Seattle

[SeaBuy]

I am trying to work with Bank of America to buy a shortsale property. The bank is making me sign a contract that states the property should not be sold within 30 days or there should be no intent for "flipping". They do not define the term flipping though. Is this common? What is wrong with selling the property if the new owner decides to do so? After all, someone is taking the risk and waiting patiently for months for the deal to go through. Don't understand this concept!

[Dooley]

Negotiate it out, don't sign or wait 31 days. Not a big deal. They are the seller and can ask for anything in a contract and so can you as the buyer. 30 day wait....... that's nothing. Unless of course, you have a cash buyer ready to go with in the next 30 days. That is not likely the case. Good luck with your new home.

[MattVW]

They are trying to fight a common short sale fraud that was occuring where an investor would buy the property through short sale at an artificially low price (usually through fraud) and then turn around and sell it one day later at the real market value.

Under current underwriting standards the house couldn't be financed by another buyer within 30 days anyway, due to title seasoning requirements, so I wouldn't buy anything that you think you might sell within 30 days.