Updated over 14 years ago on . Most recent reply
Owner Occupant Wants to Sell .. Gray area
Who has expierence buying REO's, or a HUD home as an owner occupant?
The house I live in right now was a HUD home when I purchased, and I submitted to HUD I would be an owner occupant.
I've got a client who purchased a home from HUD as an owner occupant, and the day before closing he informed me he is considering selling in the next year. I told him I would sell it for him, and it sounded good.
At closing, he brought it up to the title company's closer and she mentioned that he has to be owner occupant for 2 years or he would be considered an investor for selling.
My question is this:
1. How can anyone tell you if you can / can't sell your primary residence?
2. Who enforces this?
3. Have you delt with this before?
We have done nothing unethical or wrong here.. He saw the potentinal in the home he bought. Purchase price $50k, repairs $12k, ARV is $85k... and he paid cash for the deal.
Any input is welcomed
Danny