FHA Single Family Housing Policy Handbook 4000.1, IV. CLAIMS AND DISPOSITION > B. Title II Disposition > 2. REO Property Disposition — a. Property and Sales Condition
HUD effective date: 09/30/2016 · section IV.B.2 · Handbook 4000.1
FHA Single Family Housing Policy Handbook 4000.1, Part IV — a. Property and Sales Condition (09/30/2016).
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Verbatim provisions from FHA Single Family Housing Policy Handbook 4000.1, IV. CLAIMS AND DISPOSITION > B. Title II Disposition > 2. REO Property Disposition — a. Property and Sales Condition — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
FHA Single Family Housing Policy Handbook 4000.1, Part IV — a. Property and Sales Condition (09/30/2016)
a. Property and Sales Condition (09/30/2016) i. As-Is Condition (A) Definition As-Is Condition refers to the condition of a Property without repairs, representations, or warranties. (B) Standard HUD markets Properties under the following categories, based on the as-is condition of the Property at the time of listing as determined by one or more evaluation tools, such as an appraisal, Broker’s Price Opinion (BPO), or Automated Valuation Model (AVM): • insurable; • insurable with repair escrow; or • uninsurable. ii. Vacant Lots (A) Definition A Vacant Lot is a Property without improvements or Structures. (B) Standard HUD may raze Structures or offer the vacant lot for sale where Properties are so damaged that repair by HUD or the buyer is not feasible and where one of the following conditions exist: • the Property has already been unsuccessfully offered for sale in its as-is condition; • a local ordinance or agreement prohibits as-is sales of such Properties; or • the Structure must immediately be razed by HUD to remove a serious public hazard. Where there is no immediate need to raze the Property or where it would be otherwise inappropriate to sell the Property as-is, HUD may sell the Property with the requirement that the buyer raze the Structure after sales closing. iii. Held Off Market (A) Definition Held Off Market is the status of a HUD REO Property that is unavailable for sale. (B) Standard HUD may designate a Property as held off market when a property, title, occupancy, or other condition delays or prohibits HUD’s ability to market or sell the Property. Should the adverse condition be resolved, HUD may then list the Property for sale.
Operationalizing FHA Single Family Housing Policy Handbook 4000.1, IV. CLAIMS AND DISPOSITION > B. Title II Disposition > 2. REO Property Disposition — a. Property and Sales Condition
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