If there is a 180 day owner occupant that cannot secure financing to purchase a replacement home – is it acceptable under the URA to provide that owner a rental comparable and consider it a comparable solution to their situation?
We've had this happen a few times in the past but the owners wanted to become tenants – problem solved.
What if the owner is adamant about staying an owner – what responsibility does the acquiring agency have to keep the displacee as an owner in the replacement property? I know that we are required to provide advisory services and assist in providing a resource for financing but "what if" the displacee just has horrible credit and cannot secure a new loan? I know we have "options" under LRH but are these options or requirements? Have we meant our obligation under the URA by providing a comparable for purchase as well as a comparable to rent?
Thanks.
