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HUD REO Bulk Sales Fact

Category: Helpful Information

This Initiative is effective until June 1, 2010.

Eligible participants are NSP grantees, which includes state and local government entities and nonprofit organizations designated by NSP grantees to purchase properties on their behalf.

Eligible participants must propose to acquire a minimum of ten (10) properties.

Available properties include one-to-four unit HUD-owned residences that have been listed for sale for 60 days or more.

The purchase price for the eligible property shall be the appraised value, as determined by HUD, minus the applicable discounts specified below.

Properties with appraised values greater than $100,000 shall receive a ten percent (10%) discount of the appraised value of the property.

Properties with appraised values of $100,000 or less shall receive a fifty percent (50%) discount of the appraised value of the property.

Properties with values of $20,000 or less and considered “demolition” properties shall be sold for one hundred dollars ($100).

Participants purchasing fifty (50) or more properties will receive an additional five percent (5%) discount.

Properties will be available simultaneously to both local governments and the general public.

If an owner-occupant purchaser submits a bid that is greater than the local government’s discounted price, the owner-occupant will be given preference in bid acceptance.

Identifying Properties
Management and Marketing (M & M) Contractors market and manage HUD REO properties. Local governments can identify and bid on available properties in their community by visiting the website of the M & M contractor assigned to their geographic area via http://www.hud.gov/offices/hsg/sfh/reo/mm/mminfo.cfm

Submitting Bids
After identifying properties of interest, local governments may submit an electronic bid on the website cited above. In order to do so, the local government entity must have a Name Address Identifier (NAID).

Obtaining a NAID

Eligible participants must submit a completed SAMS 1111 form which may be obtained at:

http://www.hud.gov/offices/adm/hudclips/forms/files/1111sams.pdf

as well as proof of the entity’s tax identification number to the Home Ownership Center identified below.

Points of Contact
HUD’s four Home Ownership Centers monitor the M & M Contractor’s administration of the REO Disposition program. To determine the HOC for your state,  refer to http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm


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