More News... Tuesday, February 9th, 2010
01/29/2010 - OFFICE CLOSED - PRESIDENTS DAY
Our offices will be closed on Monday, February 15, 2010 in observance of Presidents Day. The Sunday, February 14, 2010 bidding deadline is extended until 11:59pm Monday, February 15, 2010. All bids received on February 14th and 15th will be considered to have been received simultaneously and bid results will be published on Tuesday, February 16, 2010.
01/08/2010 - OFFICE CLOSED - REV. DR. MARTIN LUTHER KING JR. MEMORIAL DAY!
Our offices will be closed on Monday, January 18, 2010 in observance of Martin Luther King Memorial Day. The Sunday, January 17, 2010 bidding deadline is extended until 11:59pm on Monday, January 18, 2010. All bids received on January 17th and 18th will be considered to have been received simultaneously and bid results will be published on Tuesday, January 19, 2010. Honor Martin Luther King Day!
12/14/2009 - REITERATION OF HOME INSPECTIONS AND RE-WINTERIZATIONS
Please remember that by signing the Utility Activation Form and submitting the required winterization fee that either the buyer or the buyer’s agent must notify HMBI when the inspection is complete and the utilities have been turned off. This notification must be in writing, either faxed or emailed within one day of the completed inspection. Damage caused to the HUD property for failure to provide this notification may result in the buyer and/or the buyer’s agent being held responsible for any damage directly related to this lack of notification.
12/04/2009 - OFFICE CLOSED - CHRISTMAS AND NEW YEARS
PLEASE READ CAREFULLY! Our offices will be closed on Friday, December 25, 2009, and Friday, January 1, 2010 in observance of the holidays. The Thursday, December 24, 2009 bidding deadline is extended until 11:59pm Sunday, December 27, 2009 and the Thursday, December 31, 2009 bidding deadline is extended until 11:59pm Sunday, January 3, 2010. All bids received on December 24th, 25th, 26th, and 27th, will be considered to have been received simultaneously and bid results will be published on Monday, December 28, 2009. All bids received on December 31st, January 1st, 2nd, and 3rd will also be considered to have been received simultaneously and bid results will be published on Monday, January 4, 2010. Happy Holidays!
12/04/2009 - FHA Special Sales Incentive (UPDATED: 10/01/2009: North Carolina and South Carolina:)
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 a minimum of 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months), utilizing FHA financing. This incentive is also available to owner occupant purchasers who obtain an FHA Home Repair loan. Note: Earnest Money Policies and all other contract requirements will remain the same. In order to qualify for this incentive the buyer must purchase at HUD’s appraised value or lower, obtaining a second appraisal to justify an overbid is NOT allowed, and the purchaser cannot finance closing costs, prepaids, etc. into the loan. $100 down payment financing is available on most properties through FHA approved lenders It’s a great time to purchase a HUD Home with FHA financing.
11/20/2009 - OFFICE CLOSED – THANKSGIVING DAY HOLIDAY
Our offices will be closed on Thursday November 26th, 2009 in observance of Thanksgiving Day. The Wednesday November 25th, 2009 bidding deadline is extended until 11:59pm Thursday November 26th, 2009. All bids received on November 25th and 26th, 2009 will be considered to have been received simultaneously and the bid results will be published on Friday, November 27th, 2009. Happy Thanksgiving Day!
10/28/2009 - OFFICE CLOSED - VETERANS DAY HOLIDAY
Our offices will be closed on Wednesday, November 11, 2009 in observance of Veterans Day. The Tuesday, November 10, 2009 bidding deadline is extended until 11:59pm Wednesday, November 11, 2009. All bids received on November 10th & 11th, 2009 will be considered to have been received simultaneously and bid results will be published on Thursday, November 12, 2009. Have a safe and happy holiday!
10/22/2009 - SPECIAL LEAD BASE PAINT ANNOUNCEMENT October 22, 2009
Effective October 20, 2009 HUD properties will no longer be sold as insurable if the lead base paint inspection denotes paint that requires stabilization in an amount greater then $4,000 (except 203K), at which point a credit will be issued to the buyer’s up to the $4,000. On all properties constructed before 1978 HMBI will order a lead-based inspection and visual assessment after the property goes under contract. This requirement only applies to those properties where the purchaser is utilizing FHA financing. If the lead-based paint inspection and associated stabilization exceeds $4,000, HMBI will notify the broker and/or agent and advise them accordingly of the following options: 1) Amend the contract financing to conventional or 203K. If the purchaser(s) opt for 203K, HUD will only approve a credit up to the $4,000. 2) Cancel the contract in accordance with the LBP Stabilization Addendum. In the cases where HUD cancels the contracts due to the presence of deterioted lead-based paint and the cost estimate for implementing the stabilization plan exceeds $4,000, the buyer shall be entitled to a 100% refund of the earnest money deposit.
10/16/2009 - HUD Sales Incentives for North Carolina and South Carolina
The following incentives are Discontinued as of October 16, 2009 1) The $1,000 sales incentive to Owner Occupant purchasers. 2) Selling Brokers $500 bonus paid on owner occupant offers. The $100 down payment for Owner Occupant purchasers is still available until further notice.
10/01/2009 - FHA Special Sales Incentive (UPDATED: 10/01/2009): Alaska, Idaho, Oregon, & Washington
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 a minimum of 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months), utilizing FHA financing. This incentive is also available to owner occupant purchasers who obtain an FHA Home Repair loan. Note: Earnest Money Policies and all other contract requirements will remain the same. In order to qualify for this incentive the buyer must purchase at HUD’s appraised value or lower, obtaining a second appraisal to justify an overbid is NOT allowed, and the purchaser cannot finance closing costs, prepaids, etc. into the loan. $100 down payment financing is available on most properties through FHA approved lenders It’s a great time to purchase a HUD Home with FHA financing.
09/17/2009 - OFFICE CLOSED - COLUMBUS DAY HOLIDAY
COLUMBUS DAY HOLIDAY: Our offices will be closed on Monday, October 12, 2009 in observance of Columbus Day. The Sunday, October 11, 2009 bidding deadline is extended until 11:59pm Monday, October 12, 2009. All bids received on October 11th and 12th, 2009 will be considered to have been received simultaneously and bid results will be published on Tuesday, October 13th, 2009. Happy Columbus Day!
09/08/2009 - Owner Occupant Sales Allowances Discontinued for Alaska, Idaho, Oregon, & Washington
The following incentives will be discontinued as of October 1, 2009: 1) Owner Occupants: $1,000 sales allowance paid to owner occupant’s purchaser’s on all full price offers. 2) Selling Brokers: $500 seller broker bonus on full price owner occupant offers. IMPORTANT: Please note that all contracts must be ratified by HMBI by the COB on September 30, 2009 to be eligible for the above-referenced incentives. Any contract not ratified by this date, regardless of when the bid was awarded, will not be honored. HUD’s current $100 down payment initiative will remain in effect until further notice. This initiative is available to all owner occupant’s who purchases a HUD home as their primary residence utilizing FHA financing, and who have not purchased a home from HUD as an owner occupant within the past twenty-four months.
09/03/2009 - HMBI OFFICES CLOSED - LABOR DAY OBSERVANCE
Our offices will be closed on Monday, September 7, 2009 in observance of Labor Day. The Sunday, September 6, 2009 bidding deadline is extended until 11:59pm Monday, September 7, 2009. All bids received on September 6th and September 7th, 2009 will be considered to have been received simultaneously and bid results will be published on Tuesday, September 8, 2009. Have a safe and happy holiday!
08/19/2009 - Owner Occupant Sales Allowance Discontinued for Indiana
Effective August 20, 2009, HUD will discontinue the Owner Occupant Sales Allowance for all Indiana properties. The $500 Sales Allowance will not apply to any sale in Indiana with an accepted bid both on and after the effective date.
06/19/2009 - Office Closed - Independence Day Holiday (4th of July)
Our offices will be closed on Friday, July 3, 2009 in observance of Independence Day. The Thursday, July 2, 2009 bidding deadline is extended until 11:59pm Sunday, July 5th, 2009. All bids received on July 2nd and 3rd will be considered to have been received simultaneously and bid results will be published on Monday, July 6th, 2009. Happy Independence Day!
06/02/2009 - UPDATE HUD Approved Owner Occupant Sales Allowance on HUD listings (Illinois and Indiana)
Effective February 6, 2009, the Owner Occupant Sales Allowance for Illinois and Indiana property listings, both on and after this date, is reduced from $1,000 to $500.00. For Illinois and Indiana listings, on and after Feb. 6, 2009, the $500 Sales Allowance will be credited at closing, when an acceptable bid is received and accepted from an Owner Occupant bidder within 30 calendar days of the initial listing date. Only one (1) Owner Occupant Sales Allowance will be applied at settlement, per property, regardless of financing type for qualifying sales.
05/26/2009 - HMBI is seeking Lead Based Paint Contractors
HMBI is seeking certified Lead Based Paint Contractors immediately to stabilize lead based paint in WA, OR, ID and AK. Contractors must be state certified in Washington and Oregon and EPA certified in Idaho and Alaska. Copies of certification and references will be required. If interested please contact:
- mejackson@hmbiweb.com- 860-244-2783 or
- aperri@hmbiweb.com– 860-244-2783.
05/22/2009 - HMBI OFFICES CLOSED-MEMORIAL DAY OBSERVANCE
Our offices will be closed on Monday, May 25th, 2009 in observance of Memorial Day. The Sunday, May 24th, 2009 bidding deadline is extended until 11:59pm Monday, May 25th, 2009. All bids received on May 24th and 25th will be considered to have been received simultaneously and the results will be published on Tuesday, May 26th 2009. Have a safe and happy Memorial Day.
05/21/2009 - HMBI VA & WV Office - New Listing Broker
Harrington, Moran, Barksdale, Inc (HMB, Inc) West Virginia office (PF), has a new Listing Broker, Hometowne Realty. You can contact, Mr. John Edgar, 5987 Winchester Pike, Inwood WV 25428, phone number is 304.229.5063.
05/04/2009 - ILLINOIS INDUSTRY TRAINING SEMINARS
The Chicago Regional Office will hold brokers training seminars on May 11th, 2009 in (Chicago, IL) and on May 12th, 2009 in (Downers Grove, IL). Maximum room capacity is limited and reservations are required. Walk-ins are not accepted. Please register online for this seminar.
04/29/2009 - Owner Occupant Sales Allowance Discontinued for Illinois
Effective May 1, 2009, HUD will discontinue the Owner Occupant Sales Allowance for all Illinois properties. The $500 Sales Allowance will not apply to any sale in Illinois with an accepted bid both on and after the effective date.

The $500 Owner Occupant Sales Allowance is still in effect for Indiana properties only.
04/24/2009 - Neighborhood Stabilization Program
Beginning April 24, 2009, HUD is making properties available for Neighborhood Stabilization Program grantees. The Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. Please click here to review further information regarding this program and view eligible properties.
02/06/2009 - UPDATE HUD Approved Owner Occupant Sales Allowance on HUD listings (Illinois and Indiana)
Effective February 6, 2009, the Owner Occupant Sales Allowance for Illinois and Indiana property listings, both on and after this date, is reduced from $1,000 to $500.00. For Illinois and Indiana listings, on and after Feb. 6, 2009, the $500 Sales Allowance will be credited at closing, when an acceptable bid is received and accepted from an Owner Occupant bidder within 30 calendar days of the initial listing date. Only one (1) Owner Occupant Sales Allowance will be applied at settlement, per property, regardless of financing type for qualifying sales.
11/26/2008 - $500 Broker Bonus Available for All Owner Occupant Sales
As an update to the initial disclosure provided on 8-30-07, the Atlanta Homeownership Center has approved the use of a $500 Broker Bonus for sales to Owner Occupant purchasers, regardless of financing type. The use of FHA 203-K financing is no longer required to receive the Broker Bonus. This is a sole $500.00 Broker Bonus. The incentive applies for the sale of HUD homes in (Illinois, Indiana, North, and South Carolina)
10/09/2008 - Indiana Closing Services
Effective 10/10/2008: All closing extensions for Indiana HUD properties will be processed by HMB, Inc., by direction of the U.S. Department of HUD until further notice. Please submit all required documentation along with a cashier's check, money order or other certified funds in the appropriate amount and made payable to HUD to to HMB,Inc., 8600 W. Bryn Mawr Avenue, Suite 600 South, Chicago, IL 60631, Attention Chalone Liddell prior to the expiration of the sales contract. All correspondence needed to complete extension requests must be faxed to: 773-444-4899.
09/08/2008 - NEW HUD Approved Owner Occupant Sales Allowance on HUD Listings (North Carolina and South Carolina)
Effective September 8, 2008, The Atlanta Homeownership Center has approved the use of the following Owner Occupant Sales Allowance:

A $1,000 sales allowance will be credited at closing to all owner occupant purchasers with a contract, signed by the seller, within 30 calendar days of the initial listing date and who close within 30 calendar days of the date the contract is signed by the Seller. The sales allowance will be credited regardless of financing type.

08/27/2008 - UPDATE: $100 Down Payment for Owner Occupants
The $100 Down offer applies if the purchase price is less than or equal to the appraised value of the property. If the purchase price is greater than the appraised value, the purchaser may obtain a new FHA appraisal to support the higher mortgage amount or must pay cash in the amount of the difference between the appraisal and the price less $100.
07/21/2008 - NEW HUD Approved Owner Occupant Sales Allowance on HUD listings (Illinois and Indiana)
Effective July 21st, 2008, The Atlanta Homeownership Center has approved the use of the following Owner Occupant Sales Allowance:

A $1,000 sales allowance will be credited at closing to all owner occupant purchasers with a contract, signed by the seller, within 30 calendar days of the initial listing date and who close within 30 calendar days of the date the contract is signed by the Seller. The sales allowance will be credited regardless of financing type.

02/01/2007 - Your HUD Home Can Be Your Dream Home
If you are thinking about buying a REO property that needs repair, FHA 203(K) rehabilitation loan or its simplified alternative, the Streamlined(k) may be a good option for you. FHA simplified Streamlined(k) program for small-scale repairs is the perfect option for most HUD REO sales. For the major repairs & more complicated renovation plans, the Standard 203(K) program is the option.