Posted by Brian (UT) on January 11, 2006 at 16:02:06:
Tyson
Take whatever this person tells you next, write it down, and then throw it in the garbage, that’s where it belongs.
Brian
Seasoning… - Posted by Tyson
Posted by Tyson on January 03, 2006 at 24:37:13:
Im a beginning investor in the state of az and was recently “warned” of the seasoning period being a law here stating that i must hold my properties for 18 months before reselling…? any truth in this? And what other awkward things should i be subject to in the state of Az that i may need to watch for?
Re: Seasoning… - Posted by John Corey
Posted by John Corey on January 10, 2006 at 05:41:33:
There are no state laws about how fast or slow you can buy and sell real property - at least not in the way you mean it.
There can be contractual agreements that are specific to the property and the parties involved. Not everything in a contact will even be legal and therefore enforcement is yet another complication.
Very few deals you will run in have any restrictions at all if you operate legally. Focus on finding motivated sellers. They will be motivated enough that you will have little to worry about.
Tangent - Seasoning is more an issue for when you want to obtain financing or when your future seller wants to get a loan to buy the place. Seasoning is a way lenders manage fraud. They are screening out rapid resales that cause significant changes in value for no obvious reason. Hence seasoning can be an issue for a RE investor without there being any legal restrictions. The other forums on this site will have more info on seasoning so search there.
John Corey
Re: Seasoning… - Posted by colvegas
Posted by colvegas on January 06, 2006 at 16:27:24:
I am not an expert and Im sure other experienced professionals will chime in but this sounds like a state lending requirement or builder requirement or provision.Most builders or developers tend to have rules that discourage speculative R/E investing and they can charge you transfer type fees if you violate these rules so you need to really scrutinize those R/E sales contracts before plunging in…
I would need more specific info and who is advising you of this law or rule…??
If you like you can call me at 702-400-7632 since I may have a solution for you if this is indeed the case.
Re: Seasoning… - Posted by colvegas
Posted by colvegas on January 06, 2006 at 16:26:06:
I am not an expert and Im sure other experienced professionals will chime in but this sounds like a state lending requirements or builder requirement or provision.Most builders or developers tend to have rules that discourage speculative R/E investing and they can charge you transfer type fees if you vioate these rules so you must be careful…
I would need more specific info and who is advising you of this law or rule…??
If you like you can call me at 702-400-7632 since I may have a solution for you if this is indeed the case.
Re: Seasoning… - Posted by Tyson
Posted by Tyson on January 10, 2006 at 12:43:01:
I was told that in Arizona it was a law that you had to hold a house for a long time before being able to sell it and 2 people have told me that but still i dont know of any truth in it… And another thing was that you can only own 1 home at a time… if thats a state law then thats ridiculous, thats not even american!