Buying a HUD home – owner occupant period
If you are buying a HUD home you might want to know about the owner occupant period. When a HUD home is listed there is a 10 day owner occupant period. It is the first ten days of the listing that only people who are going to live in the house can bid. Investors or people buying for a second home cannot bid. You actually have to sign a form attesting that you will occupy the property and that you know there are fines and jail time if you falsify that you are an owner occupant. Your agent may make an offer for you online during the owner occupant period. HUD asks for your full name, social security number, and address when your agent puts in an offer. This is to help reduce fraud by investors trying to buy multiple properties under the guise of being an owner occupant. At the end of the 10 owner occupant offer period, all offers are opened and considered to be received simultaneously. So even if you offer on the first day the bid will not be opened until the end of the occupant period. So whether you offer on the 2nd, fifth day, or the ninth day it does not matter. They are looked at the end of 10 days. The highest acceptable net bid is then accepted, and the buyer’s agent is contacted. Whoever has the best offer is going to win. So when buying a HUD home you do have an advantage over an investor with deep pockets during the owner occupant period. If you have more questions about the home buying process feel free to call or email me. How much do I have to save to buy a Metro Detroit Home West Bloomfield Lakes, Oakland County MI [wnt_grid keyid=”1″ title=”Homes for sale in Troy MI” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” single_family=”y” condo=”y” min_price=”370000″ max_price=”1000000000″ listing_status=”Active” county=”Oakland” city=”Troy” /]
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