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Subscribe
to receive an electronic Invitation to
Bid on each multifamily property as it
is advertised for sale, as well as
immediate notification of any sale
change or cancellation. Go to www.hud.gov
and click on the text link "mailing
lists" located at the bottom
left of the page. Then scroll down
alphabetically to select the
"Multifamily Property Disposition
Mailing List", and key in your
e-mail address.
What
is a multifamily property?
Multifamily
properties consist primarily of rental
housing properties with five or more
dwelling units such as apartments or
town houses, but can also be nursing
homes, hospitals, elderly housing,
mobile home parks, retirement service
centers, and occasionally vacant land.
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Why
does HUD have property for sale?
HUD's
Federal Housing Administration (FHA) has
programs which insure mortgages or
provide direct loans on multifamily
properties. When a mortgagor defaults on
a loan insured by FHA, the mortgagee can
assign the mortgage to HUD and receive
the benefits of the FHA mortgage
insurance. The mortgage then becomes a
HUD-held mortgage and if the mortgage
cannot be reinstated, HUD Multifamily
Property Disposition forecloses on the
property.
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What
is Multifamily Property Disposition?
Multifamily
Property Disposition is the program
through which HUD forecloses on HUD-held
multifamily mortgages, sells HUD-owned
multifamily properties, and manages
HUD-owned properties and properties
where HUD is mortgagee-in-possession.
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When
does HUD offer multifamily property for
sale?
HUD
offers multifamily property for sale at
the time of foreclosure on a HUD-held
mortgage. Some HUD-owned properties are
also available for sale to the public.
How
do I get the property for sale
guide: Obtain
the Free Info and Bid Kit for
each property that you are interested
in. If you have any questions, after
reading the information that you
receive, contact the Hud Realty Agent assigned.
What
are some of the general terms and
conditions for these sales?
Properties
are sold competitively, all cash, no
financing or mortgage insurance
provided. All
sales require an earnest money deposit. Some
properties are sold with repair or
demolition requirements within a set
period of time.
What
are Physical Condition Standards? HUD
housing must be decent, safe, sanitary
and in good condition. Properties sold
with a Housing Assistance Payments
Contract must be maintained in such a
manner that meets the physical condition
standards set forth in 24 CFR Part 5.
For more information click on the
following link: PCS
What
is Certification of Substantial
Compliance? All
purchasers must certify that projects
they own and operate are in compliance
with State and local housing statutes,
regulations, ordinances and codes. HUD
may verify the accuracy of such
certification. If you are purchasing a
property from a Property Disposition
Center sale, either foreclosure or HUD
owned, you must complete the
Certification of Substantial Compliance
Form and submit the form to the
appropriate Property Disposition Center.
If you are selling a property you
purchased at a Property Disposition
sale, your purchaser must complete the
Certification of Substantial Compliance
Form and submit the form to the
appropriate Property Disposition Center.
For
information on other HUD related
services, see one of the following:
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