Special offer

What I Learned in School Today!

By
Real Estate Agent with KW Vermont

Every day is a school day for me!  I thought once I was done with the initial Real Estate course I'd be done with the class work!  Not true!!!  I've learned something new everyday since I got my Real Estate license and in this ever changing market it's a necessity.  

So, what did I learn today?  

At our regular weekly meeting it was "Stump the Broker" day.  We had to ask questions to see if we could stump our Broker...well, I did!  I asked the following question:

If a Father, Mother and Daughter purchase a home (they are all on the deed), whether it be a new build, Fannie Mae, Freddie Mac, etc property, and an Owner Occupied Certificate is required and the daughter is the only person going to occupy the property; who has to sign the certificate?  Mom, Dad and Daughter?  or just Daughter?

The Broker didn't know, but we had Rudy, our friendly CNN Mortgage counselor there, and he told us he has everyone sign the certificate!  But, then the question came up; would the Mom and Dad feel uncomfortable signing a legal document that states they are the owners and will occupy the property when only the daughter is going to occupy?  Good question!  Another Realtor in our office, Patricia had a very good answer to that one:

have all sign, explain in detail how they are taking title and state who will actually occupy the property with an addendum.  That covers all the bases and covers everyone involved with the transaction!  

I can see this scenario happening quite a bit now with Fannie Mae, Freddie Mac, and HUD properties.  Especially with investors if they are buying properties that immediate family members may be occupying.  Hope this little bit of information helps everyone.

I'll share what I learn tomorrow!  Have a great Day  

 

 

Comments (2)

Jon Mahoney
Keller Williams - Director, Luxury Homes Division - Santa Barbara, CA

this is great

Aug 10, 2011 12:39 PM
Michael L. Brownstead
Brownstead Real Estate, LLC - Frisco, TX
ABR, GRI, MRP, SRS, 1SG US Army (Ret.)

Debbie, I agree, every day is a learning day! I learned a lot during my real estate licensing courses, but I have also gained a ton of knowledge where the “rubber meets the road!” I have also found me a couple of mentors who I can go to if I need advice and tips! Great blog post, I appreciate it!

Aug 10, 2011 01:03 PM