Just recently I had a client interested in putting an offer in on a REO at Kolea at Waikoloa Beach Resort.  We put together a very attractive cash offer fairly close to the asking price within a day of it coming on the market.  When I contacted the listing agent she said the first seven days it will be on the market it is a “marketing period” where they will not be looking at offers.  The second seven days the bank would only look at offers from non profit organizations and people planning to owner occupy the property.  It being a vacation rental community it was very odd for that policy I felt. 

That being said, someone did put in and offer and is in escrow that will be owner occupying the property.  I was told it was a new HUD regulation.  Have you heard of this?  If so, is there any loopholes?  How do they verify that you will be living there?

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