Hud-owner Occupant

Comments(6)

• 
  RunningQ2nd February, 2004

  The only way of getting around the HUD owner occupant requirement is spending the years in prison which will happen if you try skirting the system. The good news with spending the time in prison by the time you get out you'll qualify for "owner-occupant" because you'll have no money...
  
  Seriously, HUD takes owner occupant VERY serious, but don't fear because if no owner occupants bid on and win the property it goes to "all bidders" after 10 days.
  
  Make sure you are working with a good realtor because they need to understand the process to bid on it for you.
  
  Good Luck,
  
  Q

• 
  bal282nd February, 2004

  Thanks. I did my own research last night and found out that there is a 250k fine and 2years in prison. I had no idea. I will definitely stay away from that.

• 
  jksal2nd February, 2004

  As Q stated, wait a couple days and the property will be open to all bidders.
  
  Be careful of HUD homes, in my area, they price them close to FMV and are often times not great deals. Let it sit on the market for a whild before bidding. The longer it sits, the lower bid they will accept.

• 
  Goose_man2nd February, 2004

  Does FHA loans = HUD loans?
  
  Also can anyone provide me a place to research FHA and HUD rules/laws?
  
  Thanks!

• 
  jamespb18th February, 2004

  A minor quibble - you can submit your bid as an investor the day the property is listed. HUD won't consider it until the 10th day, but if you're interested in the property it's probably more convienient for you to put in your bid during the owner-occupant preference period. On day 10 they'll look at investor bids if they didn't accept an o/o bid.
  
  Do make sure to bid as an investor, though. Don't claim you're o/o if you're not.
  
  - James

• 
  jamespb18th February, 2004

  Goose_man - here in WA you want goldenfeather's web site. (It's the first thing that comes up in google - can't post urls here very well).
  
  HUD ends up owning homes that have been guaranteed by the FHA and are foreclosed.
  
  Feel free to ask if you've got any HUD questions for WA - I'll do my best to answer them.
  
  I've been thinking myself about picking up a HUD-owned condo over in Bellevue or Kirkland.
  
  Caveat - I'm a evil(tm) Real Estate Agent(tm).
  
  - James