Does anyone here know if it is possible in Washington State to buy a house for cash and then sell it immediately after without rehab for a profit? Is any seasoning required? (In other words, I am not assigning my contract in order to wholesale.) Thanks!
I see no reason why you can not do that. I am not an attorney nor do I have any familiarity with Washington state laws. However I do understand enough about the law to find it EXTREMELY unlikely that would be the case.
Now a more realistic possibility is that the seller particularly if a bank would have some type of deed restriction keeping you from selling quickly. Banks very commonly try to restrict quick flips. Also depending on how the property is being financed by your end buyer, the buyers lender may have a seasoning requirement.
Thanks, that is good information to look for!
I haven't heard of anyone having issues doing this, just the costs involved with realtors (if they're being used) and closing costs X2. ***Check with an attorney!
I do know if YOU do any kind of work to the house that exceeds $500 and YOU're not a General Contractor, you have to hold the house for 12 months before you can sell it, or all of the work has to be done by a GC.
I just heard from another investor the other day that some counties may have restriction that you can't sell until the 1st deed is filed. I have not heard that restriction in NJ (I am not an attorney) but definitely worth asking if that could be the case in your market where the transaction is going to close.
Thanks, @David Semer !
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