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   posted: Aug. 19, 2008 @ 9:42a
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My brother is purchasing a house in Florida. He plans on moving into it within the next couple of years but right now there is a tenant. If he gets homeowners insurance and primary/secondary residence mortgage then he is concerned that he could get in trouble for insurance fraud. However, his intent is to live there eventually. If he gets landlord insurance then maybe they wont allow him to close.

   posted: Aug. 19, 2008 @ 9:42a

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   posted: Aug. 19, 2008 @ 9:47a
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ecomajor said:My brother is purchasing a house in Florida. He plans on moving into it within the next couple of years but right now there is a tenant. If he gets homeowners insurance and primary/secondary residence mortgage then he is concerned that he could get in trouble for insurance fraud. However, his intent is to live there eventually. If he gets landlord insurance then maybe they wont allow him to close.
And the question is....?

   posted: Aug. 19, 2008 @ 9:52a
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bozo007 said:And the question is....?

How many licks does it take to get to the tootsie roll center of a tootsie pop?

   posted: Aug. 19, 2008 @ 9:56a
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Definitely.

Or maybe not.

   posted: Aug. 19, 2008 @ 9:57a
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If they will not let him close when obeying the law then he should probably not be buying anyway

   posted: Aug. 19, 2008 @ 10:01a
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Maybe your "brother" could explain to his insurance agent and mortgage lender what he's trying to accomplish, and let the professionals do their jobs.

   posted: Aug. 19, 2008 @ 10:16a
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The problem is that the professionals dont really care what is legal. If it were up to the mortgage broker he would just take the residence loan and not worry about anything else. Mortgage brokers are just trying to get a deal and generally dont care about what is legal and ethical.

   posted: Aug. 19, 2008 @ 10:18a
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Then you're not dealing with an ethical mortgage broker. Move on.

   posted: Aug. 19, 2008 @ 10:19a
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Try finding an ethical one, good luck. I advised my brother against purchasing the house in the first place. But now that hes in the position I am trying to figure out what to do.

   posted: Aug. 19, 2008 @ 10:24a
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Since ecomajor is flagging posts red, and is obviously about 12 years old, I suggest we all flame away.

A well-educated "Eco Major" indeed....

   posted: Aug. 19, 2008 @ 10:25a
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I am only flaming those who flamed me.

   posted: Aug. 19, 2008 @ 10:28a
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What does his attorney suggest?

   posted: Aug. 19, 2008 @ 10:30a
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His attorney is the actual title company. There interest is ensuring that the deal gets done.

   posted: Aug. 19, 2008 @ 10:43a
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He can
1) Do the right thing now.
2) Do what he wants anyway and take a chance if he has to file a claim.

He needs a real estate attorney looking out for his intrests, not a brother seeeking a solution on an anonymous forum.

   posted: Aug. 19, 2008 @ 10:50a
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If he's not planning to move in right away. then why is he buying now? Prices should be stable or drop over the next two years.

   posted: Aug. 19, 2008 @ 12:05p
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I have been telling him not to buy.

   posted: Aug. 19, 2008 @ 12:15p
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Call an insurance company (or agent) and ask them. You might want to call another insurance company than the one you're planning to use, explain the situation, and see what the say. They want your business, and probably will find a way to do what you want.

But in case they don't - well, that's why you're calling an insurance company that you probably won't use.

   posted: Aug. 19, 2008 @ 1:15p
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ecomajor said:If he gets homeowners insurance and primary/secondary residence mortgage then he is concerned that he could get in trouble for insurance fraud. However, his intent is to live there eventually. If he gets landlord insurance then maybe they wont allow him to close.
Evict the tenant - Problem solved.

How the hell is this your problem and what do you really expect from you anonymous interweb friends? Maybe you should send a letter to Heloise.

   posted: Aug. 19, 2008 @ 1:30p
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I dunno how things work there, but normally, and by normally I mean the rest of the world, when a house is sold the tenants move out. UNLESS a deal is made with the new home owner for the tenants to stay. It's really not your brother's problem where those people live, as long as it's not in his house.

As for the insurance, your brother should get primary residents insurance. After the sale of the home is complete, switch to landlord insurance.

Case closed.

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