Is there a waiting period for non-owner occupied buyers to be able to purchase a VA or HUD foreclosure?

Asked by Kathryn, 14618 Sun Jan 25, 2009

We are interested in purchasing a foreclosed house for investment. An agent told us that she believed only owner-occupied sales can be accepted for the first 90 days of the listing for a VA foreclosure. She was supposed to confirm this and get back to me. Any idea if this is true for VA or HUD foreclosures?

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Rhonda Burge…, , Smyrna, TN
Sun Jan 25, 2009
Hi Kathryn. On HUD foreclosures, during the initial 10-day period that the property is on the market, preference is given to buyers who will owner-occupy the property. I suggest that even though you may not be an owner-occupant to bid anyway. I have had investors be awarded the bid on the 11th day (when the bids are reviewed) because no owner-occupants bid or the bids submitted were not acceptable to HUD. Even though the owner-occupants are given preference, your bid may simply be better or more acceptable. Don't wait until the 11th day to place your bid because other buyers will be watching for the results just like you. If you have your bid in already, HUD can simply accept your bid rather than waiting a few more days for more people to bid.

On the VA foreclosures, again preference is given to the owner-occupants but there is no 10-day period like on the HUD properties. Good luck to you.
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Jerry Thomps…, Agent, East Aurora, NY
Sun Jan 25, 2009

We are a local Hud Apporoved brokerage, ad have offices in Williamsville and East Aurora,
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Ralph Windsc…, Agent, Hauppauge, NY
Sun Jan 25, 2009
Usually the HUD houses are for owner occupant for the first 10 days and then their open to everyone else. If you have difficulty finding a HUD-approved broker, please let me know. My company is approved.

Ralph Windschuh
Century 21 Princeton Properties
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