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Updated over 7 years ago on . Most recent reply

Jocelyn Canfield's profile image
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Jocelyn Canfield
  • from Easton, PA
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Jocelyn Canfield
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Jocelyn Canfield
  • Easton, PA
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Foreclosures

REOs and Homebuyer Priority period

Jocelyn Canfield
  • Easton, PA
Posted

I have seen several bank owned listings in which there is a owner occupied priority period. How is a bank able to enforce this? Does anyone know if it is occupied by an adult child of the owner if that is acceptable?

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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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No, the Buyer must be the owner occupant. And yes, there can be severe penalties for trying to play the system.

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