Waiting period before selling a home bought at foreclosure

[Robert Swift]

I recently purchased a vacant foreclosure on the courthouse steps in Georgia February 2, 2016.  I want to sell it right away. Are there any legal requirements that I have to hold it for a specific period of time before I sell it? What circumstances could arise to prevent me from selling it right away. Thanks in advance Robert

[Jeff Copeland]

Unless there is a deed restriction (usually associated with Fannie Mae foreclosures), there should be no legal restrictions on your re-sale of the property. It's yours to do with as you please.

However, if your buyer is using FHA financing, there is a 90-day rule on the re-sale of the property. 

The time is counted from the day you closed, until the effective date of the buyer's contract (in other words, it's not closing to closing, it's closing to contract date).

VA financing does not have a 90 day rule.

Conventional loan underwriting may vary from lender to lender (sometimes they "overlay" FHA underwriting requirements to give them maximum flexibility in selling off the note).

Obviously, there are no restrictions on a cash sale.

Hope that helps.