OfflineI am looking at a HUD home that's a real fixer upper. The realtor says it has to be owner occupied. Is there a way around this or a technique I can use to get it for myself to rent and fix up while there.
Thanks,
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Doug Gregory
"it's only an island if you look at it from the water"
Chief Brody "JAWS"
For the first 14 days (I think) a HUD house is on the market, only owner-occupants are allowed to bid on it. So, this house must be new on the market. Wait a few days and if it is still available, they will open the bidding up to investors. Good luck!
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
"To get up each morning with the Resolve To Be Happy is to set our own conditions to the events of the day. To do this is to condition circumstances instead of being conditioned by them." Ralph Waldo Emerson
If you want it as an investor you can still post your bid. But they will not open it until the "owner occupant" period has ended. Once that period ends and they either do not have a bid or have not accepted any of the bids that came in as "owner occupant" they will begin opening investor bids.
The specific dates for each HUD home is listed right on their website for that home.
If your Realtor does not know this or know how to complete this then.........it is likely time to find a more seasoned/knowledgeable agent!!
Good luck!
Thanks DallasGlass, I'm going to do just that. Since I'm in no position to buy a house myself just yet I'm going to go forward with this option. The experience alone will be worth the effort.
DG family rocks!
Doug Gregory
"it's only an island if you look at it from the water"
Chief Brody "JAWS"
Hi Doug,
Just make sure that your agent is HUD-certified. Your agent needs an NAID number to place a bid on HUD houses. If you go onto hudhomestore.com, you can check the house every day and you'll see exactly when it is available to investors. Under the "listing period" column, it will say "exclusive" when it's only available to owner-occupants, but the day you see it change to "extended", that house is open season for investors! Go get 'em!
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
Hey Doug,
I noticed you said you were planning on bidding but "in no position to buy the house myself". Just be careful. What are you planning to do if your bid is accepted?
Good luck,
- Tom
I'm going to wait for it to be open to investors then place my bid. I spoke with my buyers and they are on board with me.
Doug Gregory
"it's only an island if you look at it from the water"
Chief Brody "JAWS"