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Old 07-09-2012, 08:22 AM
 
1 posts, read 847 times
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Im looking to buy a home between Colorado Springs and Pueblo. I'm currently out of state (country really, stationed in Japan). My wife has a power of attorney, but the realtor told her that I have to be within the home in 90 days of purchase.. Does anyone know where i can look up this law? i've looked and cannot find it.
Thanks for any help I get.
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Old 07-09-2012, 08:40 AM
 
77 posts, read 92,972 times
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I'm neither a realtor nor a lawyer, but you might want to clarify with the realtor if they meant that you collectively (you and/or your wife) need to be moved into the home as your primary residence within 90 days. My homeowner's insurance had some type of requirement that someone needed to be living in the house within a certain amount of time, I think to prevent against possible damage to an unoccupied house. And we had a leaseback with the previous owners which also had to be short in order to comply with the insurance (otherwise you would need a fire policy for a rental property and not homeowner's insurance).
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Old 07-09-2012, 08:45 AM
 
Location: Littleton, CO
2,395 posts, read 4,160,971 times
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I just closed on a house and I had to be moved in within 30 days, but that's an FHA loan, may be an additional requirement for FHA. They want to make sure it's your primary residence basically

(not that anyone would actually know?)
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Old 07-09-2012, 09:59 AM
 
Location: Colorado Springs
18,885 posts, read 8,867,123 times
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Many insurance companies will not insure an empty house due to the problem of vandalism and homeless people breaking in to live there. It was an issue I came up against in Virginia when I had bought one townhouse before selling the other.

Not sure if that is what you are talking about.
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Old 07-09-2012, 12:42 PM
 
Location: Northern CO
80 posts, read 125,114 times
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If it's an FHA loan, it must be your primary residence for 2 years, I believe, starting from 30 days after the sale, however, if you & your wife purchased the home together, are both on the mortgage, & your wife lives in the house, I would think that would cover it. If the mortgage is in your name only, it might not be considered meeting the requirement. You should check with your potential lender. They should be able to tell you.
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