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More Information About HUD Properties:

Listing Types

There are three (3) listing types, as described below, that indicate the best FHA financing for the property, based on its overall condition and other relevant factors. With each display listing on our website, there are pictures of the property; the FHA appraised value is given; there is a Property Condition Report (PCR) that discloses any known information about the property; and a Lead-Based Paint (LBP) Report and the appropriate LBP Addendum is included.

1. "IN" or Insurable Listings

These properties are in sufficiently good condition to qualify to be the collateral for an FHA 203(b) loan. This is the most common and simplest type of FHA loan.

2. "IE" or Insurable-Escrow Listings

There is a repair escrow established using extra funds borrowed by the purchaser from the FHA lender to enable these properties to be eligible for an FHA 203(b) loan. The house will have up to $5,500 worth of repairs (including a 10% contingency) made within ninety (90) days or less after closing to meet “Minimum Property Standards” (MPS). The purchaser closes, and then must use the money in the escrow account that the lender has added to the loan amount to have the specific MPS repairs made that are required to bring the property up to good enough condition to be the collateral for the loan. The amount of the escrow is based on the M&M Contractor’s estimate of costs to repair, and is reflected in the property listing on the web site along with the items requiring repairs. Any funds in the escrow account that are left over after the lender has made an inspection to be sure the repairs are complete may reduce the principle balance of the loan, or with lender approval, may be used to make additional improvements to the house. Note that if a buyer for an IE listing does not use FHA financing, no repair escrow will be made available.

3. "UI" or Uninsurable Listings

When a property needs more than $5,500 worth of repairs, or if the purchaser wishes to make more extensive renovations, FHA 203(k) financing is often appropriate. In these cases, the FHA-approved appraiser’s value is the “as is” amount and the purchaser gets estimates from contractors for the renovations. The lender then gets an “as repaired” appraisal based upon the cost estimates supplied by the purchaser’s contractors. If the house will be worth the total of the “as is” value and the costs to rehabilitate or renovate, then the FHA 203(k) lender can make one loan that will include both the acquisition and the rehabilitation money, assuming the buyer/borrower qualifies to repay that amount of a loan. Knowing a good FHA lender with 203(k) experience is essential for this type of sale. Explore the advantages of the “streamlined” 203(k).

Listing Periods

During the Exclusive Listing Period, bids may be submitted only by Owner Occupant purchasers, which HUD defines as owner-occupant purchasers, qualified nonprofit organizations and government entities. There will be:

• a thirty (30) day Exclusive Listing Period for Owner Occupant purchasers for properties listed Insurable and Insurable with Escrow Repairs,
• a five (5) day Exclusive Listing Period for Owner Occupant purchasers for properties listed Uninsured.

Exlusive Listing Period (Owner Occupant Priority).

• For Insurable and Insurable With Escrow properties, bids shall be opened and reviewed on the fifteenth (15th) day of the Exclusive Listing Period. All bids will be treated as having been received simultaneously. If no winning bid is received by the fifteenth (15th) day, bids shall be opened and reviewed on each day after the fifteenth (15th) day up to the thirtieth (30th) day, or until a winning bid is received. If no winning bid is received in that thirty (30) day period, the listing shall be extended to all buyers. See Extended Listing Period below.
• For Uninsurable properties, bids shall be opened and reviewed on the sixth (6th) day. All bids will be treated as having been received simultaneously. If no acceptable Owner Occupant net bid is received, the listing shall be extended to all buyers. See Extended Listing Period below.

Extended Listing Period.
At the conclusion of the Exclusive Listing Period, should a property remain unsold, all general public bids (including Investors) may be submitted daily.

Financing

HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home.