Foreclosure in Chicago>Question Details

Lisa, Home Buyer in Calumet City, IL

when purchasing a REO homepath property,can family live in house?

Asked by Lisa, Calumet City, IL Mon Sep 10, 2012

clause in homepath purchase states buyer to be 'primary residence. Not investment property. buyer out of state/country extended time.

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Answers

11
Can a cousin purchase a homepath home that his cousin defaulted on?
0 votes Thank Flag Link Mon Jul 13, 2015
If you are unable to occupy the residence, Homepath is not the answer for your purchase needs.
You are required to sign a statement attesting to the fact that you will occupy the home as the home owner.

Hilary 773-876-8234
hilarypender.com
0 votes Thank Flag Link Tue Sep 11, 2012
your question is Can family live in the house? Absolutely, homepath prefers owner occupants. that is why the initial marketing period is limited to owner occupants only. you have an advantage over investors, so if you are an owner occupant it is important to see the property right away when the property is new on the market with your buyer's agent so you dont miss that initial window and end up competing with investors.
Your buyer's agent should be answering these questions for you. If you are not yet working with a buyer's agent, talk to a few agents and find one you feel comfortable with and settle down with one. we all have the same data base of properties - you want to work with an agent that is representing your interests. the best part is typically, the seller pays realtor commissions so working with a buyer's agent doesnt cost you extra.
One caveat, with really cheap houses (less than $50,000) some agents (myself included) have started asking for buyers agreements that stipulate a minimum commission. If the seller doesnt pay a certain commission, then the buyer agrees to make up the difference.

best wishes and happy house hunting!
0 votes Thank Flag Link Mon Sep 10, 2012
the short answer is yes...
With Homepath offers is you are purchasing as an owner occupant you and your agent will need to sign an affadavit stating that you are intending to purchase the home as a primary residence. And I think you have some time to move in.
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
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0 votes Thank Flag Link Mon Sep 10, 2012
Yes a family can live and purchase a reo property.
0 votes Thank Flag Link Mon Sep 10, 2012
When submitting the offer you need to state whether it will be owner occupied or an investment property. When it's owner occupied I believe you have up to 60 days to move in.
0 votes Thank Flag Link Mon Sep 10, 2012
Lisa -- With Homepath offers is you are purchasing as an owner occupant you and your agent will need to sign an affadavit stating that you are intending to purchase the home as a primary residence.

This form is not required if you are purchasing as an investor or 2nd home. Homepath offers tend to give owner occupants the first opportunity to bid and buy.

Hope this helps,

Michael Vrielink
Managing Broker
Chicago Real Estate Artists
0 votes Thank Flag Link Mon Sep 10, 2012
Lisa,

After 16 days on market, anybody can make an offer. First 15 days are for owner occupants only.

Best of luck,
Ivan Sagel
312-515-7823
0 votes Thank Flag Link Mon Sep 10, 2012
the words say no you can not.. do you often ignore the rules?
0 votes Thank Flag Link Mon Sep 10, 2012
The buyer must use the property as owner occupied for the first 16 days. After that investors can purchase with no restrictions. If you need more help feel free to call me, 773-627-7608. Good luck!
Web Reference: http://www.myownhome.info
0 votes Thank Flag Link Mon Sep 10, 2012
thx, will keep your phn# for reference, more than appreciate it!!!
Flag Mon Sep 10, 2012
Yes you can buy a homepath property as an investment as long as your offer/contract are constructed properly. Are you currently under contract or are you trying to purchase a homepath now and wanted to know before you submitted an offer. If you need more help please feel free to contact me.
Cesar
ces_gon@hotmail.com
773-895-5593
0 votes Thank Flag Link Mon Sep 10, 2012
a family member submitted an offer b/c they want to have a home in the city he grew up in and where other family live....he's getting tired of staying w/famly...it's an REO homepath and contract states he has to be the primary or home is primary residence. he has other homes...should the attorney amend bid and make an ammendment to that effect... family will be caretakers and he will stay in home when here?? atty said they never saw a 10K fine assessed if it is not the primary resident of owner... THX a million for your help!!! p.s. realtor didnt seem to mind (but they r working for the $$) but atty. is concerned THX
Flag Mon Sep 10, 2012
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