Subscribe to receive an electronic Invitation to Bid on each multifamily property as it is advertised for sale, as well as immediate notification of any sale change or cancellation. Go to the Multifamily Property Disposition Mailing List, and key in your email address.
What is a multifamily property?
Multifamily properties consist primarily of rental housing properties with five or more dwelling units such as apartments or town houses, but can also be nursing homes, hospitals, elderly housing, mobile home parks, retirement service centers, and occasionally vacant land.
Why does HUD have property for sale?HUD's Federal Housing Administration (FHA) has programs which insure mortgages or provide direct loans on multifamily properties. When a mortgagor defaults on a loan insured by FHA, the mortgagee can assign the mortgage to HUD and receive the benefits of the FHA mortgage insurance. The mortgage then becomes a HUD-held mortgage and if the mortgage cannot be reinstated, HUD Multifamily Property Disposition forecloses on the property.
What is Multifamily Property Disposition?
Multifamily Property Disposition is the program through which HUD forecloses on HUD-held multifamily mortgages, sells HUD-owned multifamily properties, and manages HUD-owned properties and properties where HUD is mortgagee-in-possession.
When does HUD offer multifamily property for sale?
HUD offers multifamily property for sale at the time of foreclosure on a HUD-held mortgage. Some HUD-owned properties are also available for sale to the public.
I've seen your weekly listing of multifamily property for sale - - now what?
Obtain the Free Info and Bid Kit for each property that you are interested in. If you have any questions, after reading the information that you receive, contact the Realty Specialist assigned.
What are some of the general terms and conditions for these sales?
Properties are sold competitively, all cash, no financing or mortgage insurance provided. All sales require an earnest money deposit. Some properties are sold with repair or demolition requirements within a set period of time.
What are Physical Condition Standards?
HUD housing must be decent, safe, sanitary and in good condition. Properties sold with a Housing Assistance Payments Contract must be maintained in such a manner that meets the physical condition standards set forth in 24 CFR Part 5. For more information click on the following link: PCS
What is Certification of Substantial Compliance?
All purchasers must certify that projects they own and operate are in compliance with State and local housing statutes, regulations, ordinances and codes. HUD may verify the accuracy of such certification. If you are purchasing a property from a Property Disposition Center sale, either foreclosure or HUD owned, you must complete the Certification of Substantial Compliance Form and submit the form to the appropriate Property Disposition Center. If you are selling a property you purchased at a Property Disposition sale, your purchaser must complete the Certification of Substantial Compliance Form and submit the form to the appropriate Property Disposition Center.
I have some general questions about multifamily property sales - - who can answer them?