Quote:
Originally Posted by Boomer
Good morning V '07,
The 20% thing would most certainly have helped during those nutso years. Also, do I remember correctly that TV put something in place that said that property had to be held for a certain amount of time? -- in order to prevent flipping or to discourage it anyway.
Our first visit to TV was in 2007 in the fall. Things were just coming off the high times when buyers had a half hour to make up their minds or it was on to the next one on the list. TV would have been a flipper's paradise for sure had something not been in place to prevent that.
Am I remembering correctly? Was there a required time for a buyer to hold property before selling or forfeit some or all of the profit?
Even though that might sound draconian to some, like the developer was protecting his own interests in selling new, in reality, such restrictions in place during those times would have protected everybody's investment by discouraging flippers who not only wanted to make small down payments but were after a dizzyingly fast buck. Slowing down flippers would have been a good move.
So anyway, I am depending on you V '07 to tell me if I just made all that up.
Thanks.
Boomer
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You are correct as usual Boomer. It is one year. There is a penalty for selling at a profit in less than one year..
Recently I went to see a home that was up for resale that was a year and some days old. I could not see any appreciable improvements, a pool, etc. The owner had the one year old house for sale for 125K more than he/she paid for it. Not furnished. Yes.You read right. One hundred and twenty five thousand dollars more than it was purchased for.
Hmmmmm.