In a purchase of an older home as a "tear down", under what (if any) circumstances would a buyer's financing and construction loan

Asked by Jd, 22043 Mon Nov 2, 2009

agreement prevent a Post Settlement Occupancy? Isn't the wait time for county building approval about 3 months fro the date of the permit submission?

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Melinda Schn…, Agent, Falls Church, VA
Mon Nov 2, 2009
The purchaser must agree to allow the post-occupancy and their lender must allow it as well. Some lending institutions will not allow the seller to post occupy the purchasers home more than 60 days as then it may be viewed as an investment property. Hope this helps. Feel free to email with more questions.
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Vicky Chrisn…, Agent, Purcellvile, VA
Thu Jun 21, 2012
So this is an old question that I obviously missed. Hopefully you got good answers other than what I see here, because I am not sure they completely understood your question. I do.

My guess is the buyers would be happy to allow a rent back, especially if it reduces their purchase price or if you're paying rent. Yes, it's usually a couple of months before they can tear down. Their financing is not going to be for an owner occupied unit -it will be cash or construction - so that shouldn't come into play. It's just a matter of the seller being OK with it, but if they are going to tear it down... eh, shouldn't be an issue.

Have you sold your property? I work with builders in that area... if you're still the owner and want to sell, call me - 703-669-3142
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Barbara Swav…, Agent, Reston, VA
Mon Nov 2, 2009
Hi JD,
You would put in the contract a provision to study the property before the purchase.Call/email me with any more questions!
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