Wednesday, September 1, 2010

HUD Kumbaya With Lenders to Offer Foreclosures to NSP Grantees First; Discount Likely Modest, Perhaps "Wimpy"?

HUD PR is HERE. Gist: 
The National First Look Program will allow NSP grantees the exclusive opportunity to purchase available REO properties located within the defined boundaries of NSP target areas. NSP grantees will be immediately notified when a property becomes available and will have 24-48 hours to express interest in pursuing a specific property. Furthermore, these institutions will provide NSP purchasers with the opportunity to purchase REO properties at a discount their appraised value, reflecting the cost savings of a quick sale. NSP grantees may acquire these properties with the assistance of NSP funds for any eligible use.

However I did NOT see any details about AMOUNT of discount that NSP might expect; my prior post HERE pointed out that HUD was offering what I called a "wimpy" 10% discount for its FHA repos.

Originally created and posted on the Oregon Housing Blog.

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