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Updated almost 8 years ago,
Owner Occupancy and a Bad Situation
I'm in a rough situation. I bought my single family house in December with the full intent of sticking it out and making this place my home. I began improvements, and started making friends in the new area. My health took a turn for the worse, and my performance on the job suffered greatly because of the treatment. My performance went from top notch to bottom scraper. I was pushed off to a client site job where I was basically doing next to nothing and working in a concrete back room. The client site became a toxic work environment where an individual was putting words into my mouth and trying to disparage me to others. I could go on and on.
I started looking for another job and could not find anything locally.
I used two recruiters in town (upstate NY) starting in January to find job locally, but my skills are very specific. They turned up nothing, not even a job description. I started getting lots of pressure from my work - they were asking me about my dosages of medication and when my treatment would be finished. They retroactively changed their sick policy to try to get rid of me. I decided to interview out of state, and found a job within a week. I signed an offer.
I resigned from my old job before they could fire me and took the new one. I am driving to my new place, well across the country, (just a small apartment) in 2 weeks. I'm kinda committed at this point to leaving. I have no job here, and a job there starting soon.
I am now trying to handle what to do with my house. I just bought it in December ( but rented it from the seller before purchase because the closing took so long) I had no intention when I purchased it of leaving this soon.
The house is an FHA mortgage. I did sign an Affidavit of Occupancy.
1. Can I rent the property out? I talked to a property management company. They can rent it out well above what i paid for it. The loan company, PennyMac, will certainly find out if I get landlord insurance.
2. Can I sell it from out of state? Now that I'm looking through the forums about this question I'm starting to get very scared that I may not even be able to sell it. Does the owner occupancy clause prevent me from selling? It looks like I might break even given the improvements to the property and the time that it was purchased vs the optimal time in April. I might end up having to take out a personal loan to cover a difference.
I was up until 1 am last night searching this forum but most situations pertain to people trying to bend the rules to rent out a triplex. I was hoping someone could help!
Thanks
Jeff