Bought a townhouse, now want to sell or rent

Last week, we closed on a townhouse in Maryland. We have been looking for a single family for a couple of months, but haven’t had any luck. So we bought a neighbor’s townhouse, in case that we didn’t what we were looking for. It needs new kitchen cabinets and paint. We have already ordered carpet.

Now single families are coming onto the market again. My question is about the loan agreement. According to the loan agreement, we must stay in the house for 7 months.

We’re not sure how to get out of this one. If we find a single family, that we really want, we want to move on it. Since my boyfriend and I have the place, as Tenants in Common, I’ve thought about moving my residence there and renting the place out by the room to cover the mortage. Sneaky, I know. However, I’m not sure if this will pass legally.

Also, we explained to the lender that we prefer a single family, but we are taking this one, in case we don’t find what we’re looking for. He said, that we just have to show him a signed lease and he we would be happy to work with us again. This is just talk, nothing in writing. So I’m not sure if he would really accept this.

One more thing - when we went to closing, we signed something stating that the mortgage had already been sold. so I’m wondering if the 7 month residency is an issue at all.

Has anyone been in this situation?

Check your loan doc., it looks like you have 7-mo prepair penalty?

I have some options: pay the 7-mo penalty, or rent/lease(full or partial) it out for 1 yr and then sell it if you want or can afford while trying to purchase 2nd homes, or wait near 7-mo and sell it. 7-mo is not that long.

:smiley: wow!

Good advise I second that notion, if you really want to break free from understanding the lease or buying home law try carlton sheets course for ten bucks for one month, after that is one hundred but its well worth it.

I am studding it now, and you know something, everything he just told you is pretty much covered in his course.

Its a matter of knowing and going for what you want, for instance, to sub-lease it would bring you income so its not that bad and even to wait out, sub lease with option to buy clause in your contract thats all.

Good luck,
sookie :smiley: