with a LLC and then just selling the LLC. Maybe look up LLC's on this site and see if you can find more on this. If you don't have an LLC it may take a little time and money to set one up though.
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She said that some banks when you're buying from them have a clause where you might have to own the house for 90 days. I don't know about the state of maryland but I'm still going to dig deeper into this.
The deeper you dig, the closer you get to the treasure! Go deep!
Buy the house with your end buyer,and go on title with him, on the contract, then after you close on it with him, you sign a quit claim to him, after he pays you, your assignment fee. Thats how you get out of that. Happy investing Bro !!
Mess with banks or MLS properties for that matter. I stopped using the MLS a LONG time ago!
FSBO is where alll the deals are are!
No rules, no holding the property for any period of time.
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