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Kathy, Home Buyer in Belle Harbor, NY

Seasonal Residence converted to Year Around...?

Asked by Kathy, Belle Harbor, NY Thu Dec 3, 2009

i found one beautiful house with great price tag in the area i was always interested in... It has well, septic, fireplace and heat... But i found out that this house is classifird as Seasonal Residence... probably it was converted to year around without proper permits (i don't really know it yet).
So my question is... in case if i move further to purchase it, what kind of financing is available for this type of property?
Regular conventional or FHA loan designed for purchase of primary residence or loans for vacation/second/investment property?
I'm first time homebuyer, currently renter and willing to use this house as primary residence... How lawful it will be to claim it as "primary residence" if it's coded as "seasonal"???

thank you in advance

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Bill Smith’s answer
Hi Kathy,
this property is a short sale that is in foreclosure and may be going to auction soon. It's not currently listed. I can get in touch with the owner for you if you'd like to to see the home and find out what the situation is. The original mortgage on the property is over $300k, but the short sale would possibly get the debt reduced to a reasonable amount and also hopefully get the bank not to pursue a deficiency judgment against the poor homeowner who you would be helping out by buying the home. Also, I would like to show you some other homes in the same development and surrounding developments in the same community.
Thank you,
Bill Smith
0 votes Thank Flag Link Thu Dec 3, 2009
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