There is a HudHome for sale in my area. It has 9 days until it is up for investors. There has already been a number of investors through. But no owner occupant bids yet. I am fishing for ideas here, but is there any work-arounds that anyone has seen where an investor can get the property without actually taking residence but also not getting into trouble?
@Levi Sheriff You are asking how to steal money from the federal government. It does happen all the time. I do not believe they have ever prosecuted anyone for doing it. Of course, most people do not post on a public forum they are going to do it.
@Account Closed I might not be understanding the process well then. If a true owner occupant pays the same price as I do for the same property, how is that stealing?
Nope, and I know some babe been fined/prosecuted.
I get your frustration with the current market. Personally, I wouldn't mess with HUD.
I'm sure there are multiple threads on this topic, but here is one covers the gamut.
Hope that helps.
@Levi Sheriff The main reason people do this is because they do not want to have to pay the price that would be required to insure they would be the high bidder against other investors. It is no different than welfare fraud. It is tricking the government into giving the winner a benefit they do not deserve.
@Levi Sheriff if you do not intend to owner occupy then I imagine you will have to wait until the investor period opens. Why would you want to falsify documents, just to get a deal?
Good points guys. I didn't see it that way. I do now. Thank you!
Submit your offer st 13:01 AM the day it opens up to investors.