Can HUD homes be bought then be rented out?
I thought I read something about if you buy a HUD home you can not rent it out,I can't find the info on it. The reason I am asking is there has been a HUD home for sale and we were trying to buy it but someone had bid on it before us.It has been empty for 4 months ,now there is a for rent sign in the front. I am just very mad we are so low income we could of bought that home easily, now some greedy investor took our chances and is profiting from it!! Is the somewhere I can get more info? I went to the HUD site but got all confused.
We contacted to make a bid but they told us they got one and we couldn't even make an offer I guess we missed out I'm so mad.
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HUD will use different deadlines for placing bids on HUD homes. The first deadline is usually for owner occupants, but if they don't get an acceptable bid it will be opened up to investors. A realtor registered to place bids on HUD homes can tell you the deadlines to place a bid, and who is eligible during that bidding round to bid.