can I rent in Miami, Fl. a property I purchased in foreclosure? is it legal ?

Asked by Margarita, Potrero Hill, San Francisco, CA Sun Dec 8, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Mon Dec 9, 2013
Seems kind of late to be asking this question. What did your buyer's agent tell you when you were buying it?
1 vote
Don Shippey, Agent, Orlando, FL
Sun Dec 8, 2013
Hi Margarita,
As Jennifer mentions, it depends how you purchased the property. If it was a Fannie Mae, Freddie Mac, or HUD property, and you purchased as an owner occupant, than the answer is probably not for at least a year. If you purchase using certain down payment assistance programs, they require much longer primary residence.
If you purchased using finance, and it was not an investor loan, read the fine print. Most lenders frown on buyers using primary residence loans for rental investment property purchases. There is probably a restriction in the loan against renting right away. Of course that doesnt mean you can never rent it. But if they audit the loan, and find you never lived there, there may be some serious penalties.
If you purchased it as an investor, with cash or an investor loan, and there are no other rental restrictions, than probably yes. Make sure if it is in an HOA there are no HOA restrictions on rentals.

I am not an attorney and this should not be taken as legal advice. This is just some areas for you to research to make your own determination. Consult an attorney for legal advice.

Thank You,

DON SHIPPEY, REO, CDPE, SFR
BROKER Associate / REALTOR
Certified Distressed Property Expert
Short Sale Foreclosure Resource
Certified Military Housing Specialist
Certified Professional Property Manager

RE/MAX Properties SW
Cell 407-925-2318
Office 407-857-7600

E-mail: donrshippey@gmail.com
http://www.OrlandoRealtyOnline.com
http://www.veteranrebates.com/
1 vote
Well said!
Flag Sun Dec 8, 2013
Jennifer Bar…, Agent, Winter Park, FL
Sun Dec 8, 2013
It depends on how the contract was written. If it was a Fannie Mae property, they specifically ask if you will be renting it out or an owner occupant. If you put owner occupant then you have to live in it for at least 1 year. However since I am not an attorney that is only my opinion and I would check with an attorney to review the contract. If it was a HUD home you have to live in it for a year first. Good luck!

Sincerely
Jennifer Barker
Exit Realty Central.
1 vote
Search Advice
Search
Ask our community a question

Email me when…

Learn more