Is it legal to have a residence home listed for lease on MLS?
1,232The owner is not occupying the property and he requested me to list it for lease while he's still paying his mortgage. His home was not bought as investment home. Is it legal to do that or the property needs to be converted to investment home before it's listed on MLS?
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DislikeAbout 11 years ago
Yes, it's legal to list the home even if they don't technically have it as an investment. Just ask them if there is anything in their mortgage that prevents them from leasing the home out.
About 11 years ago
As the others have mentioned, if the loan specifies that he must occupy the property for a certain period of time, he could have a problem. It totally depends on the terms of the loan. If he bought the house through HUD as an owner occupant and has never occupied the property, that could be a problem too. Many people, buy homes, live in their homes then decide to lease them. It would be really unusual if there were an issue.
About 11 years ago
Any homeowner can offer their home as a rental property. Once their home is no longer their primary residence they will not be able o claim a homestead tax exemption on this property.
About 11 years ago
People list their homes for lease everyday... You can most definitely list the property for lease on be MLS
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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