Home Buying in Atlanta>Question Details

Wuyu1010, Home Buyer in Charleston, SC

what is the meaning of "owner occupied only ." ?

Asked by Wuyu1010, Charleston, SC Wed Aug 14, 2013

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This you must occuppy the home as your residence. You can not purchase this home and rent it out or purchase without intent to occupy the property.
0 votes Thank Flag Link Thu Aug 15, 2013
This term is used mostly when buying foreclosures or HUD homes. There is usually a specific time frame (certain amount of days ) when the home is first offered for sale to home owners that will occupy the home for a certain amount of time.

Have a Wonderful Day,

Rick Payne
" As Seen on HGTV House Hunters "
Keller Williams Realty
678-427-5512
repayne7@bellsouth.net
http://www.rickpaynesold.com
0 votes Thank Flag Link Thu Aug 15, 2013
You're obviously looking at foreclosure sales and this statement means they are not willing to sell to Investors. Often this is required for the first 15 days the property is being offered after which this restriction is lifted. The only other time I've seen this phrase used is in some Condominium or Co-op sales where again there are restrictions against Investor owners.
0 votes Thank Flag Link Thu Aug 15, 2013
There are restrictions on who is allowed to purchase the home. If you purchase a home that stipulates "owner Occupied" then you must physically live in the home for a predetermined amount of time. The length of time will be stated in the contract. This is to give potential home owners the opportunity to purchase a home t a very low price before investors have an opportunity to buy it.
0 votes Thank Flag Link Thu Aug 15, 2013
It means that the home can't be purchased as an investment/rental; investors can't purchase the home. The purchaser must use as their primary residence; upon closing. (i.e. can't purchase with the intention of leasing to a tenant. )

* Always check covenants for properties if planning to purchase as an investment. The community association might not allow rentals.

Kind regards,
Michelle Miller, REALTOR®

RE/MAX Town & Country
404.538.5396 Cell
770.928-4966 Office
0 votes Thank Flag Link Wed Aug 14, 2013
Means that it's for a buyer who will or is using as primary residence.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Wed Aug 14, 2013
Greetings,

It means your primary resident only not to be used as a rental.

Tiffany Hankerson
Associate Broker
Drake Realty
404-433-4184 Direct
770-565-2044 Office
866-260-7180 Fax
0 votes Thank Flag Link Wed Aug 14, 2013
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