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Hurricane Evacuees Discount HUD HOMES

 
On April 24, 2006, HUD announced that it would sell HUD homes at a discount to evacuees displaced by Hurricanes Katrina, Rita or Wilma. HUD homes located anywhere in the 50 States are offered for sale to FEMA qualified hurricane evacuees who will bid on them during an initial offering period lasting ten days. During the initial 10 day offering period these HUD homes can be purchased by evacuees at a 10% discount from the appraised value of the home. In addition, HUD will pay up to 5% of the purchaser's reasonable and customary closing costs in connection with the sale. The purchaser must make a minimum earnest money deposit of $500 on the property. If multiple offers are received by HUD on the same property, HUD will select the successful purchaser by a random lottery.
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In order to bid on a HUD home, the evacuee is required to have a FEMA registration number and a copy of FEMA's letter stating the bidder's eligibility as a hurricane disaster evacuee. A real estate broker can assist the purchaser in bidding on the home. The home must be purchased with an FHA loan or with all cash. The purchaser must occupy the home for at least one year from the closing of the sale.

Is a hurricane evacuee who is presently renting a HUD home eligible to buy the home?

A hurricane evacuee who is presently renting a HUD home is eligible to buy the home, and can buy it at a 10% discount from its fair market value. In addition, HUD will fund a repair and maintenance escrow equal to 15% of the discounted purchase price to help pay for any repairs that may be needed to fix the home and to pay delinquent utility accounts. HUD will also pay up to 5% of the discounted sales price toward reasonable and customary closing costs for the buyer. The buyer must purchase the property with an FHA mortgage or with all cash.

The renter may purchase the home at any time during the lease period but must notify HUD's Management and Marketing (M&M) Contractor no later than 60 days prior to the expiration of the lease of the intent to purchase. Tenants will be notified in writing by the M&M contractor of the ability to purchase the home. The M&M contractor will also notify the tenants by mail of the names and locations of housing counselors in the area so that the tenants can take advantage of these counseling services. Buyers are required to occupy the home for one year from the closing date of the sale. HUD properties are typically in the US only.

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This series of articles is brought to you by A. Mark Argentino and other real estate related resources, including Canadian Real Estate Association CREA and the Ontario Real Estate Association OREA.

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