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Types of Purchasers

Anyone can purchase a HUD property. There are two types of general purchasers: Owner Occupants and Investors. There are also several special programs for purchasers who qualify.

Owner Occupant Purchasers
An Owner Occupant Purchaser is a purchaser who will be living in the property that they intend to purchase. The following regulations apply to owner occupant purchasers:
1. Must certify that they will live in the property as their primary residence for at least 12 months.
2. Must certify that they have not purchased a HUD owned property as an Owner Occupant Purchaser (regardless of financing type) within the last 24 months.

The Owner Occupant Priority Period
All new property listings have an Owner Occupancy priority period in which only owner occupant purchasers will be considered. This period is the first 10 days that the property is listed on the Internet. (Some cities have extended owner occupant periods – this information would be noted on the Property listings on the website). If a contract is cancelled and the full 10 days on the market have not been fulfilled the property will be offered exclusively to Owner Occupants until after this period has been completed. Price reductions are sometimes made on properties and for 5 days after a price reduction preference will be given to Owner Occupant buyers. Bids by investors will not be considered until the final day of the Owner Occupancy Period.

Investor Purchasers

An investor purchaser is a purchaser who does not intend to live in the property being purchased as a primary residence. An investor may purchase a HUD property to re-sell, rent, or lease the property after settlement with HUD has been completed. Investor Purchasers also include a purchaser who is buying a HUD property as a second home and does not intend to occupy the property as their primary residence.