All Forum Posts by: Sherilyn Spears

From your terminology, I would guess this is a HUDHomeStore.gov listed property that is marketed through MLS. If the property is in the Exclusive listing period, then only OO bis are allowed/accepted. If the home is unlivable then the FHA Financing status (FFS) will probably be UI (Uninsurable from FHA financing standpoint). The first thing to do is look up the property on HUDHomeStore (HHS) and verify the listing period and FFS. From the address, find the case number, then follow the "Addendums" tab to get PCR (Property Condition Report) to confirm UI.

Generally, homes on HHS will only be in Exclusive for a relatively short period of time, so if it's been on the market "forever" then I would not expect it to be Exclusive. Over time, unsold property becomes enters the Extended listing period and the property is open to all bidders w/o regard to occupancy status.

When I bought HUD houses, I would mostly by UI property with correctable PCR defects in the Extended listing period. Back then the Exclusive listing was for 10 days. The property and owner disclosures are clear on the website so I'm not sure why a broker would be confused.

Hi Chris,
It was listed through Servicelink, since it wasn't purchased during the auction phase it moved on to being just managed (in some way) by them. It was never on HUDs website.
The home ended up NOT being owner occupant only. Why that addendum was slipped in I have no idea. Makes me a little nervous what may be slipped in my closing paperwork though.
Thank you for your reply! As you outlined this wasn't a very difficult problem to solve. Black and white. Owner occupant or not after sale. Insane the realtor was that ignorant.

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Quote from @Chris Seveney:

@Sherilyn Spears

In some of these instances they may have a deed restriction which not allows it to be sold.

This is not uncommon as they want it to be owner occupied

@Chris Seveney

Thanks for your reply!

Some properties having that restriction is not what I'm confused on.

it's the fact that this was unmentioned until there was an addendum in my sales contract. Of course I then asked the listing agent if the home was owner occupant and she is unsure. If that's their rule, I respect that totally. But on the same hand, marketing it to soley investors and not disclosing this rule is what leaves me confused.

I guess that leaves the bigger question of: shouldn't the listing agent just be able to find out if it's owner occupant only, versus saying I don't know?

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Hi all.

I'm in a frustrating situation that I would love to get some opinions/insight on!

I have recently submitted an offer on a foreclosed property that has been on the market forever. The MLS description even describes it as investor friendly, though upon submitting my offer and recieving the banks addendums there were two outling owner occupant rules. Move in in 60days, cant sell before a year, etc.

Of course my agent spoke to the seller agent and demanded clarification. Owner occupant properties are clearly not uncommon, though one should share that and not market to people that want to rehab. The home mind you is nearly unliveable, which most local families wouldnt have the finances to pay for the repairs. Anyways, the selling agent beat around the bush, wont give us an asnwer. Said to cross that addendum out and see what they say.

Does this seem off? Wouldnt if the home was a buyer exclusive be a major thing to be outlined prior to it even being listed with this agent? Shouldnt she have the contact info to find out?

I'd hate to miss out on this home, but I dont want to lie and risk being sued. Especially since this seems like such a simple question.

Thanks in advance for any insight!

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All Forum Posts by: Sherilyn Spears

Sherilyn Spears has started 1 posts and replied 3 times.

Post: HELP!! REO Owner Occupant (or not?)

Post: HELP!! REO Owner Occupant (or not?)

Post: HELP!! REO Owner Occupant (or not?)