hud repo-how long owner occupant before you rent it

[Just Don]

just wondering if you pay cash for a hud reo you declare yourself owner occupant,,,how long before you rent it out? do they really check this out???

[Wes S.]

HUD Properties: If you purchase the property under the first 10 day window offered to Owner Occupants ONLY, you have to live in it for 12 months or atleast have the intent to. (There is a hefty fine ($250k) plus Jail time if you try to skirt the system.)

If you wait until the 10 Day OO Window has expired, it opens to Investors, then its game on and you don't have to worry about a thing...Its your baby.

Good Luck!