Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on November 30, 2011 at 9:30am

Whomever is being 'shorted' in my opinion could place a deed restriction.

Permalink Reply by Kylee Roe on November 30, 2011 at 11:32am

In my opinion the 2nd shouldn't have that much say so, but.....you may need to agree to get the 2nd's approval. Seriously, by the time you close, relist it and close it again you'll be over 30 days (theoretically) so shouldn't be that big of a deal.

Appraisals are so tight  the banks shouldn't be worrying about this anyway, and investors buying fixing and reselling are keeping the market moving.  And the rehabbers make it possible for first timers to buy well appointed homes. The banks remain a bit kooky. Uhhh..in my opinion.

Permalink Reply by Wendy Rulnick on November 30, 2011 at 12:14pm

What do you mean by "deed restriction"?  

Permalink Reply by Kylee Roe on November 30, 2011 at 12:17pm

Wendy, I think he is referring to the lien holder placing a restriction on the new deed, that it cannot be transferred to a new owner for the first 30 days (in this case, I suppose a lien holder could say 60 or 90, or whatever). Seeing it in California, lien holders trying to prevent flipping.

Permalink Reply by Wendy Rulnick on November 30, 2011 at 12:35pm

OK, that term is confusing...  we use it a lot for architectural guidelines around here :)

Permalink Reply by Kylee Roe on November 30, 2011 at 12:47pm

Yep. Agreed!