All Forum Posts by: Jered Sturm

Joel, 

Thank you for your insight. From what I understand the developer has already been acquiring commercial and residential property for a while next to my house. They are set to close on all this property in February. They have already announced the site plan at a city meeting. What the anent told me last night is one of the stores that is being bought out has a contingency that they remain very close to where they currently our. SO the developer is now trying to secure 3 single family houses to rezone to commercial and plop this additional store on. I am in that path of additional 3 parcels. 

The information you shared with me is very helpful. In your experience did you ever deal with the owner occupant issue I mention in the original post?

My wife and I just bought a Freddie mac home steps house during the owner occupied period. We closed last thursday. I needed about 3 weeks to paint and do some work to the house before moving in, so we have not yet moved in. I have however already signed a lease on my current home to rent it beginning December 1st so i was planning on being in to this new house on or before December 1st.

This evening I had a agent of a commercial developer came knocking on the new properties door while I was doing some painting. He said they would like to make a generous offer of 2 times what I paid for it. after talking to several neighbors this evening I come to find he has been negotiating deals with all surrounding houses. So my question to you is am I legally able to sell it so soon? 

I signed the lengthly owner occupied addendum Freddie mac provided. 

I will be running this through my RE attorney tomorrow, but love to hear the advice of this great community. 

Something to note is I do not have a mortgage on this property.