OfflineI have just spoke to a realtor here in southern Massachusetts she stated that banks require owner occupancy on bank owned properties.If the bank finds you are an investor going to buy and flip that there would be up to a 10,000 dollar fine.Does anybody know if there is any truth to this comment? thanks
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Regards Jim Glazier
J.G.Properties LLC
jgproperties360@****
I am not sure if this is entirely true. this is the first I have heard of that one. It seems to me that that particular criterion would have to be particularly spelled out in the contract for a specific bank/banks. That being said there are more qualified people here than I to adequately answer you.....good luck
Some HUD properties only accept offers from owner occupants first, typically for 14 days. If no offers are received, then it's open to investors as well. Again, the bank or website will spell out the exact terms.
- Tom
There is a holding period, say 60 days or so, but I have not heard of an investor not being allowed to buy a bank property at all. Usually the holding period is for short sales.
check with another realtor
www.adeptpropertiesllc.com
This is only the first realtor I spoke with and the comment confused me because this is the first I heard of it also.I am just starting to work the rockbottom blue print so I am sure I will have a lot more questions.Please bear with me.
Regards Jim Glazier
J.G.Properties LLC
jgproperties360@****