HUD Rules In Baltimore City
I am a little confused. My real estate agent called HUD about their owner occupant policies. She was told that there is a 20 day period when properties are owner-occupant then they are open to all purchasers. Why is it that there are properties on the HUD site in baltimore city listed as owner-occpant that have been listed for 3mnts or more. Can someone tell me if you follow that legal rule or wait until it changes to all purchases on the site to bid? Help 
If the house goes under contract and then then contract falls through, the counter is restarted and the house is put back on the market. I don't have any experience with HUD in your state, but in Texas this is standard policy.
-Chris
[addsig]
This policy is standard here in Southern California.
The one item I take exception too is when they reserve a property and restrict the bidders to Non Profit Organizations.
I can understand their thinking and if my exposure to Social Systems was limited to one survey course in Urban Planning I might consider this restriction of listing.
But you see, I did not stop there and I realize that such things cannot be handled by restrictions.
For example: A nice three unit slum went on the market and was restricted to non profit organizations. It was bought up by a Gentlemen Rehabber who as far as I can observe over the last few years has certainly never described himself as a non profit company. Oh to be sure he may have slipt a time or two and come out of a deal without a profit and maybe a small loss. But believe you me it was not something he did on purpose.
I am negotiating with him and I am not a none profit person. From the amounts he requires to purchase he is certainly on the profit side.
I would like an explanation of this type of conduct. I disaprove of lip service to an attempt to produce low cost housing, when you know full well that by the time you get through with the Rehab you are back up at the big buck levels. I am damned if I will describe myself as a non profit organization. Although there are times when I have slipt and come up negative on a deal.
Oh well, I try. Lucius
From the sounds of MD and CA I'm liking the NC HUD system a lot more There is only a 10 day waiting period for owner occupants. The downside of our market is that there is rarely if ever a multi unit property that comes up...
Q
Since June 21, 2002, a special extended priority bid period for owner occupants has been in effect for HUD foreclosure properties in Baltimore City.
All newly listed properties in the City of Baltimore are made available exclusively to Owner Occupant bids for the first twenty calendar days. Investors may submit their competitive bids on the twenty-first day.
All owner occupant bids submitted on properties offered for sale for the first time are opened simultaneously on the eleventh calendar day. In the event there are no acceptable bids, the property will continue to be available with bids opened daily, (Saturdays and Sundays excluded) and owner occupant bids considered exclusively for the next ten calendar days.
Additionally, all properties receiving a price reduction in the City of Baltimore are restricted to owner occupants for ten days with bids opened daily.
The ten day rule is in effect for the rest of the state of MD.