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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33802
Experience:  15 years real estate, Realtor. Landlord 26 years
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I also am trying to figure out what to do now that I was

Customer Question

Hello, I also am trying to figure out what to do now that I was surprised with this second home rider at the closing. I closed on my house last week. I live still in Europe and my plan has been to move back to the US by the latest July 2016. I several times asked my real estate broker and loan officer whether, if I would find a house I like this early, I could buy early and rent it out until I get there. The loan officer assured me that this would be fine as long as I live in the house for sometime in the first 12 months. Also my broker assured me this would be fine and a good idea in an area where rental inventory is low. I need to stay here both to finish out my work contract and to continue earning while I at the same time do the course work to renew my license to work again as an RN in the US. As I had no idea that I would need to sign this, I also bought my homeowners insurance as a landlord policy so that I could rent out until I arrive. However my intentions were always and still are that this will be my primary residence from summer 2016. The Lender gave me this type of loan because I am buying early and cannot be in within 60 days. 1) Can I and how can I still rent this out without getting myself into trouble with the lender?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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I think some portion of your facts are missing because your question reads like you have already posted some amount of information that is missing..

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I don't have any information about a "second home rider" so as to know what you are talking about... I can surmise based on your later comments that it has something to do with an owner occupancy restriction, but other than that, I am not sure what the issue is...

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So I need the rest of the back story to figure out what is going on here...

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thanks

Barrister

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