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Can you sell a home immediately after buying it?

| Aug 25, 2021 | Real Estate Law

Say you close on a house, but you’re already thinking of selling it. You don’t mention this to the sellers, and you’re not obligated to, but you know that you want to turn around and sell it as soon as you can. 

Are you allowed to do this? Or, is there anything you need to be aware of if this is your plan?

Even if you can sell your house after you buy it, should you? 

Legally speaking, you can do this. Nothing is stopping you from selling — or at least putting your home back on the market — as soon as you close. The only thing that you should be aware of is that your date of ownership is after closing. Some sellers will negotiate this type of contract to give them a few months to buy a home after selling. If you agree to this, then you have to honor it. 

Should you sell this quickly? Probably not, at least from a financial perspective. You’re just going to lose the costs associated with changing ownership if you do. There are a few reasons why selling would make sense, though. Maybe you got a great deal on the home, and you know you can make a profit instantly. Maybe you landed a new job offer in another state after the seller accepted your offer, and you need to move. The choices you decide to make all depend on your situation. 

That said, going through this process twice in quick succession could make things rather complicated. It’s important to know exactly what steps you will need to take so that you don’t overlook anything. Plus, as noted above, you definitely need to know the exact language of your purchase contract.