I own a 98 years old house. I bought it the right way. And my title company tells me I cant sell it or at least close on the deal for atleast 90 days, I bought it 45 days ago, did some work and now i want to sell. I think this is bogus, is there anyone with similar problem? Or anyone with any ides to get around this … Troubled in this old house
Your Title company is only partially correct.
You can sell it right away if you want to that is not a problem
The only way you would not beable to sell till 90Days is for only ONE REASON and ONE REASON only and that is if the people that are going to buy your house is getting a LOAN through HUD or FHA they are the only ones that have a 90 day limitation.
So if your future buyer is getting a loan through other enities you can sell it anytime.
thankyou that helps alot
Also, if the new buyer is obtaining financing, you are probably looking at a 30 day time frame to close anyway, so that would put you at almost 90 days.
One reason they might be saying this is because many mortgage companies have a recapture clause in the paperwork. This has nothing to do with you but if the mortgage is refinanced or payed of with the 90 days all commissions made on that loan will be taken back by the lender. Each company does it differently, some are 120 days from signing some are 90. I have a gut feeling that this is why they are telling you 90 days.