Condo with low owner-occupancy rate

Asked by centerfieldnyc, San Francisco, CA Sat Jun 9, 2012

I am considering buying a condo and have learned that only five out of 20 units are owner occupied; the rest are rentals. I am afraid that finding financing will be very difficult. And even if I can find it, what happens when I want to sell? It's a great place (and in my price range), but there is a high likelihood that I may have to move in five years or so for work. Any advice greatly appreciated.

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Jeff Teperme…, Agent, San Francisco, CA
Sun Jun 10, 2012
Yes, you're facing a double problem:
a) as a buyer- with meeting the owner-occupancy ratio required by lenders to get financing (ratio concerns both FHA & conventional), and
b) as a future seller- if loans aren’t available, then the chances of selling are very limited.

Solutions: ether buy for all cash, or take on a non-30-year fixed mortgage (its not a bad option when you don't intend to live there for a long time. When selling you'd look for the same type of buyer.

My contact: (415)-722-6249;
Jeff Tepermeyster, Real Estate Broker
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