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Forum
-> Inquiries & Offers
-> Moving/ Relocating
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amother
Firebrick
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 Wed, May 25 2016, 10:37 pm
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How soon after buying a house are you allowed to sell it if you found something else you like better? Will buying a house and selling it right away cause and legal issues or difficulties with getting another mortgage?
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amother
Silver
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Wed, May 25 2016, 10:51 pm
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No difficulties legally AFAIK. You may have financial difficulties because closing costs money that you will probably not recoup in such a short amount of time where the market didn't have a chance to raise the going price on the house.
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amother
Firebrick
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Wed, May 25 2016, 11:12 pm
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Thank you, I thought I heard something about having to live in the house at least a year before selling or it's considered an investment property? Anyone know of any such things in New York?
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amother
Silver
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Wed, May 25 2016, 11:24 pm
| amother wrote: | | Thank you, I thought I heard something about having to live in the house at least a year before selling or it's considered an investment property? Anyone know of any such things in New York? |
I don't know about that, but you should check with your lawyer.
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doctorima
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Thu, May 26 2016, 1:04 am
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It's not a legal issue, but an accounting one. If you live in a house for 2 years and then sell it, up to 500K in profit is tax-exempt, but if you flip it before 2 years, you'll have to pay taxes on the difference between what you sell it for and what you paid.
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