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HUD Properties/Questions
| Subject | Date Asked | Expert |
| renting HUD homes | 1/21/2012 | Steele V. Propp |
| Q: I would like to purchase and rent HUD home(s). Can I rent them in the open rental market of their ... A: As long as you purchase the property as an investor it is my understanding that you can rent to whom ... | ||
| HUD home burglerized after contract | 1/9/2012 | Steele V. Propp |
| Q: Our contract for a HUD home was accepted and 3 days later the home was broken into. They took the ... A: Not an attorney but I don't think HUD would have a leg to stand on in a case like this. If you ... | ||
| hud form 9548 | 12/30/2011 | Steele V. Propp |
| Q: Our broker submitted HUD form 9548 with buyers intention to occupy the home for at least 12 months. ... A: While they probably would not catch you it is not worth the risk. You have a legally binding ... | ||
| Owner Occupancy Question | 12/23/2011 | Steele V. Propp |
| Q: My wife and I are looking to down-size and move into a multi-unit property for a few years to save ... A: Not trying to be harsh, but you will have to comply with your contractual agreement. If it states ... | ||
| occupancy 12 months | 12/19/2011 | Steele V. Propp |
| Q: I purchased a HUD home and signed the certificate of occupancy stating I would live there for at ... A: The reason for this restriction was to keep investors from pretending to be owner occupants and then ... | ||
| Holding Tanks | 12/7/2011 | Steele V. Propp |
| Q: I'm confused on a previous answer you gave where you combine "cesspool/pit or holding tank (for ... A: I don't believe it was I who gave you that answer (unless I have totally lost it, which is ... | ||
| Sewage system | 11/16/2011 | Steele V. Propp |
| Q: the subject property is serviced by a bore hole that dumps sewage into old mines. It is a drilled ... A: I can't say I have ever heard of this. However, when things out of the ordinary appear FHA will ... | ||
| property management | 11/4/2011 | Steele V. Propp |
| Q: I am looking to start a new property management buisness. But only dealing with vacant properties ... A: You need to start with your state's licensing authority (probably real estate license). Many do ... | ||
| getting separated, can i buy a hud owner occupied home? | 11/1/2011 | Steele V. Propp |
| Q: .. my question is... can i buy a hud owner occupied home if i already own another home and my wife ... A: You should contact the local HUD representative immediately. As I said, they may make an exception ... | ||
| getting separated, can i buy a hud owner occupied home? | 10/30/2011 | Steele V. Propp |
| Q: .. my question is... can i buy a hud owner occupied home if i already own another home and my wife ... A: Yes, there would probably be a problem with this. As you are separated and not divorsed, it would ... | ||
| Foreclosed home | 9/23/2011 | Steele V. Propp |
| Q: I recently tried purchasing a foreclosed home under the 203K program. My credit score was a 630 and ... A: If you are interested in the property it is definitely worth the attempt to negotiate. But in my ... | ||
| addendum to title and how long to close | 8/14/2011 | Steele V. Propp |
| Q: I am going crazy with trying to buy a HUD condo. Have done and given every paper, now they tell me ... A: Not sure what the "title addendum" is. If changes are asked in the process of closing an addendum ... | ||
| tranfer deed | 8/10/2011 | Steele V. Propp |
| Q: Greeting, My mother in-law brought her HUD home back in 1987, it is now 2011 and she wants to ... A: First of all, I am not an attorney. So this is not a legal opinion but rather my own based on what ... | ||
| Foreclosure Training | 7/22/2011 | Steele V. Propp |
| Q: I am looking for formalized training on foreclosures for bank employees. I can only seem to find ... A: Actually I do training in foreclosure and pre-foreclosure. I have taught consumers going through ... | ||
| Hud Pool Covers | 7/13/2011 | Steele V. Propp |
| Q: We are currently in the process of buying our first home, a hud, which also has a pool. Due to ... A: Each area of the country is serviced by a local company that works for HUD. And they can have ... | ||
| Buying a foreclosure while existing home is in escrow | 7/10/2011 | Steele V. Propp |
| Q: Can I buy a foreclosure bank owned house while my current home is still in escrow? Will any lenders ... A: I need more information. Are you saying you could afford the payments on both houses during the ... | ||
| HUD Contract versus Title | 7/8/2011 | Steele V. Propp |
| Q: We have won a bid on a HUD home in Florida with our son as owner occupant. My husband listed just ... A: Since you are not on the purchase agreement you will need to let the title company know that you ... | ||
| FNMA accepted offer but HUD said NO. | 6/25/2011 | Steele V. Propp |
| Q: I appreciate your opinion and this is our situation. We put a Cash bid in on a FNMA property. They ... A: Sorry for the delay in answering. Was having trouble with my servers. Unfortunately, yes, I ... | ||
| hud | 6/17/2011 | Steele V. Propp |
| Q: i recently put in a bid for a hud house & was accepted my question is can i move-in to the house ... A: Absolutely not. HUD never allows an early move-in. The liability is too high. And should a real ... | ||
| HUD owner occupied - owner needs to move | 6/7/2011 | Steele V. Propp |
| Q: My brother bought a HUD property that is required to be owner occupied. A family medical emergency ... A: I can't answer for HUD but often they will allow something like this as it is an extraordinary ... | ||
| Escrow | 6/1/2011 | Steele V. Propp |
| Q: My son is buying a HUD property which on the listing gives the information that it has $1,100.00 in ... A: Typical this is held by the closing company to pay for the specific repairs once they are done. But ... | ||
| hud info | 5/24/2011 | Steele V. Propp |
| Q: can a person buy a hud home for cash and then rent it out before they have owned it for a year and ... A: If one bought it during the "owner occupant" bidding period it would be fraud to do this. And they ... | ||
| sepit tank | 5/16/2011 | Steele V. Propp |
| Q: is there any assistance to help pay for a septic tank on family own land in ohio county ky A: As I am in Minnesota, I can't answer you that specifically. However, I would start with a call to ... | ||
| forclosure with PMI | 5/16/2011 | Steele V. Propp |
| Q: I have a property that is in foreclosure. It will have a large deficit. Appraised value about ... A: Alabama does allow for deficiencies. I would be working with the lender to develop options. There ... | ||
| forclosure with PMI | 5/13/2011 | Steele V. Propp |
| Q: I have a property that is in foreclosure. It will have a large deficit. Appraised value about ... A: Depending on your state foreclosure statutes, the lender may or may not be able to come after you on ... | ||
| HUD insured escrow | 5/13/2011 | Steele V. Propp |
| Q: I've read your other answers about insured escrows and have a specific follow up. I am bidding on a ... A: You need to go over this with your loan officer. I have worked with the 203K rehab program and the ... | ||
| insurance | 4/29/2011 | Steele V. Propp |
| Q: is there insurance on a HUD home while it's vacant & for sale? ANSWER: I believe so. Why do you ... A: I would contact the real estate company that was handling the sale (listing company). They should ... | ||
| Will HUD repair minimum damages | 4/27/2011 | Steele V. Propp |
| Q: I am a first time home buyer, single parent, and a veteran and I found a HUD home that's affordable ... A: HUD looks at this situation on a case by case basis. So I can not tell you with 100% certainty that ... | ||
| How to become a new vendor | 4/20/2011 | Steele V. Propp |
| Q: I am located in Alabama. I was just seeing if anyone knows what the process is getting to be a new ... A: Every state is different. And as I am a "Yankee" from Minnesota way, I don't have access to Alabama ... | ||
| insured escrow | 4/14/2011 | Steele V. Propp |
| Q: if i have found a hud home and it has two things listed under repair escrow if one is ok with the ... A: Usually if there are two items listed they will want to see the two items done. If I am ... | ||
| cleanouts | 4/13/2011 | Steele V. Propp |
| Q: my question is now that i got my license how would i go about getting some clients. A: Believe it or not I get asked this question a lot. Frankly, the best advise I could give you is to ... | ||
| Hud Owner occupant | 4/11/2011 | Steele V. Propp |
| Q: I would like to purchase a mobile home from HUD as an Owner occupant. I would like to move the home ... A: Sorry, but I have to answer your question with a question. Are you just buying the mobile home ... | ||
| HUD Purchase & Add a second dwelling | 4/5/2011 | Steele V. Propp |
| Q: We are just about to submit an Owner Occupied bid for a HUD property and will pay cash. The house is ... A: As I have said before there are no "Occupancy Police". Even if they were the main point is that ... | ||
| FHA - Zoning SFR vs Duplex | 4/2/2011 | Steele V. Propp |
| Q: Question, will FHA insure a SFR Single Family Residence whose Legal description is SFR 1 unit, but ... A: If it can be shown that it is, in fact, a single family residence, yes. The legal description might ... | ||
| Co signer | 3/24/2011 | Steele V. Propp |
| Q: I have the same problem posted earlier and was wondering if there has been any changes since it was ... A: Good question. HUD might have a rule against co-signers. If they did I would think the reasoning ... | ||
| fha title 1 loans | 3/22/2011 | Steele V. Propp |
| Q: we are about to embark on a go green energy conservation program for homeowners but we are having ... A: I am only slightly familiar with the program but I would go direct to the HUD website. They should ... | ||
| HUD | 3/15/2011 | Steele V. Propp |
| Q: There is a HUD property that went under bid and closed in 12/10. It has been under contract since ... A: I am sorry but I am just a little confused by the scenario. Please clarify. This HUD home has ... | ||
| reverse mortgage | 3/15/2011 | Steele V. Propp |
| Q: I know this isn't your specialty but you might know something about my mothers situation.My mother ... A: You are correct in that this is not my specialty. But in my limited experience with this type of ... | ||
| Hud rental requirements | 3/15/2011 | Steele V. Propp |
| Q: I have rented a hud acquired property for the past four months and when it got cold our electric ... A: This really had nothing to do with HUD being the former owner. This is strictly a rental dispute. ... | ||
| hud house /owner occupied | 3/15/2011 | Steele V. Propp |
| Q: Our daughter is buying a HUD house for cash. She is planning on moving in it soon after closing. ... A: If she lives in the house she purchases from HUD she is an owner occupant. My only question would ... | ||
Steele V. Propp
Top Expert on this page
Expertise
I can answer most foreclosure related questions. Buying, selling, the process of foreclosure, Loss Mitigation, Short Sales, etc. Both for HUD and VA homes as well as conventional foreclosures. I work 100% in the Foreclosure arena, dividing my time equally between consumers going through foreclosure, people interested in buying foreclosures (investors and those looking for a home of their own for lesser cost), and with the lenders doing foreclosures. This unique three prong approach allows me to see all three sides of the typical foreclosure scenario. Our goal is to offer advice and create a win-win-win situation.
Experience
19 years of bank owned housing experience.
Publications
Money Magazine, Real Estate Today and many newpapers, regional and national.
Education/Credentials
Foreclosure Specialist
Past/Present Clients
GMAC Mortgage, Horizon Management, and 43 other lenders involved in the foreclosure process.
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