Submitting a Offer on a Foreclosure

[Andrew Besecker]

I am looking to place a offer on a foreclosure and they are asking for our highest and best due to multiple offers. They are also asking for whether or not it will be our primary residence. Considering the fact me and another investor do not technically have a primary resident, can we say that it would be ours to make our offer stronger. We are looking to rebuild the home quick and put it back on the market. For that short amount of time while we are fixing it, could we say it would be our primary residence and therefore answer yes to that question. Does this break any laws.

[Wes Shive]

If you don't actually plan to occupy the property, then it will not be your primary residence. There's really not much gray area there. Whether or not they find out after the fact is a different question. If this is a HUD proprety, they have an interest in favoring homeowners over investors, all else being equal.