HUD home, owner occupant questions

[Ludmila M.]

Hi,

Calling for experts on HUD homes.

I would like to bid on a HUD home as an OO, with an honest intent to move in for at least a year. Good middle school district and great location of the property justify the hassle for my family. We plan to buy with cash. The situation is that we already own a home and would like to keep it. The thought was that we will rent out our current house when we move into the HUD place. Hence my questions:

1. Are we allowed to bid/purchase as OO if we already own a property and intend to keep it?

I contacted a local HUD-specialized brokerage with an unrelated question, and as soon as the person heard that we already have a house, he said we can't bid as OO. I couldn't find a confirmation of this, so wanted to check here.

2. If we are buying with cash, will we still be required to move in within 60 days? The place needs quite a bit or repairs, and with planned vacation coming up we might not be able to meet this deadline.

3. If our offer is accepted and we move in, and then continue conducting RE investment business, will HUD have a problem with it? In other words, does it violate anything if we are RE investors living in a HUD home?

4. If our OO bid is not accepted, and the property rolls into Extended period, can we bid again but this time as investors?

5. From the moment we are notified about offer acceptance, when can we cancel without losing EM? Before signing a contract (is that 2 days?)? During DD period (15 days?) Or once our offer is accepted and for any reason we want to cancel - the EM is gone?

6. Alternatively to #5 above: if necessary, can we cancel our offer before it gets accepted?

Thank you in advance for answers!

Ludmila