July 13th, 2010 12:06 PM by Christopher Terry
Hot off the Wires! Monday HUD announced a new initiative to help state, local and nonprofit organizations participating in the Neighborhood Stabilization Program (NSP) to purchase HUD foreclosures at discount rates. The "First Look" program is a temporary program that requires NSP grantees the first option to purchase HUD Homes before they are marketed to other purchasers. Also NSP purchasers will be given a 10% discount from the appraised value of these properties.
The goal is to give NSP participants the first opportunity to acquire these properties, to help accelerate the sale of FHA foreclosures while supporting the Obama administrations neighborhood stabilization efforts.
The "First Look" program will temporarily align NSP and FHA (Federal Housing Administration) and will last approximately 14 days from the conveyance to the property to FHA. Properties not sold at the expiration of this period will be listed and sold through standard FHA practices.
Click here for more information about the Neighborhood Stabilization Program.