Posted by Mark (SDCA) on February 25, 2000 at 10:54:25:
HUD does do random periodic checks to see if the property is owner occupied. Obviously, if your situation changes (job transfer, divorce etc) and you have to have move, well…
I would not reccommend buying a property with owner occupied financing knowing that you are not going to live there. THat is called bank fraud.
Mark
------QUESTION ABOUT OWNER OCCUPIED HUD FORECLOSURE---- - Posted by Jason
Posted by Jason on February 25, 2000 at 10:18:24:
Fellow investors,
Many of Huds foreclosures are listed as owner occupied. The contract requires that you must live in the home for 12 months and you can not have purchased a home from hud for at least(I think 24 months)
How strict are they on these rules? Do they enforce them? What is the penalty if you were to flip it in 45 days?
Thank you for your help in advance
Jason
Re: ------QUESTION ABOUT OWNER OCCUPIED HUD FORECLOSURE---- - Posted by d.moren
Posted by d.moren on February 26, 2000 at 17:41:06:
Jason,
Last March I purchased a HUD as owner occupied. For whatever reasons I didn’t move into it.
In October I sold it and did a 1031 exchange for another HUD home in the “all buyers” phase. I’m not recomending buying “owner occupied” and then not moving in. But as far as selling early, that’s not a problem. However understand, I couldn’t have purchased another “owner occupied” HUD at that time.
that’s what I know, dm
Re: ------QUESTION ABOUT OWNER OCCUPIED HUD FORECLOSURE---- - Posted by rita_mo
Posted by rita_mo on February 25, 2000 at 21:28:14:
Jason why aren’t you just waiting for them to come in stage 4 open to all bidder and buying them as investor non- owner occupant? Then theres no hassel I buy Huds believe me from time to time they check.