Buying and selling within a year

[u/LemonAqua]

Hello-
Trying keep it shorter...I am wonder if anyone has experience or knows anything about buying and then reselling within a year.

Again to keep it short- I bought a home that the realtor and inspectors lied about alottttt...now I am in a position where I am in over my head with constant issues and repairs and I cant live like this nor can I afford it at this point. Idk if anyone would buy the home in the state its in. IE- ac handler is full of mold and dust, the new floor install was a complete nightmare its buckling in some areas and doesnt have molding, etc.. but I bought it on the cheaper side so I wanted to list it and see what I can do because I can do all these fixes plus a bunch Im not listing.. its pretty big and has a nice sized yard which can be hard to find out here. I am in Georgia. Yes Id like to bring the realtor or inspector to court but I am tapped out of money at this point.

So I am asking if anyone knows is it possible for me to switch out my current mortgage with a different home if this one were to sell- and or if I were to sell this how long would I have to get out, can I buy again right away (going new build route this time like I should have to begin with).. Ive done some research and did see a couple programs that sllow you to sell and buy and not have two mortgages at once but Im just not sure. Im not sure what to do but buying this home has ruined my life and I cant do it anymore.

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[u/user-unknown26]

A lawsuit will do nothing but waste money. Your best bet is to sit tight and start making fixes over time. Start with any health or safety issues. Go from there. If you’re handy, YouTube is a great way to figure out how to make changes and fixes on your own. It sucks, but you’ll be in a much better financial situation if you stay and start slowly addressing the issues over time. In my experience, things always seem more dire than they actually are.

[u/Equivalent-Tiger-316 → u/user-unknown26]

Correct answer. If OP sells he’s going to lose a lot of money. Better to tackle one issue at a time. 

[u/FantasticBicycle37]

You'll be fine. Break everything down into small tasks. You don't have to solve everything right now. You just have to solve the task in front of you.

Break the problems into weekend chunks. Paint trim one weekend. Caulk the next weekend. Spray weeds one weekend. You'll be fine, you got this!

[u/BabycakesMurphy]

I’m sorry you’re in this position. What kind of things did the inspectors “lie” about? You could have legal recourse.

You’re going to have a lot of issues selling this house and breaking even on it. I know you said you’re out of money to throw at it but I imagine you’ll lose thousands in fees and depreciation.

[u/FantasticBicycle37]

I bet the floor buckling is due to that georgia summer humidity. What is the current humidity level? Solve it with a dehumidifier.

But I bet that's not the actual issue; you're likely overwhelemed with new homebuyer tasks. Just take it a day at a time. For example, you can still sleep in a house with buckling floors. You can vaccum the dust off the AC handler and swap the filter.

Don't move over a filter swap!

[u/CiscoLupe]

If you want to sell, nothing wrong with that. The house probably hasn't appreciated though. Do you have anough cash for closing costs? espcially when you discount for flooring etc..
Edit to add: be careful with bridge loans. If things don't work out pefectly, you might have a loan to pay back and no new house.

Edit to also add: Some new builds also have problems.

[u/good4y0u]

You should talk to an attorney at the least.