HUD
Generally on HUD homes there is a 10 day period before the investor can bid on the property.
I listened to an investor in Denver say that there was a way around this situation and for only 6% he could walk you around the time problem with investor bids.
I am curious if anyone else had checked into this and learned whether there is a loophole or not to the private purchaser with intent to occuppy for 12 months?
I have never bought a HUD home and am a little curious, most of the good deals never hit the investor period ......
[addsig]
This would be true, howver the man I talked to in Denver stated that he could do it with 90 days instead of 12 months..
I am wondering if there is a loophole that I have missed?
12 months would be ok if I was buying for an end buyer. and they were refinancing out of it.
[addsig]
I believe it goes by a HUD employee individual basis. If you have a good connection with either the HUD real estate agent or the closing agent you can get special circumstancial deals.
For instance, in Buffalo, NY a first time investor friend of mine bid on the owner occupied stage and won, went to the closing table and told them he intended to sell within 3 months and they changed the contract terms on the spot to accomodate. That shows the ability to alter things at their discretion. This may be an isolated incident, hope this helps.
Keep me posted stock.