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Updated over 6 years ago on . Most recent reply

User Stats

27
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6
Votes
Anna Johnson
  • Nyack, NY
6
Votes |
27
Posts

Buying as owner-occupied with leases

Anna Johnson
  • Nyack, NY
Posted

We found a two-family that we want to move in to, we have been looking for a long time for a house in that neighborhood. The listing said that the tenants had month-to-month leases, but when we viewed the agent told us that the seller gave one of the tenants a 6-month lease. After accepted offer I get a call from the agent saying that the other tenant is strong-arming the seller saying that they also need a 6-month lease or they won't pay rent. I agreed, mistakenly thiking that we would be able to obtain a owner-occupied mortgage with the intention of moving in, meaning when the 6-month lease is up end of January. Now I understand that I only have 60 days after closing. Did anyone here successfully delay closing 3 months in order to comply with the 60 days? Or have other suggestions? Thank you! 

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