All Forum Posts by: Nigel Delaney

According to the settlement with HUD (http://portal.hud.gov/hudportal/documents/huddoc?i...) 

"A cash offer from an investor or non-profit organization to purchase an REO property shall not be considered a better offer if the offer is the same or a lesser amount than an offer by an owner-occupant who is purchasing the property with cash or with financing."

However, that agreement lasted for only 18 months from whenever it started, so I cannot tell if it still applies.  I feeling is that Wells Fargo might be saying they are following this policy, but the selling agent for this property has no intention of following this policy.  It is quicker for her to just hand it over to investors than deal with home buyers.  But can owner-occupants exercise any leverage here?

Wells Fargo seems to pretend they give preference to owner-occupants, but this seems to be smoke and mirrors. In particular, there is an REO home for sale in my neighborhood that my wife and I would like to live in, we love our community but have been renting. However, although we are certain we can finance the house and have a large down payment, we don't quite have enough for an all cash offer.

This property is posted as only accepting owner-occupant bids during a 15 day window. However, the selling agent has told me she plans to sell it to an all cash investor and not an owner-occupant. Additionally, many of the terms of the settlement between HUD and Wells Fargo that seem to benefit owner-occupants (for example the requirement that a financing offer by an owner-occupant is considered as good as an investor offer, and that the properties be posted on a website in addition to the MLS) have been completely ignored her. The agent told me all cash as better and that they will not list it on the internet.

Is this legal? Do I have any recourse available to me to help allow me to compete with investors for this property?