Buying a property with owner occupied addendum
Family member just bought a house as a primary residence from the bank (less than a month ago) , signed bunch of addendum saying it is his house and it will be a primary residence , due to health issues he will be moving out of the country and offered me to buy the place ,
here is a catch , he singed docs saying that he has to move i withing 3 months and then live there for a year or there are huge fines.
Should I just wait a year to buy it? I don't want to get him in trouble i believe the fine was 10,000 ,
I like the property and would work great with my portfolio but not sure If I should leave it vacant until the year is up? or not buy it until his year is up . not sure if he would get in trouble to rent it for 6 months until I can buy it.
Do you know how strict banks are with the owner occupied properties , I am an investor I don't want it too look like there is any shady business going on. Let me know if you guys ever had similar situation.