Currently viewing the tag: "Sell"
Question: Can I sell my HUD home if I haven’t occupied it for 12 months?
At the time of purchase, I had no idea that I would be moving within the year. Therefore, when I signed the paperwork I was completely honest when I said I “intended” to occupy the residence for 12 months. But, life happens, I had a child, and moving became the best option. The final paperwork was completed at the end of June 2010. It has been on the market since late February 2011. I may have an offer coming in and I wanted to make sure I was doing everything correctly. When I purchased the home, I definitely did not intend to “flip” the house. After buying it, I did make repairs but the house still isn’t in that great of condition! Just wondering if it’s still okay for me to sell now, considering that extinuating circumstances required me to move before one year passed.
Thanks for any advice!
Answer:
Answer by richard t
I’ll assume you bought a HUD home as an owner occupant and signed a contract that you intend to occupy this home for at least 12 months. Here are some exceprts that I found from a good article (link below)
“Misrepresenting that information can involve a fine of up to $ 250,000 and/or two years in jail,” she added. “We don’t take it lightly.”
However they go on to say:
“While owner-occupant buyers are supposed to live in a property for a year after purchase, Maggiano said it is a difficult rule to enforce. “We probably wouldn’t even know about it,” she said, if the owners resell the housewithin a year. “We don’t go back and check on the occupancy status of each one of those houses.”
I can see where lots of investors take advatage of HUD. You did intend to occupy in good faith and Hud shoudl be happy if they do not take a loss on the property.
Question: Does A “No Sell” clause follow you?
We bought a home that closed 10-30-06 and the originating mortgage co. stipulated that we can’t sell the house for 12 months (to prevent “flipping”). When the loan is “sold” to other companies, does that restriction follow on to the new loan holders; or does one have to call them to check that out? Thanks!
Answer:
Answer by amanda h
yes the restriction does follow it is a part of your orginal loan agreement, just like your rate wont go up because a new company has the loan.
you can put it on the market in october that way you can control the closing date so it can close after 10-30-06.
good luck!!
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Another bankrupt real estate development in Henderson, Nevada.
Question: Have you ever bought a home to repair and sell in a couple of months only to make some fast money?
It is called “flip” house.
Answer:
Answer by dottye7777
I am a Realtor. Many of my clients have done this. before I became a Realtor, my ex husband and I flipped some fixer-uppers. There is money to be made if you buy right- as low as possible; if property is still selling in your location- many real estate markets are slow right now; and if the house just needs cosmetic repairs and cleaning, unless you are a licensed contractor and have special skills such as plumbing, electrical wiring, etc.
Right now, you may want to look for foreclosures. There are more foreclosures now than in recent years. Many of those houses are in disrepair and need fixing.