I’ve never done a short sale before but have the opportunity to do one soon.
I’ve been doing some research but find lotsa stuff on the internet about the short sale flip (simultaneous close)
being illegal. I’d have to wait 30 days (according to some) or 90 days (according to others) before
I can sell back.
Anyone has the latest info on this?
It depends on the bank approving the short sale.
The last short sale I bought in Houston (April 2013) required the following statement added to the Warranty Deed:
“Grantee herein is prohibited from conveying captioned property for any sales price for a period of 30 days from the date of this deed. After this 30 day period, Grantee is further prohibited from conveying the property for a sales price of greater than $(120% of sales price – insert amount) until 90 days from the date of this deed. These restrictions shall run with the land and are not personal to the Grantee.
They would not close without that added to the Deed.