Has anyone heard of banks restricting buyers to owner occupants only in short sales. I'm dealing with a fha backed loan and the lender says due to 'neighborhood stabilization' the sale is restricted to owner occupants. It's my first time hearing of this restriction.
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Shouldn't matter in a short sale. Now have heard of it in REO's
Mostly it happens when you are buying foreclosures or short sale homes. There are restrictions on who is allowed to purchase the home. It means you can not purchase this home and rent it out or purchase without intent to occupy the property.
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Never experienced this, but sounds plausible for certain neighborhoods given HUD's nature.
Brett@ishortsalenow.com
310-564-6389
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