How can you sell a HUD owner occupant home without having to live their for a year?
Is there anyway to do it and how?
Where can I find it in writing?
Sona S.
Howdy Sonametanova:
Not a good idea to try to cheat the govt. A lot of Hud’s are sold to investors. Just wait until the deal makes it to the investor list. I do not know what the penalties are but why risk it
LOL
Additionally, all HUD homes are sold through RE agents. For an agent to KNOWINGLY submit a bid for an investor during the “Owner Occupant” period (with the intent to not live in the property or only live there a short period to “get around” the rules) carries serious penalties for the agent AND for the agent’s broker!
I’m not a big fan of “sneaky” practices or practices that even hint at illegality…I would (personally) take tedjr’s advice and wait until the listing goes to “All Bidders”…
Remember, it IS the federal government – you know, the guys with the FBI and the IRS…???
Sorry no loopholes…$250,000 fine if you do it and they catch you-is it worth it. Play straight and don’t screw an owner occupant out of a property that you want just so you can flip it. Just my two cents worth, but I’m a realtor that specializes in HUD’s and you better play fair, cause if I lose a deal for an owner occupant client because you out bid us and you stated you were an owner occ, then flipped you then you would be getting a call from HUD
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