Occupancy Question

[Peter LeQuire]

Regardless the claimed or supposed relationship between an occupant and an owner, and regardless the loan program or condition of sale (i.e. short sale) if the occupant is not the owner (in title, on the recorded deed), the correct box is "tenant". The lender/client can sort out the ramifications of that for the loan applied for, but that has nothing to do with what the appraiser is tasked to report.

Fiji? I'd choose Iceland.

 

[RSW]

Tenant occupied: daughter lives there free rent.

 

[CANative]

Regardless the claimed or supposed relationship between an occupant and an owner, and regardless the loan program or condition of sale (i.e. short sale) if the occupant is not the owner (in title, on the recorded deed), the correct box is "tenant". The lender/client can sort out the ramifications of that for the loan applied for, but that has nothing to do with what the appraiser is tasked to report.

Fiji? I'd choose Iceland.

They eat seared goat head and rotten shark carcass during the holidays.

 

[Blue1]

OK, what are the names on the title? If one or more of those persons are not living there it's NOT OWNER OCCUPIED. That's my opinion and I am sticking to it.

Yeah, I was about to post just that...You beat me to it. Of course, what guarantee do we have that the person who meets us at the door is actually the owner anyway? You all ask for ID?

 

[KenAZ]

I think what you are missing is that there is no way for us to know. In the case of the OP, he states it is tenant occupied. This causes a hardship on the owner who is trying to Short Sell it.

Later the owner sues the appraiser because he actually is the legal occupant. There is a big legal battle, because as we have seen in this thread, there is no concrete definition of owner occupied, how many days determine occupancy, if a house sitter counts as an occupant, etc. The lawyers and judge will have to make the determination.

Why oh why is the appraiser even involved in this?

You cannot just err on the side of tenant because you are not sure. If we were to actually fill out that box correctly, it could require research and legal skills that we just do not have.

A point . . . recently there have been many title problems that were discovered during foreclosures. In some cases the titles didn't even reflect the actual owners. That would mean that the occupants were NOT on the title and should have been listed as tenants on the previous appraisal (According to some of the definitions provided here), because the appraiser did not get a title report and compare the name with a photo ID of there person that is currently living there.

 

[Michigan CG]

OK, what are the names on the title? If one or more of those persons are not living there it's NOT OWNER OCCUPIED. That's my opinion and I am sticking to it.

I agree with the above.

To address those who say owner occupied because there is no "rent". The "tenant" most likely has an oral agreement with the parents to keep up and maintain the property. The tenancy most likely has obligations. While the obligation may not be monetary, there are still obligations.

If the daughter and her family do not maintain the property dad kicks them out. Additionally, if the daughter is living in the house with the obligation of maintaining the property local laws most likely see her as a tenant and tenant rights most likely apply. If all of a sudden dad wants to kick her to the curb she can claim tenancy by state law and she would win.

 

[SpartanAG]

I agree with the above.

To address those who say owner occupied because there is no "rent". The "tenant" most likely has an oral agreement with the parents to keep up and maintain the property. The tenancy most likely has obligations. While the obligation may not be monetary, there are still obligations.

If the daughter and her family do not maintain the property dad kicks them out. Additionally, if the daughter is living in the house with the obligation of maintaining the property local laws most likely see her as a tenant and tenant rights most likely apply. If all of a sudden dad wants to kick her to the curb she can claim tenancy by state law and she would win.

Solid way of looking at this problem. You have converted me

 

[Peter LeQuire]

They eat seared goat head and rotten shark carcass during the holidays.

The women are tall and gorgeous; it's very cold.

'Nuff said.

 

[CANative]

Girls from Fiji don't wear much.

Last word...

 

[Peter LeQuire]

Girls from Fiji don't wear much.

Last word...

Iceland has houses and warm springs. woohoo