Hello, I have a scenario where there is a HUD property for sale in the first 10 days of the Owner occupied offer period. It is a complete demolition project and was wondering If I am able to demolish/ build. Are there any restrictions to this? Also, how long do I have to build something to live in because I obviously have to occupy it.
As someone who has dealt with HUD for 25+ years, I would not hesitate to do it. You will never find a policy allowing it as it just happens so infrequently. I assume you are paying cash as that could cause an issue?
Greg, the only option to buy this property is cash. They state that in the listing. I am wondering because I will bid in the owner occupancy stage to give myself an edge how long do they require you to move into the property after it has been demolished. Obviously you cannot move into a property if it is not there.
This is no HUD policy to cover this. I would buy and demolish and document the whole process.
@Christian Reinertson If you are O/O you can do whatever you want once you take possession. I would first contact the local building department to find out what you can build and can not build or have your builder do all of that for you.
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