Marketing HUD Property I have Under Contract.
I have bought hundreds of properties from HUD. When I get the property under contract with HUD I typically put it up on my website and send to my email list. That is it. No signs, no MLS, no CraigsList etc.
I was contacted by PEMCO, the HUD company that holds the auctions etc and they said I must remove my properties immediately (that day) or they would void all of my contracts. I emailed back that I was unaware of any agreement I had with HUD on marketing my interest in the properties and asked them to send me what section I'm "violating".
The only advertising guidelines I have seen are for agents/brokers marketing HUD properties to be put under contract between HUD and that Buyer. I am not aware of any provisions in my contract or HUD guidelines that prohibit me from "pre-marketing" the properties I have under contract. I got an email back from a PEMCO official stating I could in fact market my properties other than listing on MLS (I'm not an agent anyway) or putting signs on the properties (I don't need too) and the problem went away.
I got a call today on the same issue and they again said remove my properties from my emails and sites or they would cancel all my contracts pending and not allow me to buy more properties. :cry:
I have emailed back and stated that I'm marketing my interest, not their interest and brought up the idea of "Freedom of Speech". As in "Can I not tell my best friend what property I just put under contract?" "Can I not inform him via email? etc"
I'm guessing "Equitable interest", the doctrine of "Upon title acquisition" come into play. I'm having a difficult time finding case law etc that states a purchase contract is equitable interest in Georgia, but I'm under a rush time frame.
Any help or ideas would be most appreciated.