If someone buys a bank owned property as a owner occupant but does not homestead it - is that a problem and will the bank follow up on that?

Asked by Kimberly Jokela, Naples, FL Sat Feb 25, 2012

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David H Schu…, Agent, Naples, FL
Sat Jul 28, 2012
Your buyers agent can guide you to look at properties that will suit your situation. In the case you mentioned, you understand that you must be an owner occupant. If you wish to search the MLS to see what is for sale in the area you can use our website http://www.agent4naples.com. You will find many areas and options that are available that will not involve the red tape and restrictions that a bank would impose. Whether you wish to consider restrictions, costs, fees or amenities, you really should talk to an agent that can guide you.
Web Reference:  http://www.agent4naples.com
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Brian and Di…, Agent, Naples, FL
Fri Apr 13, 2012
Most of these properties are being sold by fannie mae you are purchasing it as a personal use property. it is being backed by federal loans I would think your problem is homesteading the property but being accused of purchasing the property fraudulantly.
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chris hentho…, Agent, North Fort Myers, FL
Fri Apr 13, 2012
The selling bank doesn't care if you homestead it, but you should....

"Every person who owns and resides on real property in Florida on January 1 and makes the property his or her permanent residence is eligible to receive a homestead exemption up to $50,000.
The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to non-school taxes. "

If you're seeking legal advice, ask an attorney.
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Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Sat Feb 25, 2012
Anytime you lie to a bank it is your own neck that you are sticking in the noose. Why would you misrepresent something to anyone much less a federally insured intuition?
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Ron Thomas, Agent, Fresno, CA
Sat Feb 25, 2012
"Homesteading" is a legal term/process, and has nothing to do with your problem:

What you mean to say is;
What will the Bank do if I do not occupy the property?
The consequences could be very serious.
The Bank will find out!
You might want to ask an Attorney; it would be in the Contract/Loan papers.
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Rich Homer, Agent, NAPLES, FL
Sat Feb 25, 2012
Nope. But the bank does expect you to be the owner occupant. No concern of the bank otherwise.
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