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Updated over 10 years ago on . Most recent reply

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183
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155
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Zach Mitchell
  • Investor
  • Orlando, FL
155
Votes |
183
Posts

Pay the $10,000 fine for not occupying??

Zach Mitchell
  • Investor
  • Orlando, FL
Posted

Has anyone ever bought a bank owned property during the "first look" period for owner occupants only and just paid the $10,000 fine? I found a deal that could potentially bring in a lot so the $10,000 would gladly get paid if I could get this home. Any experience, thoughts?

Thanks

Most Popular Reply

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116
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57
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Pat Martin
  • Knoxville, TN
57
Votes |
116
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Pat Martin
  • Knoxville, TN
Replied

I remember an article posted on BP several months ago where a cop bought 3-4 first look properties and got the special financing. Needless to say he's not longer a cop and doing jail time. But beyond the potential repercussions sounds like you have no integrity and that's no way to run a long term successful business. It will come back to bite you.

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