Property Listings

Properties are listed at their fair market value as determined by a licensed FHA appraiser. If a property remains on the market for an extended period of time price reductions may occur. All properties are listed with their appraised value. Please note that if purchaser is obtaining FHA financing and bids higher then the appraised value then the difference will be due in cash at closing (unless HUD’s Appraisal is over 6 months old, in this case your purchaser will be required to obtain a new FHA AS-IS appraisal . This is because FHA can not finance a property for more than the FHA appraised value.
Below is a description of the information provided for each listing:

Address And Zip Code:Property Address and zip code.

Case Number:This is the FHA Case number. This number should be used to reference HUD properties. When faxing documents to HHN please be sure to label all pages with the specific case number.

List Price:This is the current list price of the property.

I/U:Financing types: This is the FHA insurability of the property. 

• IN = Insured 
• IE = Insured with Repair Escrow 
• IC = Insured with Conditions (such as system check) 
• UI = Uninsured

Sq Ft:Square feet of the property.
Year:Year the property was built. If the property was built prior to 1978 a Lead Based Paint Addendum will be required as part of the sales package.
Listing Date:Original list date of the property.
Deadline:The last day you can place bids by 11:59 PM.
Bid Opening:Date the bids will be opened - all winning bids are posted by 4pm EST. This line will also indicate if a property is currently available for owner occupant bids only or all purchasers.
“AS-IS” Value:The FHA “AS-IS” Appraised value.
Escrow Amount:If the property is IE – this is the amount of the repair escrow. This is the repair amount plus the 10% contingency.
Property Condition Report (PCR):a comprehensive inspection report, will be available for viewing and downloading.
Notes:Any notes or information about the listed property.

For futher details click here.