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Nevada Announcements

• Due to technical difficulties bid posting for today, 4/7/08 will be delayed. All bid acceptances will appear on our website by 3pm PST.
  Thank you for your patience.

• 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 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. This special sales incentive will be offered beginning with offers accepted on January 7, 2008 

  Selling Brokers : HUD has rolled out a Selling Broker Bonus of $500 on full price offers for  properties sold to 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) 

  Owner/Occupants: HUD has initiated a $1,000 sales allowance paid at closing to owner occupant purchasers on full price offers.

  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 Arizona Regional Office at 480-941-8737 or view the FAQ.

  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. 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

• 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.

• In observance of the Martin Luther King holiday, the offices of Michaelson, Connor and Boul will be closed on Monday January 15, 2007.  As a result, those properties that would have had a bid deadline of 11:59 pm on January 14, 2007  will have a bid deadline of 11:59 pm on January 15, 2007.  

• 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 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 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.

• ATTENTION ALL BROKERS AND MORTGAGE SERVICERS IN NEVADA:
  Please be aware Michaelson, Connor & Boul (MCB) will be assuming the Marketing & Management responsibilities for the Department of Housing and Urban Development (HUD) starting October 1, 2004 in the states of Nevada. All mortgagee requests should be directed to our attention beginning on October 1st 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

Sales contracts executed prior to October 31, 2004 will be closed by the previous Marketing & Management Contractor ( see hud.gov for additional information). On November 1, 2004, we will assume additional M & M responsibilities for Nevada, and will be listed as the primary point of contact for inquiries. Continue to visit mcbreo.com for updates on this transition.

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