Jan 19

HUD Gives Early Chance to Owner-Occupant Buyers

HUD Gives Early Chance to Owner-Occupant Buyers

 

The Federal Housing Administration doubled its exclusive listing period on certain HUD single-family and real estate-owned homes that will give owner-occupant buyers more time to bid on the properties ahead of investor competition. HUD-approved nonprofit organizations and government entities also will be able to submit bids to purchase the homes before they’re eligible to buy from investors.

The agency’s extended exclusive period is an effort to make more HUD-owned properties available to owner-occupants and non-profit organizations, according to a HUD press release.

The extended exclusive listing period for bids will begin on March 1. Individuals, families, HUD-approved nonprofit organizations, and government entities will then have 30 days to review new listings of single-family homes on HUD’s REO sale site, HUD HomeStore. That is up from a 15-day exclusive period that is currently in place.

The homes must be listed as “insured” or “insured with escrow” to qualify. The exclusive listing period applies to one-to-four family real estate-owned properties eligible for financing under the Federal Housing Administration’s 203(b) program. The program typically finances up to $10,000 in renovations unrelated to the home’s structure.

“By extending the time frame individuals have to bid on an REO property, we are offering families a better chance to purchase a quality HUD-owned home to live in, build equity, and create generational wealth,” says Lopa P. Lolluri, principal deputy assistant secretary for housing and the Federal Housing Administration.

The housing market has faced a limited number of lower priced properties in the hot housing market. Investors and buyers have gone head-to-head for the limited pool of properties. Foreclosures are also drying up, limiting opportunities even more. Read more: ‘Foreclosure Tsunami’ Fears Unfounded, New Data Shows

Source:
HUD.gov; “Exclusive Bidding Rights on HUD Homes Extended,” MReport (Jan. 14, 2022); and “HUD Gives Community Groups More Time to Bid on Foreclosure Properties,” National Mortgage News (Jan. 14, 2022) [Log-in required.]
©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.