Question....
I have heard (no I don't know much and have done little studying on foreclosures) but I believe I heard that in florida after a home has gone to foreclosure and you then purchase it, you have to live in it for one year before you can sell. Is this true or am I thinking of something tottaly different? Or is this just a rumor that has stopped me from making a fortune in foreclosures?
Now I do know that there is a lot of money in Pre-foreclosure homes...because the seller (and the bank) are very motivated. The only thing I have studied for this is Short Sales.
But if you could clear this up for me that'd be great.
Thanks guys
JB
[addsig]
Has the property already been auctioned? or are you talkin pre foreclosure?
[addsig]
Actually, I'm just talkling in general. Maybe I don't know enough to even ask this question, lol. Are there guide line like that though, where in certain situations when you buy a home that was foreclosed (even at an auction), that you cannot sell it for one year?
JB
[addsig]
In my experience the only type of forclosure that sometimes mandates you to live in it for a year is HUDs. Small % of all foreclosures.
You may be talking about seasoning, but that has to do with mortgages.
They don't care what you do with the house after the forclosure sale, it's yours you bought it.
HUD homes have a short period where only OOC can bid then after that Investors can bid and same thing, can do what you want with it. You bought it.