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Me and my fiance’ bought a home together in August 2006 planning to spend the rest of our lives together.
However that is not working out for various reasons.

I wanted to know if there is any way to sell your home, or how do you get out of it without it ruining your credit.
The housenote has never been late in the 7 months that we have been staying here.
This is a brand new house that was built in 2006.
I am the borrower, and my fiance’ is the co-borrower.


8 Thoughts on Can you sell a home that you have lived in less than a year?
  1. Reply
    July 20, 2011 at 2:40 am

    First of all some people never even put a key in the door of the property they buy. They finish the paper work with their sellers and after the seller walks out a new buyer walks in and they sell it to them.
    You and your fiance will need to agree to sell the property or have an agreement for one to buy the other one out of their interest. You can either ask the bank for a novation of the note and mortgage and take you off the instruments or one of you will need to refinance the property.
    Buena Suerte

  2. Reply
    Andrew H
    July 20, 2011 at 3:25 am

    you should have no problem selling you house other then trying to selling it. You should get more then the purchase price if you have done some improvements.

  3. Reply
    betty k
    July 20, 2011 at 4:16 am

    Of course you can sell it. But until its sold, keep the payments as you have been, bettyk

  4. Reply
    Christopher L
    July 20, 2011 at 5:15 am

    Yes you can sell the house and it will not have an effect on your credit. It will severely affect your taxes though. I would talk to a tax advisor to get more information on the results of buying and selling in under 1 year.

  5. Reply
    Joe R
    July 20, 2011 at 5:20 am

    Yes. you can sell.

  6. Reply
    July 20, 2011 at 5:47 am

    If you can get a buyer then yes you can sell it. My husband and I bought a house that was just too much of our budget. Before the first year was up we put it on the market. The second “move in” anniversary is almost here and we still have the bloody house. The only problem that I see is your fiance not agreeing to sell.

  7. Reply
    July 20, 2011 at 5:56 am

    Yes!!! you can sell your home anytime you want. Not sure why you think your credit would be ruined, unless you are planning to screw somebody out of their money.
    The only thing about selling before the maturity date is the 3 month penalty that finance company asks, for early payment. This is such a minimal amount when you sell your home.
    IE if you paid 100,000. & payments are 600 a month. Your penalty is 1800.00. So, if all you want to do is break even & sell quick. Sell for listing price & penalty cost. In this case about 110,000.00.
    If you have more time take a little profit if possible. Housing market is still above normal growth for this time of year.

  8. Reply
    July 20, 2011 at 6:05 am

    As Fresh says above (correctly) there is no restriction on your selling any property at any time EXCEPT for the possible early payment/termination fees contained within your loan. Lenders don’t like lots of activity, and they usually create penalties as a disincentive.
    If you absolutely must, consider one of you staying the minimum term and renting out the other room/portion of the house to try to break even and avoid the penalty.

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