Can A Seller REALLY Enforce That The Buyer Not Resell For A Specific Period Of Time?

By
Real Estate Agent with ReMax Encore

Can A Seller REALLY Enforce That The Buyer Not Resell For A Specific Period Of Time?

A lot of the bank and government owned listings specify owner occupied only for the first couple weeks or for the first month. They require the buyer to sign a document that the house will be their primary residence and that they can't sell for the first 60 days up to a year after closing.

What law is the buyer breaking if they lie? I never realized it was against the law for buyers and sellers to lie to each other. They do it all the time- "I can't go below X on my price." Or "X it the very top I can afford."

I spoke to the listing agent today of a HUD listing for a buyer who wants it as a 2nd home- her lake home. The agent told me she would have to claim it as her primary residence for the first year and change her driver's license.

Is this enforceable? Is it legal? Once the transaction is completed the seller no longer has any interest in the home.

I'm not an attorney and don't want to become a test case. But I am curious if anybody has heard of a bank or the government going after a buyer after they didn't move in or if they sell too early.

Jackie Hawley
Keller Williams Realty Clarkston

Jackie@JackieHawley.com

www.MiRelocation.com

248-736-6407 

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Topic:
ActiveRain Community
Location:
Michigan Oakland County
Groups:
Detroit & SE Michigan Realtors
Silent Majority
Michigan Realtors
Tags:
government owned homes
foreclosures
bank owned homes

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Ambassador
598,733
Doug Rogers
Your Pineville Louisiana Agent
Bayou Properties Realty

Just one more example of "big brother" watching out for our best interest.

May 03, 2012 01:22 PM
Rainer
77,858
Mike Morrison
Will & Will Real Estate Brokers, The Woodlands, Texas

Look at this as lying on a loan application. Many lenders are now reviewing recently closed loans. Any red flags and the file goes to the fbi.

May 04, 2012 05:41 AM
Rainmaker
206,300
Jackie Hawley
Southeast Michigan Real Estate
ReMax Encore

Doug- no kidding. It doesn't help that I'm reading Atlas Shrugs right now :)

Mike- The difference is your example is mortgage fraud. My example is a seller dictating what a person can do with their property after they own it.

May 04, 2012 09:20 AM
Anonymous
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Rainmaker
206,300

Jackie Hawley

Southeast Michigan Real Estate
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