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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33761
Experience:  15 years real estate, Realtor. Landlord 26 years
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I want to buy a townhome for my son and his family (once

Customer Question

I want to buy a townhome for my son and his family (once their credit is clear, they will purchase the property from me). The home is only being offered as an owner/occupancy for 20 days. If my son and I both sign the offer and we both are on the deed and it is a cash sale, are we misrepresenting anything since my son will be occupying the residence?
Submitted: 11 days ago.
Category: Real Estate Law
Expert:  Barrister replied 11 days ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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If this is a HUD offered home then they typically require owner occupancy for the first year. But there is nothing that says that all owners have to live there. The main reason for this is to prevent flippers from buying low and then rehabbing and selling at a profit because these programs offer the homes at a discount to owner occupants.

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So as long as one person on the deed is living there, I don't see any problem and this wouldn't be any type of loan fraud.

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And for what it is worth, I have serious doubts about how closely they monitor who is living in the home. They just monitor it to see if it is resold within that year and then inquire further if they think it was a flipper..

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thanks

Barrister