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Arizona Announcements

• HUD's $100 Down payment initiative will expire on July 31, 2010. The $100 down payment was for owner occupants (Any individual who purchases a HUD home as their primary residence 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. This incentive will continue to be eligible for all contracts signed by seller by July 31, 2010.  Contracts signed after the July 31,2010 deadline will not be eligible for the $100 Down payment incentive.

• HUD Training Seminars

RE/MAX Achievers Training Center
333 N. Dobson Rd.
Chandler, AZ 85224
August 3, 2010
9:00 am to 12:00 pm
RSVP:  nrutt@cox.net

Re/Max Achievers Training Center
333 N. Dobson Rd.,
Chandler, AZ 85224

September 21, 2010
9:00am - 12:00pm

RSVP: Neil Rutt at nrutt@cox.net

Re/Max Achievers Training Center
333 N. Dobson Rd.,
Chandler, AZ 85224

October 5, 2010
9:00am - 12:00pm

RSVP: Neil Rutt at nrutt@cox.net

 

• FHA Special Sales Incentives (UPDATED: 09.24.2009)

  HUD’s $500 Broker Bonus and $1,000 Buyer Sales Allowance programs will expire on September 30, 2009. Selling broker and buyer incentives will be honored only if there is a fully executed contract (ratified by HUD) in place as of September 30, 2009.
  HUD will continue to offer 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 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. 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.
  

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. In order to qualify for this incentive the buyer must purchase at HUD’s appraised value or lower.  In the case of an overbid, obtaining a second appraisal will not be allowed.  Closing costs, prepaids, etc may not be financed into the loan.
Please note the sales incentives above apply only to the states of Arizona and Nevada some of the incentives listed above are not valid or offered in any other state MCB currently manages for HUD. $100 Down payment financing is available on most properties through FHA approved lenders

• December 5th, 2008 ATTENTION ALL REALTORS AND PURCHASERS IN ARIZONA, MICHIGAN AND NEVADA

HUD’S BEST OFFER APPROACH ON OFFERS SUBMITTED     

We are offering a new BEST OFFER approach for selected properties.   This special offering will be on all those properties that have been tagged with the notation “All offers will be considered on this property”. The bidding period for this offer will be a five-day closed bidding period, (from Friday until Tuesday), with all offers reviewed on the sixth day (Wednesday). During this closed bidding period, in addition to offering a reduction in price on the designated properties, we will be considering all reasonable offers from both owner/occupants and investor purchasers. Please submit your best offer to us for consideration.

• 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. 

• 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

• 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.

• New 10-day Owner-Occupant Priority Bidding Period
  In order to further HUD’s mission of preserving communities by increasing home ownership, MCB is changing the initial bidding period in Arizona and Nevada. Please note the following change to the 10-day owner/occupant priority bidding procedure for all NEW LISTINGS: (Beginning with all new listings on 11/12/04,)
  
  During the first 10 days a HUD property is listed to the general public, it is available to Owner Occupant Purchasers only. All bids placed by Owner Occupants that are submitted from Day 1 through Day 10 are opened on the 11th day and are considered as though they were received simultaneously. If there are no acceptable owner-occupant bids on day 11, then bidding becomes available to all purchasers on a daily basis, with no priority given to owner/occupant bids.
  

• 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 REAL ESTATE BROKERS IN ARIZONA AND NEVADA
  Michaelson, Connor & Boul has assumed the management and marketing duties for all HUD inventory in the states of Arizona and Nevada. On October 29, we will have new listings available for bidding. Please check our Arizona and Nevada state pages on that date. We will be acquiring all remaining unsold properties from the prior M&Ms on November 1, and will be relisting them upon completion of necessary inspections and property condition reports. . Please continue to check our website each Friday for additional listings and property information.

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