HUD Homes For Sale by Betty Anne Burns

HUD HOMES FOR SALE ST. TAMMANY TANGIPAHOA WASHINGTON PARISH

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NorthShore Native… NorthShore Expert! Betty Anne Burns Broker, Realtor and Instructor Northshore Area Board of Realtors Award Winner ePro “SELL” Phone (985) 630-1755 Top Agent Realty, Inc., 74358 Hwy 25, Covington, LA 70435 Each Office Independently Owned and Operated

Property Listings………………………………….3-5 Terms & Definitions……………………………….6-9 Betty Anne Burns Broker, Realtor & Instructor NorthShore Native... NorthShore Expert!! Keller Williams Realty Services "SELL" Phone (985) 630-1755 TheBurnsTeam@gmail.com www.BaBurns.com Visit my blog great real estate resources & articles Covington Real Estate Expert

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Address: 1208 DOVERVILLE CT, SLIDELL LA 70461 (Saint Tammany ) Price: $112,500 As-Is Value: $112,500 Bed/Bath: 3/2 Sqft: 1,549 Year: 2001 Financing: Insured W/Esscrow (IE) List Date: List Type: Bid Deadline: Daily at 23:59:59 Priority: All Bidders Address: 201 NUNEZ RD, SLIDELL LA 70460 (Saint Tammany) Price:$72,900 Bed/Bath: 3/2 Sqft: 1,631 Bid Deadline: Daily at 23:59:59 Priority: All Bidders

As-Is Value:$100,000 Rooms: Year: 1999

Address: 59180 PULESTON RD, AMITE, LA (Tangipahoa) Price:$44,550 As-Is Value:$55,000 Bed/Bath: 3/2 Sqft:1,123 Financing:Insured W/ESCROW Bid Deadline: 03/14/10 at 23:59:59 Priority: Owner Occupant Visit my blog great real estate resources & articles Covington Real Estate Expert

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Address: 2105 JAY ST, SLIDELL LA 70460 (Saint Tammany ) Price: $91,800 As-Is Value: $102,000 Bed/Bath: 3/2 Sqft: 1,107 Year: 1999 Financing: Insured (IE) List Date: 03/05/10 List Type: Reduction Bid Deadline: 03/14/2010 23:59:59 Priority: Owner Occupant Address: 2167 PARK DRIVE, SLIDELL LA 70458 (Saint Tammany) Price:$130,500 As-Is Value:$130,500 Bed/Bath:3/2 Rooms:7Units:1 Sqft:1,452 Year:1983 Bid Deadline:03/14/10 at 23:59:59 Priority:Owner Occupant

Address: 1415 ADMIRAL NELSON, SLIDELL LA 70458 (Saint Tammany) Price:$80,000 As-Is Value:$80,000 Bed/Bath:3/2 Sqft:1,447 Financing: UnInsured (UI) Bid Deadline: Daily at 23:59:59 Priority: All Bidders Visit my blog great real estate resources & articles Covington Real Estate Expert

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Address:23578 TASSIN LANE, PONCHATOULA LA 70454 (Tangipahoa) Price:$36,450 As-Is Value:$50,000 Bed/Bath:3/2 Sqft:1,140 Financing:Insured (IN) Bid Deadline:03/07/10 at 23:59:59 Priority:Owner Occupant Address:6 HUCKLEBERRY ST, PONCHATOULA LA 70454 (Tangipahoa) Price:$126,000 Bed/Bath:3/2 Financing:Insured (IN) Deadline:Daily at 23:59:59 Priority:All Bidders

As-Is Value:$140,000 Sqft:1,547

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Address:126 BIENVILLE DR, SLIDELL LA 70458 (Saint Tammany) Price:$72,900 Bed/Bath:3/2 Year:1979 Deadline: Daily 23:59:59 Priority: All Bidders

As-Is Value:$100,000 Sqft:2,079 Financing:Insured (IN)

Address:320 BOGIE DR, SLIDELL LA 70460 (Saint Tammany)

$76,108 Price:$84,564

PRICE REDUCTION

As-Is Value:$116,000 Bed/Bath:2/1.1 Sqft:1,291 Financing:Insured with Repair Escrow (IE) Bid Deadline:Daily Priority:All Bidders

Address: 535 FIFTH ST, PEARL RIVER LA 70452 (Saint Tammany )

$46,170 $51,300

PRICE REDUCTION

Price: Bed/Bath: 3/2 Year: 1999 List Date: 01/29/10 Bid Deadline: Daily at 23:59:59

As-Is Value: $57,000 Sqft: 1,184 Financing: Insured (IN) List Type: Reduction

Address:804 ASHEVILLE DR, SLIDELL LA 70458 (Saint Tammany) Price:$64,800 Bed/Bath:2/1.5 Financing:Insured (IN) 23:59:59 Priority:Owner Occupant

As-Is Value:$80,000 Sqft:1,269 Bid Deadline:03/07/10 at

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Real Estate 101

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WHAT IS A HUD HOME? When payments are not paid on a mortgage insured by the Federal Housing Administration (FHA), the lender (mortgagee) forecloses, or accepts a deed-in-lieu. The mortgagee files a claim with the Department of Housing and Urban Development (HUD) for the unpaid principal balance and conveys title of the property to HUD. Once conveyed, the M & M Contractor (Cityside Management) then begins the maintenance and marketing of the property.

WHO CAN SELL A HUD HOME? Only HUD registered real estate brokers and their sales agents may submit electronic bids for HUD owned properties on behalf of buyers. HUD registered brokers may also advertise HUD Homes provided that they include the fair housing logo, identify the home as “HUD owned”, do not advertise as distressed or foreclosure sale, and do not represent listing as exclusive.

WHO CAN PURCHASE A HUD HOME? Any individual regardless of race, color, sex, religion, national origin, handicap or familial status may purchase a HUD home. Prospective buyers must use a HUD registered Broker and must have a pre-qualification letter from a lender. Cash buyers must provide proof of cash funds in the amount of or greater than the purchase price of the property.

OWNER OCCUPANT PRIORITY BID PERIOD During the initial 10 day bid period, priority will be given to purchasers who are owner occupants. An owner occupant is a purchaser who will live in the house as their primary residence for at least one (1) year and may not purchase another HUD home for two (2) years.

INVESTORS Investor bids may not be submitted during the 10 day owner/occupant priority period. Investors may only bid after the 10 day owner/occupant period has expired. All investor bids will be opened daily on the following business day. Bids received throughout the day shall be considered to be received simultaneously .

DAILY - ALL BIDDERS Any properties not sold during the 10-day owner/occupant priority will be placed in this category and will remain for all bidders until a price reduction or the property is sold.

“AS IS” POLICY All HUD homes are sold strictly “AS-IS”. HUD does not make repairs on any property. There are no representations, or warranties, expressed or implied on the HUD homes. HUD does not guarantee the condition of any property, regardless of its FHA insurability. The property may or may not meet local code or zoning requirements. It is the buyer’s responsibility to investigate compliance with local regulations. Agents should encourage buyers to have a home inspection conducted by a qualified home inspector to satisfy them as to the condition of the property at the time of the sale.

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FINANCING OPTIONS “IN” – INSURABLE: 203(b) Properties listed IN appear to qualify for FHA 203(b) financing. Minimum Property Standard (MPS) repairs unnecessary. “IE”- INSURABLE WITH ESCROW: 203(b) with Repair Escrow Properties listed IE are eligible for FHA financing with repairs to be completed by the purchaser after close of the transaction. These MPS repairs must total less than $5,000. MPS categories include: structure, roof and mechanical systems, such as plumbing, electric and heating. A list of actual repairs and estimated cost appears with the property information. The repair costs are not paid by HUD. The buyer must finance the repair escrow amount in their FHA mortgage. Until the repairs are completed, the lender holds the “repair escrow” funds. The lender is then responsible for inspecting the repairs and authorizing release of funds. REPAIR ESCROW ONLY APPLIES TO FHA FINANCING - Not relevant with conventional financing. “UI” – UNINSURABLE : 203(k) Properties listed UI generally are in need of repairs in excess of $5,000 and may qualify for a FHA 203(k) or the new 203(k) streamlined loan. The 203(k) is a rehabilitation loan for owner/occupants only.

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Real Estate 101

Real Estate 911

Visit my blog great real estate resources & articles Covington Real Estate Expert

Real Estate 101

Real Estate 911