HUD Homes
I just purchased a HUD home here in Northeast Ohio for my wife and I to live in. It needs a fair amount of work. I had to sign something saying I would live there for at least one year. What if we want to move before a year and move somewhere else. I understand they do not want investors buying houses from them, rehabbing them for a profit. We are living in the property, but how can they tell you how long you have to hold onto your home ? Any input is appreciated. This is my first time dealing with HUD.
Thank you--
Since you are living in the property I doubt if you will have any trouble from HUD if you move out a little early.
HUD will know if you leave early only if you had underbid an investor who then complains to HUD, and even then I do not know if HUD will bother to do anything.
A few months ago I bid as an investor and was the high bid by $1,700. HUD gave it to an owner occupant bidder as it was during the owner occupant priority period.
The buyer who beat me lied, never lived in the house (I drive by it on occasion), did a cosmetic fix (antique white, berber carpet, etc) and now has it listed for sale for over $40k more that they paid.
I was told HUD is only interested in going after big crimes that get headlines. I lost out on at least $30k in profit and HUD lost $1,700 because I told the truth and the other guy lied.
I may complain to my Senator or Congressman, but I know not to waste too much time on this.
What would you do if you were me?
Every investor in town is bidding as Owner Occupied, and never living in the homes. This infuriates me.. but HUD is doing nothing about it.. So, you are doing 99% more than most people, you are actually living it the house.
Every investor in town is bidding as Owner Occupied, and never living in the homes. This infuriates me.. but HUD is doing nothing about it.. So, you are doing 99% more than most people, you are actually living it the house.
I appreciate the inputs everyone.. Thanks
Outside of breaking the law which it seems that many people do, if it ever did come to blows where HUD came after you what they more than likely would do is look at your intent when buying the propery, and why you ended up selling early. More than likely it would never come to that but even if it did, you would have a pretty good case since you actually did live in the property.
[addsig]
You could try a hard money lender. Or get a few 0 finance charge for x months credit card.
ask those FLIP THIS HOUSE ATLANTA losers / jokes