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#363098 - 01/12/11 05:48 AM Requirement to live in a home?
Russell Offline
Junior Member

Registered: 01/12/11
Posts: 1
Loc: Florida
On a Cash deal, Can a seller require you to sign an addendum stating you will live in the house for a minimum of 1 year? Could that be enforced?


Edited by Russell (01/12/11 05:54 AM)

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#363157 - 01/12/11 01:01 PM Re: Requirement to live in a home? [Re: Russell]
Georgia Beach Offline
Member

Registered: 08/24/10
Posts: 39
Loc: Georgia
Why would the seller care how long the buyer lives in the home? A cash sale...no owner financing? Curious.

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#363226 - 01/12/11 09:51 PM Re: Requirement to live in a home? [Re: Georgia Beach]
barb43 Offline
Veteran Member

Registered: 07/31/08
Posts: 944
Loc: SW Okla
It's required in some foreclosed situations, such as HUD. And yes, spot checking occurs. So, not something to lie about. wink

And, as a Realtor, I'm not putting my license on the line for someone who thinks they're pulling a fast one by lying to buy a low-priced house to fix n flip.
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005. Addicted to REOs, BPOs, and working to expand.

LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com

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#364017 - 01/19/11 02:52 AM Re: Requirement to live in a home? [Re: barb43]
Balle Offline
Member

Registered: 01/17/11
Posts: 11
Loc: United States
Yes, that's right maybe the realtor might be force to claim the credit of the buyer.

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#365736 - 02/03/11 09:01 PM Re: Requirement to live in a home? [Re: Balle]
Dacelle Pano Offline
Member

Registered: 01/16/11
Posts: 25
Loc: United States
That's the problem when the foreclosed house you bought is not yet settled the mortgages in the bank. Try to review first the credits so that you will know what to do.

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#366206 - 02/09/11 12:49 AM Re: Requirement to live in a home? [Re: Dacelle Pano]
Nicole Mockson Offline
Member

Registered: 01/18/11
Posts: 16
Loc: United States
Deal with the bank where the property you bought are having unpaid mortgage so that you can settle it immediately.

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#366954 - 02/16/11 01:37 AM Re: Requirement to live in a home? [Re: Nicole Mockson]
Flash Investing Offline
Member

Registered: 02/08/11
Posts: 70
Loc: Long Beach, CA
The short answer is "yes" they CAN but why would they? It's a cash deal with no owner financing (?). If the seller is carrying a seller second, it would make sense in order to add security to the debt. Otherwise, it just sounds like a hardline bluff. Ask what would happen if you refuse. Are they willing to walk away from the cash over it?

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