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How long do you have to be in/live in a "HUD" home before you

 
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How long do you have to be in/live in a "HUD" home before you can sell it?

 

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State/Country relating to question: Illinois

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Submitted: 309 days and 7 hours ago.
Category: Real Estate Law
Value: $25
Status: CLOSED
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Expert:  RayAnswers replied 309 days and 5 hours ago.


RayAnswers :

Thanks for your question and good afternoon.If you buy an "owner occupied " HUD home the requirement is 12 months of occupancy before you can resell.

RayAnswers :

Here is reference.

RayAnswers :

http://www.dummies.com/how-to/content/buying-an-owneroccupied-hud-home.html

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I hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.

Information provided here is not legal advice. Rather it is simply general information. This communication does not establish an attorney-client relationship.

RayAnswers :

You would sign a statement to this effect as part of the closing.

RayAnswers :

Thanks for letting me help you.

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Expert:  RayAnswers replied 309 days and 5 hours ago.

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Expert:  RayAnswers replied 309 days and 4 hours ago.

Here is the addendum they require you to sign here covering the 12 months..

http://www.hudhomesource.com/forms/professionals/ownerOccupant9548-D.pdf


Thanks again.

Expert TypeLawyer
Category: Real Estate Law
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Answered: 7/10/2012

Experience: Texas Attorney for 29 years dealing in real estate

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