OfflineI get alot of e-mails from a couple of REAs, new listings that are typically REOs. Alot of them are saying that they are owned by a corporate office and if you close by a certain date you can get 3.5% of the closing price towards closing costs.OWNER OCCUPANT ONLY.
Is there any way around this OWNER OCCUPANT ONLY deal. I guess you really can't assign an REO, Can you double close? Can the house be bought and hung onto for a short while then sold? Does anyone know the deal with these?
Thanks, James
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It is my understanding that if you buy an REO thru FHA, you must own it for 90 days before you can flip it to another buyer. Also, corporate owned means a bank owns it. Hope this helps...Jan
is intended for just that. NOT for rental purposes
This is in most primary home mortgages (you have to live there a year), but, as long as the mortgage is paid, theres no way for the banks/lenders to check all properties to see who lives there and force a DOS
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
HUD homes are like this too. They start off as owner occupied only but later open it up to anyone.
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Thanks.
typically when HUD, Fannie Mae etc. list there is a 7-14 day (seen as long as 30 days) 'first look' for owner occupants. (meaning someone to purchase as a primary residence) after the term is expired and/or no accepted offers they open it up to "All Bidders"
if you do offer in your own name and it gets accepted, then later is discovered you are NOT living in the dwelling, there will (can) be reprocussions. They cracked down on it pretty hard, investors would offer in their own names, rehab and rent. Getting around the owner occupant requirement and getting the offer accepted. Bottom line either live in it or wait until they open to all bidders and heir on the safe side.
BUT if you take it down as an investor, meet the season requirements, you can do what you want. You just have to have a plan to hold it the term required.
Blessings,
Jen
thank you!