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Updated about 8 years ago,

User Stats

14
Posts
0
Votes
Domin Car
  • Real Estate Investor
  • Wauconda, IL
0
Votes |
14
Posts

Buying a property with owner occupied addendum

Domin Car
  • Real Estate Investor
  • Wauconda, IL
Posted

Family member just bought a house as a primary residence from the bank (less than a month ago) , signed bunch of addendum saying it is his house and it will be a primary residence , due to health issues he will be moving out of the country and offered me to buy the place ,   

here is a catch ,   he singed docs saying that he has to move i withing 3 months and then live there for a year or there are huge fines.    

Should I just wait a year to buy it?   I don't want to get him in trouble i believe the fine was 10,000 ,  

I like the property and would work great with my portfolio but not sure If I should leave it vacant until the year is up?  or not buy it until his year is up .   not sure if he would get in trouble to rent it for 6 months until I can buy it.  

Do you know how strict banks are with the owner occupied properties , I am an investor I don't want it too look like there is any shady business going on.    Let me know if you guys ever had similar situation.  

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