hud homes for sale

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Visit my blog great real estate resources & articles Covington Real Estate Expert Real Estate 101 Real Estate 911 NorthShore Native… NorthShore Expert! Betty Anne Burns Broker, Realtor and Instructor Northshore Area Board of Realtors Award Winner ePro “SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated HUD HOMES FOR SALE ST. TAMMANY TANGIPAHOA WASHINGTON PARISH

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St Tammany, Tangipahoa and Washington Parish Louisiana March 7, 2010

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Page 1: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

HUD HOMES

FOR SALE

ST. TAMMANY

TANGIPAHOA

WASHINGTON PARISH

Page 2: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

Property Listings………………………………….3-5

Terms & Definitions……………………………….6-9

Betty Anne Burns

Broker, Realtor & Instructor

NorthShore Native... NorthShore Expert!!

Keller Williams Realty Services

"SELL" Phone (985) 630-1755

[email protected]

www.BaBurns.com

Page 3: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

Address: 1208 DOVERVILLE CT, SLIDELL LA 70461

(Saint Tammany )

Price: $112,500 As-Is Value: $112,500

Bed/Bath: 3/2 Sqft: 1,549

Year: 2001 Financing: Insured W/Esscrow (IE)

List Date: List Type: Bid Deadline: Daily at 23:59:59

Priority: All Bidders

Address: 201 NUNEZ RD, SLIDELL LA 70460 (Saint Tammany)

Price:$72,900 As-Is Value:$100,000

Bed/Bath: 3/2 Rooms:

Sqft: 1,631 Year: 1999

Bid Deadline: Daily at 23:59:59

Priority: All Bidders

Address: 59180 PULESTON RD, AMITE, LA

(Tangipahoa)

Price:$44,550 As-Is Value:$55,000

Bed/Bath: 3/2 Sqft:1,123

Financing:Insured W/ESCROW

Bid Deadline: 03/14/10 at 23:59:59

Priority: Owner Occupant

Page 4: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

Address: 2105 JAY ST, SLIDELL LA 70460

(Saint Tammany )

Price: $91,800 As-Is Value: $102,000

Bed/Bath: 3/2 Sqft: 1,107

Year: 1999 Financing: Insured (IE)

List Date: 03/05/10 List Type: Reduction

Bid Deadline: 03/14/2010 23:59:59

Priority: Owner Occupant

Address: 2167 PARK DRIVE, SLIDELL LA 70458 (Saint Tammany)

Price:$130,500 As-Is Value:$130,500

Bed/Bath:3/2 Rooms:7Units:1

Sqft:1,452 Year:1983

Bid Deadline:03/14/10 at 23:59:59

Priority:Owner Occupant

Address: 1415 ADMIRAL NELSON, SLIDELL LA 70458

(Saint Tammany)

Price:$80,000 As-Is Value:$80,000

Bed/Bath:3/2 Sqft:1,447

Financing: UnInsured (UI)

Bid Deadline: Daily at 23:59:59

Priority: All Bidders

Page 5: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

Address:23578 TASSIN LANE, PONCHATOULA LA 70454

(Tangipahoa)

Price:$36,450 As-Is Value:$50,000

Bed/Bath:3/2 Sqft:1,140

Financing:Insured (IN)

Bid Deadline:03/07/10 at 23:59:59

Priority:Owner Occupant Address:6 HUCKLEBERRY ST, PONCHATOULA LA 70454

(Tangipahoa)

Price:$126,000 As-Is Value:$140,000

Bed/Bath:3/2 Sqft:1,547

Financing:Insured (IN)

Deadline:Daily at 23:59:59

Priority:All Bidders

Page 6: HUD Homes For Sale

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

Address:126 BIENVILLE DR, SLIDELL LA 70458

(Saint Tammany)

Price:$72,900 As-Is Value:$100,000

Bed/Bath:3/2 Sqft:2,079

Year:1979 Financing:Insured (IN)

Deadline: Daily 23:59:59

Priority: All Bidders

Address:320 BOGIE DR, SLIDELL LA 70460

(Saint Tammany)

$76,108 PRICE REDUCTION

Price:$84,564 As-Is Value:$116,000

Bed/Bath:2/1.1 Sqft:1,291

Financing:Insured with Repair Escrow (IE)

Bid Deadline:Daily

Priority:All Bidders

Page 7: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

Address: 535 FIFTH ST, PEARL RIVER LA 70452

(Saint Tammany )

$46,170 PRICE REDUCTION

Price: $51,300 As-Is Value: $57,000

Bed/Bath: 3/2 Sqft: 1,184

Year: 1999 Financing: Insured (IN)

List Date: 01/29/10 List Type: Reduction

Bid Deadline: Daily at 23:59:59

Address:804 ASHEVILLE DR, SLIDELL LA 70458

(Saint Tammany)

Price:$64,800 As-Is Value:$80,000

Bed/Bath:2/1.5 Sqft:1,269

Financing:Insured (IN) Bid Deadline:03/07/10 at

23:59:59

Priority:Owner Occupant

Page 8: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

WHAT IS A HUD HOME? When payments are not paid on a mortgage insured by the Federal Housing Administration (FHA), the lender (mortgagee) forecloses, or accepts a deed-in-lieu. The mortgagee files a claim with the Department of Housing and Urban Development (HUD) for the unpaid principal balance and conveys title of the property to HUD. Once conveyed, the M & M Contractor (Cityside Management) then begins the maintenance and marketing of the property.

WHO CAN SELL A HUD HOME? Only HUD registered real estate brokers and their sales agents may submit electronic bids for HUD owned properties on behalf of buyers. HUD registered brokers may also advertise HUD Homes provided that they include the fair housing logo, identify the home as “HUD owned”, do not advertise as distressed or foreclosure sale, and do not represent listing as exclusive.

WHO CAN PURCHASE A HUD HOME? Any individual regardless of race, color, sex, religion, national origin, handicap or familial status may purchase a HUD home. Prospective buyers must use a HUD registered Broker and must have a pre-qualification letter from a lender. Cash buyers must provide proof of cash funds in the amount of or greater than the purchase price of the property.

Page 9: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

OWNER OCCUPANT PRIORITY BID PERIOD During the initial 10 day bid period, priority will be given to purchasers who are owner occupants. An owner occupant is a purchaser who will live in the house as their pri-mary residence for at least one (1) year and may not purchase another HUD home for two (2) years.

INVESTORS Investor bids may not be submitted during the 10 day owner/occupant priority period.

Investors may only bid after the 10 day owner/occupant period has expired. All investor bids will be opened daily on the following business day. Bids received throughout the day shall be considered to be received simultaneously.

DAILY - ALL BIDDERS Any properties not sold during the 10-day owner/occupant priority will be placed in this category and will remain for all bidders until a price reduction or the property is sold.

“AS IS” POLICY All HUD homes are sold strictly “AS-IS”. HUD does not make repairs on any property. There are no representations, or warranties, expressed or implied on the HUD homes. HUD does not guarantee the condition of any property, regardless of its FHA insurability. The property may or may not meet local code or zoning requirements. It is the buyer’s responsibility to investigate compliance with local regulations. Agents should encourage buyers to have a home inspection conducted by a qualified home inspector to satisfy them as to the condition of the property at the time of the sale.

Page 10: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

FINANCING OPTIONS “IN” – INSURABLE: 203(b) Properties listed IN appear to qualify for FHA 203(b) financing. Minimum Property Standard (MPS) repairs unnecessary. “IE”- INSURABLE WITH ESCROW: 203(b) with Repair Escrow

Properties listed IE are eligible for FHA financing with repairs to be completed by the purchaser after close of the transaction. These MPS repairs must total less

than $5,000. MPS categories include: structure, roof and mechanical systems, such as plumbing, electric and heating. A list of actual repairs and estimated cost appears with the property information. The repair costs are not paid by HUD. The buyer must finance the repair escrow amount in their FHA mortgage. Until the repairs are completed, the lender holds the “repair escrow” funds. The lender is then responsible for inspecting the repairs and authorizing release of funds.

REPAIR ESCROW ONLY APPLIES TO FHA FINANCING - Not relevant with conventional financing. “UI” – UNINSURABLE : 203(k)

Properties listed UI generally are in need of repairs in excess of $5,000 and may qualify for a FHA 203(k) or the new 203(k) streamlined loan. The 203(k) is a rehabilitation loan for owner/occupants only.

Page 11: HUD Homes For Sale

Visit my blog great real estate resources & articles

Covington Real Estate Expert Real Estate 101 Real Estate 911

NorthShore Native… NorthShore Expert!

Betty Anne Burns Broker, Realtor and Instructor

Northshore Area Board of Realtors Award Winner

ePro

“SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

WHAT IS A HUD HOME? When payments are not paid on a mortgage insured by the Federal Housing Administration (FHA), the lender (mortgagee) forecloses, or accepts a deed-in-lieu. The mortgagee files a claim with the Department of Housing and Urban Development (HUD) for the unpaid principal balance and conveys title of the property to HUD. Once conveyed, the M & M Contractor (Cityside Management) then begins the maintenance and marketing of the property.

WHO CAN PURCHASE A HUD HOME? Any individual regardless of race, color, sex, religion, national origin, handicap or familial status may purchase a HUD home. Prospective buyers must use a HUD registered Broker and must have a pre-qualification letter from a lender. Cash buyers must provide proof of cash funds in the amount of or greater than the purchase price of the property.

WHO CAN SELL A HUD HOME? Only HUD registered real estate brokers and their sales agents may submit electronic bids for HUD owned properties on behalf of buyers. HUD registered brokers may also advertise HUD Homes provided that they include the fair housing logo, identify the home as “HUD owned”, do not advertise as distressed or foreclosure sale, and do not represent listing as exclusive.