Resource Detail

(PDF, 0.20 MB) HUD NSP Policy Alert: Guidance on the FHA First Look Sales Method

Abstract

This HUD NSP Policy Alert is intended for NSP1 and NSP2 grantees seeking guidance on using the Federal Housing Administration (FHA) First Look sales method to purchase FHA real estate-owned (REO) properties located in their designated areas. Grantees will have the opportunity to make a purchase offer on a property prior to it being made available to other entities. NSP grantees can purchase these properties at a 10% discount off of the appraised value. These instructions are intended to assist grantees in obtaining the necessary approval to purchase these properties. This policy alert was previously labeled as NSP Policy Alert Volume 8.

Date Published

July 2010

Audience

NSP-1 Grantees

NSP-2 Grantees

Nonprofits

Developers

Topic(s)

Acquisition/Disposition of REO Properties

Product Approver

HUD-approved

Author Organization

U.S. Department of Housing and Urban Development

Submitted By

U.S. Department of Housing and Urban Development

Type of Resource

HUD Guidance

NSP Policy Alert

Keywords

HUD NSP Policy Alert; REO; FHA; first look initiative; acquisition; acquisition strategies; REO property

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