Non -Owner Occupied Properties and Duplexes

Most non-owner occupied purchases now need 20 - 25% down. MI companies will not insure them. Hard to comy by the seller financing or good terms of seller financing. Borrowers can still buy duplexes on as Owner Occupied properties with and FHA mortgage with 3% down

Important Facts About FHA

1. A Borrowner can obtain financing while still in a Chapter 13 bankruptsy
2. Utah Housing (through the FHA program) will finance up to 103% of a home's value. In other words, you can finance most of the time, everything, no down payment is needed, and even closing costs.
3. Sweat Equity is allowed for new construcion.
4. Screens on windows are no longer required.
5. Termite inspections are no longer required unless specified by the appraiser.
6. Non-occupant co-borrowers are allowed.
7. All money to close is allowed to come from a gift.
8. New, temporary loan amounts in Salt Lake County were increased to $729,750

Seller's Disclosures

We have just a little more to finish reviewing Real Estate Purchase Agreement.


* Some potential buyers might be scared when seller's disclosure (personal information of the seller is not available of the house). Do not worry! If you are a buyer, you have a right to do the inspection anyway in all situations:

1. "As-Is" Addendum
2. Non-Occupant Addendum...
3. 10.2 modified

I will review what is 10.2 tomorrow... As a seller, do you have to repair anything buyer would want you to? And, what is the difference between "As-Is" and 10.2 modified?

* Why wouldn't Seller provide Seller's Disclosure? And, if you are a seller, when you would not want to?

If you have limited information about the property, the best thing to do is to provide the Buyers with a non-occupant addendum, it is better than making information up.

* Is it correct to request Seller's Disclosures the next day?

Even though it happens very often, keep in mind that seller's disclosure is not one document, it is a set of documents which include:

1. actual seller' disclosure
2. a copy of any leases affecting the property not expiring prior to closing
3. written notice of any claims and/or conditions known to seller relating to environmental problems and building or zoning code violations
4. commitment for the policy of title insurance
5. and, as a buyer, you can request more here...

In other words, it may take more time to gather this information. The quickest Title company can provide you policy of title insurance is 3 days.

* Especialy, if you are buying a condo, chances are, you have Home Owner's Association (HOA). And, if you do, HOA has CC&R (community rules and regurlation). My suggestion is never to ask seller's agent to provide these rules to you, get it from the 3rd disinterested party.

Lots of war stories are told about omitted information in CC&R, just so buyer will purchase the property