I manage a small HOA in Cincinnati, Ohio: 2 buildings adjacent to each other, one has 2 units, the other 3. At one time, all owners lived in their units. But now, I rent mine, and one of the other owners wants to sell all 3 units (which she owns) in the other building to someone interested in renting all 3. I plan to sell my unit in the near future, but don’t want to be in a situation where a potential buyer can’t secure a loan because of our occupancy ratio. What are the rules on owner occupancy when it comes to an HOA, and what are the limits on renting out units so we don’t find ourselves unable to sell when the time comes? Anyone?
Hi,
Are these individually deeded units like a town house or Condo or is this a Co-op?
Probable selling would be best to find owner occupied retail buyers but consulting with a real estate broker or mortgage lender in your specific state and area would be best as they will know your specific area laws.
Good luck,
GR