Homepath - Owner Occupied Buyer First Look

[Kyle Cabral]

Hey Guys,

I was looking at a property in the area to flip but it was part of the "Homepath" program where owner occupants get first dibs within first 15 days.  After learning about it, I actually thought to knock down the house, build a house, and live there for 2 years.  I found that my offer got rejected and went to an investor.  The annoyance here is that he bought it was an "owner occupant" although he bought, flipped, and now sold the house within 3 months.  But he bid during the "owner occupant" time period.  I heard he got docked 10,000 for selling within two years.  Is anyone familiar or understand the rules behind selling before 2 years is up when you buy a homepath property under 2 years.

Thanks,

Kyle