My wife and I recently looked at a house listed on HomePath that needs a ton of work. Apparently a daughter or granddaughter moved in to take care of the house after the owner was sent to a nursing home, and shortly after they removed her, they removed 26 live cats along with multiple others.
The house obviously needs a ton of work but my question is that HomePath states that as an owner-occupant you must occupy the house within 60 days of closing. There is no way that's going to be feasible for any buyer. The house needs to be gutted.
So what does HomePath consider occupy? Do we have to have utilities in our name, receiving mail, or is someone going to show up in 60 days and make certain that I have underwear in my dresser drawer?
I would consider waiting out the 20 day First Look period but there are already multiple offers and they are calling for highest and best on Monday after the initial 48 hour list period.
It's intention to occupy. If you intend to occupy but are prevented due to health and safety issues, that's ok. The intent behind these disclosures is to prevent occupancy fraud - that is, if you go into it with no intention to occupy. If you don't occupy within 60 days, it's important to document why you were prevented.
Are you pairing it with a renovation loan? Those typically have 6 month to occupy requirements and often allow the escrow of PITI during that period (ie. you don't make the payment until the renovation is complete / make two payments).