New Law In Virginia

[kennethj67]

Good morning all,
I have a quick question if anyone can answer and are from Virginia (Hampton Roads area).  I was looking at some properties to fix and flip, but was told that now the state requires you to hold the property for at least 90 days before you resell.  Has anyone ever heard of this before?  If so, what would be an exit plan or do you just suck it up and pay the mortgage for 3 months and then sell?  It just seems as though certain states are getting more strict for investors  

[wricg]

I dont even see how this would be LEGAL!  It seems grossly unconstitutional and i would be very interested to know if this is true. I will get on the horn and share if i find something!

[kennethj67]

cbrechbill,
Yeah that one has me shook too.  Thanks for the reply and if you find anything out, let me know.  I'm starting to ask around here also, but haven't heard anything yet.

[Las Vegas Real Estate]

Not true. That law would conflict with the Owner Bundle of Legal rights. The only thing the gov't can do is force you to sell your property for the greater good of the public i.e.; freeway expansion, building and airport, ect.  

[IWINUWIN]

I agree, doesn't seem possible.

Its probably the Lender's guidelines that someone was referring to. The uninformed think flipping is illegal.

KEC