Occupancy Marked?

[KD247]

...In my mind, if I reported that the house was owner occupied and the occupant was the buyer, then that is the case where the lender would get confused. ...

I certainly see your point, but I've seen confused lenders both ways. Maybe we see it different because you live in the "Show Me" state and I live in the "I Have Found It!" state.

 

[Marcia Langley]

I understand "it is what it is" but sometimes the situation does not fit any of the three choices for occupancy and it calls for a bit of writing.

Yes, it always calls for a bit of writing, some markets require more bits than others.

Those cases you describe (and which are not subject to GSE/FHA guidelines) may make answering the occupancy question more difficult. (I'm wondering if you even use the GSE form?)

The question is still about whether the current owner occupies, regardless of how difficult to answer. It's not about the future plans for occupancy. The lender (if there is a lender involved) has that covered from other sources.

 

[Bama Bayou]

Yes, it always calls for a bit of writing, some markets require more bits than others.

Those cases you describe (and which are not subject to GSE/FHA guidelines) may make answering the occupancy question more difficult. (I'm wondering if you even use the GSE form?)

The question is still about whether the current owner occupies, regardless of how difficult to answer. It's not about the future plans for occupancy. The lender (if there is a lender involved) has that covered from other sources.

I use the GSA forms, these are appraisals in conjuction with a loan, so they are appropriate. Quite often it is not a matter of difficulty determining occupancy as of the date of inspection, but imposibility when the correct answer is not one of the three choices. A narrative explanation is the only rational choice, and the GSAs and FHA allow for us to diverge from their guidelines when necessary to provide a credible report. I also have no problem with "unable to determine".

For a non GSE or FHA transaction it is within the lender's discretion to require that the intended occupancy be used rather than current occupancy. I have done it many times and will continue to do so. It always comes with an explanation. Given the market I live in, I have about 20 stock explanations about occupancy.

 

[Dirty Harry]

I use a lockbox to inspect a condo that is under contract. The unit is fully furnished. The closet is full of clothes but nothing is in the fridge.

Which box do I check?

What are you doing looking in the fridge?

 

[Bama Bayou]

What are you doing looking in the fridge?

If I can get there before the maid comes to clean it for the next renters, I can get the beer the last ones left.:new_all_coholic: