Posted by Gerald-DC on April 03, 2003 at 18:54:36:
There is no LEGAL way of doing it. Some investors lie and say that they are going to buy HUD homes as owner occupants and then flip them. They could go to jail if caught and/or face a hefty fine. If you are a realtor or attorney and pulled that crap you can pretty much kiss your license good bye if you get caught.
Go to firstpreston.com, they are the company that handle hud properties for NY. You can find out a lot about the HUD experience there.
I know this is not the answer you want to hear, but as Walter Cronkite says, “that’s the way it is.”
Posted by Angie (NY) on April 03, 2003 at 13:17:56:
I found a forclosure that is being sold by the realtor. The selling price is good. I can still make a good amount of money on this property. The problem is, it is a HUD property and I cannot buy it as an investor. If I were going to occupy then I can bid.
Not completely True. HUD offers the houses for Owner Occupied for a certain period of time, after that date has passed anyone can buy the property, including investors.
Re: Forclosure with Realtor - Posted by Angie (NY)
Posted by Angie (NY) on April 03, 2003 at 15:00:36:
Yes, you are correct. However, this property will not last. It is in an excellent area. I can flip this property with no problem. I just wanted to know if there was a way around the rule or owner occupied with forclosures.