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Ohio Announcements
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ATTENTION ALL REAL ESTATE BROKERS AND AGENTS IN MICHIGAN AND OHIO
As you may be aware, Michaelson, Connor & Boul will no longer be performing the Marketing services for the Department of Housing & Urban Development (HUD) for the states of Michigan and Ohio effective May 16, 2007.
After May 16 th, the marketing of HUD properties in these two states will be conducted by The Chapman Law Firm Co., LPA. Michaelson, Connor and Boul will continue to oversee through closing all sales contracts that have been executed by us.
PLEASE NOTE THAT ALL PROPERTIES WITH AN ACCPETED BID NOT UNDER CONTRACT BY MAY 16, 2007 WILL BE TRANSFERRED TO THE CHAPMAN LAW FIRM Co., LPA. IF WE DO NOT RECEIVE YOUR CONTRACT PACKAGE OR ANY NEEDED CORRECTIONS BY CLOSE OF BUSINESS ON MAY 15, 2007, YOUR BID ACCEPTANCE MAY BE CANCELLED.
- Good Neighbor Next Door Program - HUD has revised regulations governing the Officeer Next Door / Teacher Next Door / Firefighter/EMT Next Door Special Sales Programs. These Programs are now known collectively as the Good Neighbor Next Door Program. Please click here for and on overview and refer to our Special Programs section of the website for more details.
- * As a result of the changes named above, the GNP-Stage 2 program is no longer available and properties will be relisted to the general list on Fridays, after the GNP-Stage 1 period has ended.
- In observance of the Martin Luther King holiday, the offices of Michaelson, Connor and Boul will be closed on Monday January 15, 2007. As a result, those properties that would have had a bid deadline of 11:59 pm on January 14, 2007 will have a bid deadline of 11:59 pm on January 15, 2007.
- We’re pleased to announce FHA Brings the Holidays Home, a special sales event for the upcoming holiday season. Beginning Friday, December 8, 2006 and continuing through Friday, January 5, 2007 all owner occupant home buyers ( Any individual who purchases a HUD home occupying it for at least 12 months without a previous FHA Insured Mortgage) who successfully bid on a HUD owned home, have their offer accepted and finance their purchase with an FHA insured loan will receive valuable sales incentives. If a purchaser is an owner/occupant utilizing FHA financing, their eligibility for the incentive will be noted and sent by MCB to the closing agent. Only those buyers whose offers are accepted between December 8, 2006 through January 5, 2007, are eligible to receive these incentives:
- $2,500 Holiday Home Improvement Allowance (Paid to the buyer at closing)
- $500 Selling Broker Bonus
- Minimum Required Down payment of Only $100
Don’t miss this great opportunity to get into a home of your own and get an affordable and safe loan product. Interested home buyers can learn more about this sales event through the Internet at www.hud.gov and www.espanol.hud.gov. Note: Earnest Money Policies and other contract requirements will remain the same; these incentives do not apply with any other discount programs HUD endorses.
FAQ for Holiday Sale Campaign
- CLOSING COST IMPLEMENTATION
Please be advised that HUD’s new closing cost policy takes effect on any contract that is executed by MCB beginning on October 12, 2006. If your contract contains a request for more than 3% closing assistance, it must be received and in ready-to-sign condition (no corrections required) by October 11, 2006. If it is not, you will be issued a correction notification to reduce closing costs to 3%. NO EXCEPTIONS
- NEW CLOSING COSTS GUIDELINES
Effective Oct. 12th, 2006 - For all contracts executed on or after October 12th, HUD will pay up to an amount equal to 3% of the purchase price for purchaser financing and closing costs considered to be reasonable and customary in the jurisdiction where the property is located. If the total closing costs reflected on the HUD 1 settlement statement are less than the amount indicated on the sales contract, HUD will reimburse only the actual costs charged and will not credit the purchaser with any difference either in cash or through a reduced purchase price. Within the three percent (3%) allowance, HUD will reimburse loan origination fees up to one percent of the mortgage. However, on an FHA 203(k) rehabilitation mortgage loan, HUD will reimburse one and a half percent (1.5%) of the mortgage. NOTE: If the purchaser is requesting HUD paid closing cost assistance, the amount must be entered on line 5 of the bid submission form at the time the bid is submitted. Adding an amount to the purchase agreement after submission of the bid is not allowed. Please review HUD Housing Notice H-2006-12
- 05/01/06 - NEW LOTTERY for Disaster Evacuee's: HUD has announced a Nationwide Sale of Properties to Disaster Evacuees of Katrina, Wilma and Rita through its new Lottery System. Properties not previously listed that are eligible for FHA financing will be added to MCB's weekly Lottery and Evacuees with FEMA certification (FEMA Registration Number) who are eligible for disaster assistance will receive a 10% discount. Buyers have a choice to utilize two funding options - FHA Financing or Cash, to receive the discount. This includes the 203(h) mortgage for Disaster Evacuees or 203(k) including the streamline 203 (k). This discount is limited to properties bought through the lottery program only. Purchasers have to utilize the services of a HUD-registered real estate broker to which HUD will pay a sales commission up to 5% of the purchase price. HUD will also pay all of the buyer’s reasonable and customary closing costs up to 5% of the purchase price. Earnest money for contracts resulting from this lottery offering will be $500 for disaster evacuees. Buyers will be required to live in the properties as owner/occupants for at least one year from the date of purchase.
Please watch MCB’s website in the upcoming weeks for more information as these properties appear. For more information please click here (http://www.hud.gov/offices/hsg/sfh/faqs/katsales.cfm#nationwide) and look under FAQs for the Nationwide sale of properties to Hurricane Evacuees.
This special lottery program for disaster victims will be in effect for 12 months.
New properties will appear on the lottery, under SPECIAL PROGRAMS, each Friday (For Arizona, Nevada, Colorado, Montana, Utah and Wyoming)
New properties will appear on the lottery (under SPECIAL PROGRAMS, RESERVE LISTINGS) each Thursday. (FOR MI/OH)
- 11/14/05 - Due to technical difficulties beyond our control, the bidding sites for Michigan and Ohio were unavailable for a period of time between Saturday, November 12 and Sunday, November 13. In order to maintain fairness, MCB will extend the bidding period on all properties for one more day. ALL BIDS SUBMITTED from Thursday, November 11 through 11:59 PM tonight (November 14) will be opened simultaneously tomorrow, November 15 and Bid results will be posted by 4:00 pm EST. We apologize for this inconvenience. This extension applies only to Michigan and Ohio. Bids for all other states will be processed as previously announced.
- 6/27/04
- NEW SALES CONTRACT FORM: HUD has released
a Radon
Gas and Mold Notice and Release Agreement. Effective
June 27 this form is required for all sales contract packages.
If this addendum is not included the sales contract will
not be accepted. Please see the HUD
Notice: H 2004 - 08 for additional information on this
new release agreement.
- 12/23/03
- Revised
Officer/Teacher Certification - This
revised form must be included in all OND/TND sales packages.
- 12/1/03
– HUD has released a new single page Lead Based Paint
Addendum that replaces the former 4 page Lead Based Paint
Addendum (Parts A-D). This addendum is required in all sales
packages for properties built prior to 1978 and must be
signed by the Purchaser and Broker/Agent PRIOR or ON the
date on the Sales Contract. If this addendum is not included
in the sales package or dated after the date of the sales
contract, the sales contract will not be accepted. Download:
New Lead
Based Paint Addendum.
- 9/22/03 - NOTICE
TO ALL ACTIVE SELLING BROKERS: Within the next two weeks,
the Philadelphia Homeownership Center , in an effort to
update their selling brokers lists, will be forwarding to
all registered active selling brokers a recertification
letter. Please complete the necessary information and return
to the address on the letter you will be receiving in the
mail. Time is of the essence and failure to respond within
the timeframe noted in the letter will cause you to become
inactive and you will no longer be able to participate in
the selling of HUD homes.
- 2/2/03 - Ohio
Broad Listing Brokers - Updated List
- 7/23/02
- ATTENTION ALL BROKERS/AGENTS: Effective
immediately, the purchaser's name, identification number
and address will be required fields in the bidding system.
You must enter this information before your bid will be
processed by the system. Please ensure this information
is accurate.
- 6/21/02
- Owner Occupant Priority Periods Extended in Baltimore
City.
- 12/3/01
- Michaelson, Connor & Boul Inc has moved to: 5312 Bolsa
Avenue Suite 200, Huntington Beach, CA 92649. Our new phone
number is (714) 230-3600 and our fax number is now (714)
230-3699
- 11/20/01
- HUD has revised the allowable items to be credited against
closing cost allowances (line 5 of the contract). The "Forfeiture
and Extension Policy" form has been modified to incorporate
those changes. Effective immediately, all contract packages
should contain the Forfeiture and Extension Policy, Addendum
A, with the revision date of 12/11/01. For further information,
please see HUD
Notice H 2001-13 (HUD), which is available on HUD's
web site @ www.HUD.gov."
- HUD
Sales Contract (Form 9548): You may download and use
the electronic version of this form. Please forward the
original to Michaelson, Connor & Boul, Inc. We will
return a signed copy of the contract to you. "NOTE:
ONLY PDF FORMAT IS ACCEPTABLE IN LIEU OF HUD'S ORIGINAL
CARBONIZED SET." Photo copies, faxes, etc. are not
acceptable as originals. The HUD 9548 Sales contract may
not be copied prior to being completed- only the
contract directly from your printer is acceptable. Also
very important: If PDF original is utilized, the reverse
side of HUD'S contract: CONDITIONS OF SALE , MUST ALSO BE
SIGNED BY THE PURCHASER(S) ANYWHER ON THE PAGE and submitted
with the PDF original to be acceptable.
- Occupancy Prior
to Closing WARNING - No work is to be done to ANY
HUD property prior to the close of the transaction. An accepted
bid is NOT a transfer of ownership. You do not own the home
till it is recorded in your name. Buyers may not use the
home for storage of personal items or occupy the premises
under any circumstances. Occupying or working on a HUD home
prior to the close will be treated as trespassing. Failure
to abide by this policy can result in the cancellation of
the sale transaction, forfeiture of the earnest money deposit
and may also involve suspension of bidding privileges for
the selling agent and brokerage firm.
- 6/23/00
- Disclaimer: Appliances are not included in the purchase
of properties. If appliances are removed prior to sales
closing, no adjustment will be given.
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