I am looking for a duplex I can buy as an owner-occupier with an FHA loan. My market is super hot right now and I don't have the cash to compete. I was wondering: besides HUD, what other government programs are there that allow owner-occupiers to get first dibs on deals for a short time frame before investors can come in and make offers? Any links to websites I can search for available homes would be much appreciated!
Originally posted by @Walker Hinshaw :
Any links to websites I can search for available homes would be much appreciated!
Homesteps.com, Homepath.com, & HUDhomestore.com (Fannie/freddie/HUD). You will need an agent to bid. That is how I got my house 2 years ago. We lost out on 4+ deals, so I went owner occ and didn't take my commission to better my offer.
Fannie and Freddie's are usually 20 days for owner occupants. HUDS are usually two weeks depending on the property. Banks will sometimes offer an owner occupant period as well.
@Matt M. thank you. That is exactly what I was looking for. I have been checking HUDhomestore.com for the last few weeks and haven't found anything in the Denver area. I guess that makes sense if these properties are usually foreclosed upon - it seems like you would be hard pressed to get foreclosed on in Denver these days since prices have gone up so much lately.
Yes! The supply on those sites are worse than the regular market. I am still kicking myself for not buying that 1 acre in Boulder county for $300k or whatever that was surrounded by million dollar homes that I missed a while back. It was on HUD.
In general the listings on those sites will show up in your MLS search as well. Homepath.com sends out "coming soon" notifications so on those you'll get a little advance warning (which is how we got you guys your current place).
Thanks, Mickie. My thinking is it would be easy to check a these sites for properties because if one turns up it allows me some time to make a decision before other investors have a chance to pounce - especially if my money is tied up in a scrape and build like I plan and I have to borrow the money for an FHA loan from family/friends.
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