90 days holding & appraisals

thehebrewhero · #1 03-31-2011, 02:21 PM

I heard you have to sit on a house 90 days before you can sell it if your buyer is a 1st time homebuyer or using a Fannie May loan program. Is this true or just scared talk? Also Is it true that starting soon apprasers will only appraise your property for what you bought the house for plus the dollars you spent on the repairs/renovations to the house?

homealone · #2 03-31-2011, 05:41 PM

I am not a house flipper however I sure hope that this stuff isnt true. Hopefully it is as you said all just scared talk. The housing market is messed up enough as it is and this stuff will only add to the problems not help clear any of them up.

flip_it_fast · #3 04-01-2011, 02:21 AM

I'm not sure about the first homebuyer and that stuff but I am really thinking that they are not going to start appraising houses based on that criteria alone.

I mean if you think about it that could be extremely bogus. What if my Mom sold me a house for $500. That doesn't mean it was only worth that much. It could be worth a few hundred thousand. She just sold it to me cheap because I'm her relative. So then if I were to sell that house I'd have to sell it for $500 plus renovation costs. No way! That would never work. That won't happen.

I will try to find answers to your other questions though.

realestatehound · #4 04-01-2011, 04:10 AM

It was true, for several years some FHA loans required that you had to own a home for 90 days. But last year they changed it and now it doesn't matter. It did make it hard on us for a while.

badmomma · #5 04-02-2011, 01:03 AM

Well I am glad thats over. I do remember a program that required you to live in the home for a given time. It stopped alot of people from buying homes.

Some of the houses were in really bad shape so actually having to live in them while you fixed them would have been really difficult.