12-04-2012 12:00 PM
Background: Eventually I will buy my parents house. It's a hous that started in our family and has not left our family. I imagine this will be in 10-15 years.
I would like to buy my first home (credit rebuilding currently, trying to get ducks in a row) in the next year.
That said, are there programs I need to be aware of that would penalize me for selling within 10 or 15 years?
12-04-2012 02:20 PM
It is fairly rare to see restrictions on the sale of property you own. I have seen a penalty imposed if the financing you choose has a pre-payment penalty for a specified period of time. Again, that is not common now, but it does exist.
Another restriction of the sale is a short term restriction that is typically invoked by a bank owned home restricting your sale for X days (90 to 180 days is typical). If you sell during that period then there is a specified penalty applied. The one that comes to mind right away is the fannie mae restriction for X months (IIRC) and a penalty of $10,000 if you sell early.
However, with the time lines you are talking about, years, I have never seen a restriction for that long. A pre-payment penalty, yes. But again, that is rare.