Can I buy a house without an occupancy permit? | Let’s Get Real Estate | April

Dear Jan, I looked at a house that was foreclosed upon. It is new but was never finished.  I was told because there is no occupancy permit that I can’t buy it. Is this true?


Dear PW,

Tough one. There are loans out there that would allow you to buy this home.  There is an FHA 203k Loan.  And there are Investor Loans.  Any of these loans would allow you to close now. You borrow more money than just the agreed upon purchase price. You also borrow the money to get the work done on the home.  An appraiser has to be able to justify the higher price to the lender.

In other words, the home with all the work complete must be able to appraise for the “new” purchase price (home + repairs).  There are special rules to follow; some of these loans require that you will occupy the property for a certain number of years. Others require a higher down payment. Some require stellar credit. Don’t rule this home out until you talk to a lender who specializes in these types of loans. Some of these homes are great buys right now.

Find a broker who knows these properties, knows how the loans work and is connected to great lenders. Best wishes.


Jan Zufelt is a broker with John L Scott Real Estate in Kingston.

More in Business

Scarecrows will be out on Bay Street this Halloween

Visitors can vote for their favorite at a downtown business

City extends CARES business rental relief funding

Almost $100,000 delivered already to more than 20 local businesses

Port Orchard Cares: Grant program ready for small businesses hit by COVID-19

Twelve grants of up to $5,000 have been made available by city

Taste of PO photo contest over Labor Day weekend

Winners will receive gift certificates

Bremerton’s Art Anderson to support WSF hybrid design

Company to provide design components for up to five Olympic Class WSF ferries.

Search downtown this weekend — for painted rocks

POBSA merchants will hold drawing for those who post selfies with their rock

Restauranteurs struggling to survive in a COVID-19 world

The thin margins of small-business restaurants, crippled customer access, putting them on the brink

Port Orchard Chamber establishes COVID-19 resource page on its website

Links listed for national, state and county websites of benefit to business people

South Kitsap Properties opens new office in Port Orchard

Real estate office is on Bethel Avenue

IRS tax filing season starts Jan. 27

The deadline to file 2019 tax returns is Wednesday, April 15

Wave Broadband to increase costs of some TV services

Rate increases to take effect Feb. 1

Village Greens Golf Course wins Community edg3 Award

Bothell shoe company wins grand-prize award from Kitsap Bank