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TRANSITION TO M&M III
Under M&M III, HUD homes will be managed by various Field Service Managers (FSMs) for property maintenance issues and Asset Managers (AMs) for marketing services. There may be more than one FSM and AM for your area. For a listing of designated FSMs and AMs, please refer to www.HUDHomeStore.com for further assistance.
As the transition to M&M III continues, effective October 27, 2010 all properties that are currently listed on MCB’s website will continue to be listed for an additional 15 day period and all bids will be opened on November 12, 2010. All bids placed during this 15 day period will be considered to have been received simultaneously and will be reviewed by the new AM contractor. The notification of an acceptable offer may be delayed for several days during this transition.
Effective November 12, 2010 all remaining properties that are currently listed on MCB’s website will continue to be listed for an additional 15 day period and all bids will be opened on November 26, 2010. All bids placed during this 15 day period will be considered to have been received simultaneously and will be reviewed by the new AM contractor. The notification of an acceptable offer may be delayed for several days during this transition.
Effective November 27, 2010 MCB will no longer be listing any HUD properties.
All questions concerning bids on November 12th and 26th must be directed to the new AM contractor who will make the decision to accept or not. MCB will not be able to provide further assistance regarding these properties. If you have a sales contract that has been ratified by MCB it will continue to be handled by us until December 11. Any cases not closed by that date will be forwarded to the new AM.
Please refer to www.HUDHomeStore.com for further assistance
- Attention All HUD Registered Brokers
NEW!
***FHA Special Sales Incentives***
We are pleased to announce a special sales incentive for owner occupant purchasers who will be utilizing FHA financing. HUD is currently offering a $100 Down payment initiative. The $100 down payment is for owner occupants (Any individual who purchases a HUD home as their primary residence for it for at least 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months) purchasing a HUD Home with FHA financing, with full price offers. This incentive is also available to owner occupant purchasers who obtain an FHA Home Repair loan. It’s a great time to Purchase a HUD Home with FHA financing. This special sales incentive will be offered beginning with new and re-listed properties beginning November 23, 2007.
Don’t miss this great opportunity to get into a home of your own and get an affordable and safe loan product. Interested homebuyers and Brokers can learn more about this sales event by contacting our Denver Regional Office at 303-758-6736 or view the attached FAQ Link.
Note: Earnest Money Policies and all other contract requirements will remain the same; these incentives do not apply with any other discount programs HUD endorses. “Full Price Offers” refers to the current list price. $100 Down payment financing is available on most properties through FHA approved lenders. If the purchase price is greater than the appraised value, the purchaser will be responsible for the difference between the overbid amount to be paid in cash at closing. Any previous guidance to these terms ended effective October 3, 2008. For further information please refer to Mortgagee Letter 2000-27.
For frequently asked questions in regard to these sales incentives, please click here.
- 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.
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In order to be able to actively participate in the sale of HUD Homes, Brokers are required to recertify their Name and Address Identifier (NAID) on an annual basis. Failure to do so will result in deactivation of the brokerages bidding privileges. Recently, numerous brokerages were deactivated because of NAID expiration. Notices of the need to recertify have since been sent to all affected brokers. HUD and MCB will make a one time exception that will allow brokers to bid on properties while their recertification is in process. This one exception will expire on January 31, 2007 at which time any broker that failed to submit the required re-certification documents will be placed in inactive status. Note: If your brokerage has not completed the re-certification process, your offer will be accepted, however your contract will not be signed until the re-certification process is complete. The re-certification process takes two to three weeks after receipt of the required documents. .
MCB has an online process for brokers to fill out their NAID applications and to check the current status of their NAID number. To access the broker NAID assistance pages, select the state in which you do business and then select either the online NAID Application or Check NAID Number link located on the right side of the page under Broker and Selling agents.
If your have any questions or need further assistance, please contact our NAID Coordinator at (888) 622-7361.
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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
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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
- New Owner Occupant Opportunity
In order to further enhance Owner Occupant’s opportunity for home ownership, and HUD’s mission to preserve neighborhoods by increasing home ownership, MCB will implement the following changes for all re-listed and price reduced properties beginning November 11, 2005. MCB is changing the owner occupant priority bidding period to five days for all re-listed properties and when a price reduction takes place. If a property is re-listed due to a contract cancellation, a rescinded offer prior to contract acceptance, or price reduction, only Owner Occupant purchaser’s bids will be accepted for the first five days. All bids for re-listed and price reduced properties will be reviewed for acceptance on the sixth day. All bids during this period will be considered received simultaneously. If no acceptable owner occupant bids are received during the five day priority period, all other purchasers may bid on the 6th day after the bid results have been posted. All properties, including re-listed properties, will continue to be offered every Friday. This change will not affect the current back up offer policy of tentatively accepted offers.
- Property
Listings
On November 29th, First Preston stopped
accepting bids on HUD properties located in the states of
Colorado, Montana, Utah and Wyoming. On December 2nd, files
for properties that were unsold arrived at our office. Each
property must be re-inspected and reanalyzed before being
returned to the market. This process will take time. Please
check our listing of available properties each Friday to see
if the property you are looking for is again available for
bidding.
- REAL ESTATE BROKER SATSIFACTION SURVEY
The Department of Housing and Urban Development has issued
a voluntary Real Estate Broker Satisfaction Survey to be completed
at closing. This survey is to determine the quality of service
provided by the Marketing and Management contractor, the HUD
designated closing agent, and overall satisfaction with the
HUD property sales program. Real
Estate Broker Satisfaction Survey
HUD Website / HUD
Survey Web Page
- ATTENTION ALL BROKERS
AND MORTGAGE SERVICERS IN Colorado, Montana, Utah & Wyoming:
Please be aware Michaelson, Connor & Boul (MCB) assumed
the Marketing & Management responsibilities for the Department
of Housing and Urban Development (HUD) starting November 10,
2004 in the states of Colorado, Montana, Utah & Wyoming.
All mortgagee requests should be directed to our attention
beginning on November 10th to the following address:
Michaelson, Connor and Boul
Attn: Pre-Conveyance
5312 Bolsa Avenue
Huntington Beach, CA. 92649
(888) 622-7361
(714) 230-3699 fax
Continue to visit our website for further
updates on this transisition.
- Attention
Sub-Contractors for the States of Colorado, Montana, Utah,
and Wyoming: Michaelson, Connor & Boul, Inc. is collecting general
interest statements for sub-contractoring opportunities for
the states listed above. If you are currently performing work
on FHA or HUD properties in one of the areas listed above,
or would like to express interest as a sub-contractor for
one of the areas above, contact us via e-mail at MCB Sub-Contractors.
The services to be performed include appraisals, termite inspections
and treatment, landscaping, inspections, clean outs, general
maintenance and lead based paint assessment abatement. Click
Here for the current RFPs.
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