I'm a HUD O/O that needs to move...

[Jordan J.]

Hey everyone, this is my first post.

This is such an awesome community of knowledge here, I'm super thankful for it! I've searched the forum far and wide to try and find an answer, and while there's many threads about HUD and the O/O rule out there, I haven't found one that fits my exact scenario.

I bought my first HUD home back in May. I bought it during the "extended" bidding period, where investors and O/O's could both bid. I planned to make it my primary residence, which I did until now. I paid cash and did not use any FHA or conventional financing. My employer is building a different office much further north, and due to that, I was looking to sell and move closer. However, I checked my sales agreement and I unfortunately signed the O/O agreement, even though my bid was accepeted during the "investor" period.

I've heard of their being "exceptions", but I can't find a definitive answer. I did not leverage the O/O rule to gain an edge, as it was open to both parties when my bid was accepted. It was my first deal, and I wish I would've known then, what I know now, as I would've made sure the agreement listed me as "investor", just in case. My intentions were to stay, but my circumstances have changed. Am I still bound by this, or is there enough justification here to allow an exception? 

The Gov't shutdown has closed all HUD offices, so I'm unfortunately unable to even reach out. What's your thoughts?

[Bruce Lynn]

You can move.  You can put it on the market and sell it, just as you can sell any other home and pay off the loan.