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Nationwide sale of properties to disaster evacuees from Katrina, Rita, and Wilma
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Effective April 17, 2006,
a 5-day lottery period must be established
for Disaster Evacuees on only those properties ready for first
time listing. This lottery period provides for five (5) days
of listing with buyers having five (5) days to present a
complete contract. This lottery will be concurrent with the
current lottery offering for OND/TND/FND purchasers and
Government/non-profit purchasers. The results of the lottery
would provide for the following priority of purchasers:
- OND/TND/FND purchasers have the first priority for properties
that meet that program requirement.
- Disaster Evacuees have second priority.
- Government /Non profit agencies have the final priority.
This Special Lottery Program will be in effect for a 12-month period.
Since the prospective buyer must provide a FEMA registration number
in order to bid in the lottery. Each prospective purchaser under this
program will also be required to include a copy of FEMA's letter
indicating his or her eligibility as a disaster evacuee with the usual
contract documents. HMBI will ensure that the FEMA letter states
for which hurricane the buyer has been approved for benefits by FEMA.
The Disaster identifier is a four-digit code on the FEMA letter.
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Available Properties for Sale under this Program
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Click on a link below to see available properties for sale under this program:.
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Terms of sale under this program:
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- The Hurricane Evacuee tenant will receive a
10% discount from the fair market value established by the
appraisal at time of occupancy. The successful purchaser is
eligible to receive a 10% discount off the listed price
established by the M&M contractor. A Note securing the
discounted amount is not required.
- The Buyer must purchase utilizing FHA-insured financing or an
all-cash sale. Buyers may utilize Sections 203(h) for Disaster
Evacuees or 203(k) including a streamline 203(k) in order to
purchase the property during the lottery period.
- Discounts are only available for purchases during the special
lottery. Competitive sales with discounts for Disaster Evacuees
will not be allowed.
- The purchaser must utilize the services of a real estate broker.
HUD will pay the sales commission up to 5% in connection with the purchase.
A buyer may not collect a broker commission.
- HUD will pay all the Buyer's reasonable and customary closing
costs up to 5% in connection with the sale of the property.
- Earnest money is $500 for Disaster Evacuee sales.
- Buyers will be required to occupy the property for one year
from the purchase date.
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