With so many great deals on the market now some investor's are really pushing their luck with the occupancy rules. Buyer's and Agent's alike need to be extremely careful with the occupancy requirements on short sales and foreclosures. The other thing you need to be really vigilent about is "Arms Length". If you are in doubt, ask someone who should know or seek the advice of a good attorney.
Getting several calls from potential buyers who see statements such as: “Owner occupied only for 15 days”, “First Look initiative for 10 days”, etc., in MLS remarks or on certain listings that qualify for HomePath or are HUD properties.
“What does that mean?” It means that only offers from those intending to live in the home as their primary residence will be looked at. That is generally followed with questions such as, “What if I eventually intend to live in it – or does it count if it’s a second home?”
The answer remains – unless you intend to live in the home year round as your primary residence – you do not qualify for owner-occupied status. So, as a non-owner occupied buyer – you become an investor or second home purchaser.
The difference between investment property and second homes:
Investment property purchases: Non-owner occupied - you aren’t going to live in it at any time during the year, rather will be renting it for the sole purpose of generating income. It doesn’t matter if it’s in another state or next door – you are an investor if you rent a home on a long term lease.
Second homes and/or vacation Home. A second home is anything other than your primary residence that you plan to occupy sometime in every year. It doesn’t matter how long you plan to stay in it - the key is that you do not plan to rent it out to for the sole purpose of producing income. You can still rent it out, for instance like a beach home during the summer months, but not for long-term occupancy. Also, second homes have to be at least 50 miles away from your primary residence.
One additional point – some folks submit offers on owner only homes regardless. Two things to keep in mind – banks and agents can figure out occupancy intent easily; and if they can’t, at some point you and your realtor will have to sign a “I certify I am going to live in the home” document that generally comes with a $10,000 fine if it’s signed knowing that statement is false.
Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com!
This blog is written with my opinions and my opinions are
presented wit
h accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2011. If you want to reprint parts of this - just email me for my permission: TucsonsRealEstate@gmail.com.
If you are thinking of buying or selling an home in Maryland give me a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Century 21 New Millennium is part of the largest nationwide relocation company and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
In keeping with saluting our heroes, during 2012 I am waving flat fees for active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's. If you enter into a contract by the New Year's eve I will waive the flat fee at settlement. This is a $395 savings. If you are thinking about buying or selling a home give me a call and receive full service real estate assistance from an experienced agent. Our office is open 7 days a week and we can be reached at 410-730-8888 or I can be reached directly at 410-292-0100.
June Piper-Brandon ~ Associate Broker, CDPE, CIAS, ePro




Are you dreaming of owning a home, and feeling stressed about coming up with money for a down payment? Coming up with 3.5% or more of the purchase price is enough to scare many perspective buyers away. However, even if you don’t have the necessary funds for a down payment in your bank account, there are many other options that you should take into consideration to come up with the money you need to put a down payment on your dream home.
In Maryland there are many such opportunities and even some that are linked to your place of employment. There are FHLB grants of $5,000 that can be piggy backed with SELP/CDA money, there are Live Near Your Work Programs and some lenders have special in house programs. And, if you're thinking about buying in Baltimore City - if you participate in the Live Baltimore Trolley Tour and take the education program you can qualify for another $4,000 grant.
homas & Friends will be at the B & O Railroad Museum on May 4th through 6th. There will be 25 minute train rides with a full size Thomas the Tank Engine, opportunities to meet Sir Topham Hatt, Storytelling, Live Music, Build with Mega Blocks and Much More. The B & O Railroad Museum is located at 901 W. Pratt Street in Baltimore, MD 21223. Tickets can be purchased online by visiting the
45th Annual Towsontown Spring Festival is this weekend, starting Saturday May 5th from 10am until 7pm and continuing on May 6 and 1 pm to 7pm.
The Fire Museum of Maryland located at 1301 York Road in Lutherville, MD opens for the season with its 35th annual Steam Show on Saturday May 5, 2012.
2012 Flower Mart in Baltimore - May 4 and 5, 2012
New this year is an heirloom raffle quilt donated by Village Quilters of Catonsville, quilted by Linda Newsom and materials donated by Seminole Sampler. 




Events will include: