ATTENTION GEORGIA AGENTS: NEW PROCEDURE FOR REPORTING VANDALISM: All agents who need to report vandalism to HUD Properties in Georgia should use this form.   DeKalb County Inefficient Plumbing Fixtures Replacement Plan  Read more HUD Local Listing Broker Open Application Notice Deadline extended to July 9th. Revised as of 6/25/2010. More info   Vendor applications now accepted! PEMCO, Ltd is currently accepting vendor applications for lead based paint services in our Georgia & California locations. Interested vendors should submit their applications to vendors@pemco-limited.com. A copy of the vendor application can be downloaded here.   Holiday Notice – July 5, 2010 Our offices will be closed on Monday, July 5, 2010 in observance of Independence Day. The Sunday, July 4, 2010 bidding deadline will be extended to 11:59 p.m. Monday, July 5, 2010. All bids received on July 4, 2010 and July 5, 2010 will be considered to have been received simultaneously and bid results will be posted on Tuesday, July 6, 2010.  Deadline to receive $8,000 tax credit June 30th Contracts executed on the April 30th deadline to receive tax credit, will need to close by June 30th to ensure your borrower’s eligibility. PEMCO is coordinating with the HUD Designated Closing Attorney to ensure your closings occur before the deadline.  Please do your due diligence to ensure timely closings as there are a limited number of spaces for the last day of the month and we will not be able to accommodate everyone.  Remember all closing packages must be with the HUD Designated Closing Attorney’s office five days prior to closing.  There will be no exceptions to this policy at the end of month.      Home buyers and real estate professionals receiving valuable education at Third Annual Housing Summit on June 19th Read more   Important Info Bid Awards – June 16 through June 18 At approximately 6:00PM EST on Tuesday, June 15, 2010, PEMCO began experiencing problems with our website. Problems persisted over the next 24 hour period;. We recognize that this interruption in service may have prevented brokers and agents from submitting bids over this time frame. As a result, the Tuesday, June 15, 2010 bidding deadline will be extended to 11:59 p.m. Thursday, June 17, 2010. All bids received on June 15, 2010, June 16, 2010, and June 17, 2010 will be considered to have been received simultaneously and bid results will be posted on Friday, June 18, 2010.  Regarding the 5-day exclusive owner occupant bidding deadline that ended at 11:59PM on Tuesday, June 15, 2010 - investors will be able to submit offers on Wednesday, June 16, 2010 and Thursday, June 17, 2010. If no acceptable owner occupant bid is submitted prior to the bid opening on June 18, 2010 and there is an acceptable offer submitted by an investor, the property will be awarded to the investor. However, if an acceptable owner occupant bid is submitted prior to the bid opening on June 18, 2010, the property will be awarded to the owner occupant buyer; even if the owner occupant bid yields a lower net to HUD.   Holiday Notice – May 31, 2010 Our offices will be closed on Monday, May 31, 2010 in observance of Memorial Day. The Sunday, May 30, 2010 bidding deadline will be extended to 11:59 p.m. Monday, May 31, 2010. All bids received on May 30, 2010 and May 31, 2010 will be considered to have been received simultaneously and bid results will be posted on Tuesday, June 1, 2010.    Holiday Notice – February 15, 2010 Our offices will be closed on Monday, February 15, 2010 in observance of President’s Day. The Sunday, February 14, 2010 bidding deadline will be extended to 11:59 p.m. Monday, February 15, 2010. All bids received on February 14, 2010 and February 15, 2010 will be considered to have been received simultaneously and bid results will be posted on Tuesday, February 16, 2010.  Regarding the 10-day exclusive owner occupant bidding deadline that ends at 11:59PM on February 14, 2010 - investors will be able to submit offers on Monday, February 15, 2010. If no acceptable owner occupant bid is submitted prior to the bid opening on February 16, 2010 and there is an acceptable offer submitted by an investor, the property will be awarded to the investor. However, if an acceptable owner occupant bid is submitted prior to the bid opening on February 16, 2010, the property will be awarded to the owner occupant buyer; even if the owner occupant bid yields a lower net to HUD.   Holiday Notice – January 1, 2010 Our offices will be closed on Friday, January 1, 2010 in observance of New Year’s Day. The Thursday, December 31, 2009 bidding deadline will be extended to 11:59 p.m. Sunday, January 3, 2010. All bids received on December 31, 2009 through January 3, 2010 will be considered to have been received simultaneously and bid results will be posted on Monday, January 4, 2010.    All Pemco offices will be closing at noon on December 24, 2009 and will reopen on Monday, December 28, 2009. Holiday Notice – December 25, 2009 Our offices will be closed on Friday, December 25, 2009 in observance of Christmas Day. The Thursday, December 24, 2009 bidding deadline will be extended to 11:59 p.m. Sunday, December 27, 2009. All bids received on December 24, 2009 through December 27, 2009 will be considered to have been received simultaneously and bid results will be posted on Monday, December 28, 2009.  Holiday Notice – November 11, 2009 Our offices will be closed on Wednesday, November 11, 2009 in observance of Veteran’s Day. The Tuesday, November 10, 2009 bidding deadline will be extended to 11:59 p.m. Wednesday, November 11, 2009. All bids received on November 10, 2009 and November 11, 2009 will be considered to have been received simultaneously and bid results will be posted on Thursday, November 12, 2009.    Changes to LBP Stabilization Guideline Effective October 16, 2009, HUD has imposed a cap of $4,000 that they will spend for the stabilization of deteriorated LBP in accordance with the stabilization plan on file. More info     Holiday Notice – October 12, 2009 Our offices will be closed on Monday, October 12, 2009 in observance of Columbus Day. The Sunday, October 11, 2009 bidding deadline will be extended to 11:59 p.m. Monday, October 12, 2009. All bids received on October 11, 2009 and October 12, 2009 will be considered to have been received simultaneously and bid results will be posted on Tuesday, October 13, 2009.  New Changes to California Sales Incentives Beginning October 1, 2009, the only sales incentive that will be retained in California is the $100 down payment option for owner occupant buyers that use FHA financing. The $1,000 buyer incentive and the $500 broker bonus are being eliminated. In order to take advantage of any incentive other than the $100 down payment option, tentative acceptance must be extended on or before September 21, 2009 AND the contract must be executed by PEMCO prior to 5:00PM (PST) on September 30, 2009. Any tentative acceptance extended after September 21, 2009  OR any contract executed by PEMCO after the September 30, 2009 cutoff will NOT be eligible for any incentive other than the $100 down payment option. Holiday Notice – September 7, 2009 Our offices will be closed on Monday, September 7, 2009 in observance of Labor Day. The Sunday, September 6, 2009 bidding deadline will be extended to 11:59 p.m. Monday, September 7, 2009. All bids received on September 6, 2009 and September 7, 2009 will be considered to have been received simultaneously and bid results will be posted on Tuesday, September 8, 2009.     Strengthening Families: The Community Stabilization and Healthy Housing Summit  This summit is presented by The Interagency Healthy Communities Task Force in Collaboration with the Green City Development Group. Location: Atlanta Civic Center 395 Piedmont Avenue, NE Atlanta, Georgia 30308 When: Saturday, August 29, 2009 8:00 am – 7:00 pm What: Sessions include, Grant Writing Training, Foreclosure Prevention, Promoting the Green Economy, Job Training Opportunities, Homeownership Programs, Homeless Programs, FHA Programs, Healthy Homes and Lead-Based Prevention, Fatherhood/Healthy Marriage, Environmental Health, and Many Other Workshops and Displays. Partners: The Green City Development Group and Federal, state and local partners including U. S. Department of Housing and Urban Development, U. S. Department of Health and Human Services Administration for Children and Families, The National Green Energy Council, The New Green Economy, U. S. Centers for Disease Control and Prevention, Georgia Department of Community Affairs, Fulton County and other Federal, state and local partners. Registration: visit here, or email; Roger6661@aol.com or contact Labor of Love Ministries at 404-447-2773 Holiday Notice – July 3, 2009 Our offices will be closed on Friday, July 3, 2009 in observance of Independence Day. The Thursday, July 2, 2009 bidding deadline will be extended to 11:59 p.m. Sunday, July 5, 2009. All bids received on July 2, 2009 through July 5, 2009 will be considered to have been received simultaneously and bid results will be posted on Monday, July 6, 2009. Holiday Notice – May 25, 2009 Our offices will be closed on Monday, May 25, 2009 in observance of Memorial Day. The Sunday, May 24, 2009 bidding deadline will be extended to 11:59 p.m. Monday, May 25, 2009. All bids received on May 24, 2009 and May 25, 2009 will be considered to have been received simultaneously and bid results will be posted on Tuesday, May 26, 2009.  Holiday Notice – February 16, 2009 Our offices will be closed on Monday, February 16, 2009 in observance of Presidents’ Day. The Sunday, February 15, 2009 bidding deadline will be extended to 11:59 p.m. Monday, February 16, 2009. All bids received on February 15, 2009 and February 16, 2009 will be considered to have been received simultaneously and bid results will be posted on Tuesday, February 17, 2009. Holiday Notice – January 19, 2009 Our offices will be closed on Monday, January 19, 2009 in observance of Martin Luther King Jr, Day. The Sunday, January 18, 2009 bidding deadline will be extended until 11:59 p.m. Monday, January 19, 2009. All bids received on January 18, 2009 and January 19, 2009 will be considered to have been received simultaneously and bid results will be posted on Tuesday, January 20, 2009.  Holiday Notice – January 1, 2009 Our offices will be closed on Thursday, January 1, 2009 in observance of New Year’s Day. The Wednesday, December 31, 2008 bidding deadline will be extended until 11:59 p.m. Thursday, January 1, 2009. All bids received on December 31, 2008 and January 1, 2009 will be considered to have been received simultaneously and bid results will be posted on Friday, January 2, 2009.  Holiday Notice – December 25, 2008 (revised 12/24/08) Our offices will be closed on Thursday, December 25, 2008 and Friday, December 26th  in observance of Christmas. All bidding deadlines from Wednesday, December 24, 2008 through Saturday, December 27, 2008 will be extended until 11:59 p.m. Sunday, December 28, 2008. All bids received on December 24, 2008 through December 28, 2008 will be considered to have been received simultaneously and bid results will be posted on Monday, December 29, 2008.  Holiday Notice – November 27, 2008 Our offices will be closed on Thursday, November 27, 2008 in observance of Thanksgiving. The Wednesday, November 26, 2008 bidding deadline will be extended until 11:59 p.m. Thursday, November 27, 2008. All bids received on November 26, 2008 and November 27, 2008 will be considered to have been received simultaneously and bid results will be posted on Friday, November 28, 2008.   Holiday Notice – November 11, 2008 Our offices will be closed on Tuesday, November 11, 2008 in observance of Veterans Day. The Monday, November 10, 2008 bidding deadline is extended until 11:59 p.m. Tuesday, November 11, 2008. All bids received on November 10, 2008 and November 11, 2008 will be considered to have been received simultaneously and bid results will be posted on Wednesday, November 12, 2008.    Changes to the Northern CA Closing Agent Beginning Monday, September 22, 2008, the employees of Fidelity National Title will join the Chicago Title family. Specific contact information is as follows:   Chicago Title 4015 Coffee Road Suite #100 Bakersfield, CA 93308   Jill Mushaney  jillmushaney@ctt.com (661) 410-4716 (direct) (661) 410-4668 (fax)   Kathryn Sabens  ksabens@ctt.com (661) 410-4773 (direct) (661) 410-4765 (fax) California LLB’s Have Been Selected They can be viewed under the Local Listing Broker tabs. Thank you to all for submitting your applications. We appreciate your interest in the HUD Sales Process. Holiday Notice – September 1, 2008 Our offices will be closed on Monday, September 1, 2008 in observance of Labor Day. The Sunday, August 31, 2008 bidding deadline is extended until 11:59 p.m. Monday, September 1, 2008. All bids received on August 31, 2008 and September 1, 2008 will be considered to have been received simultaneously and bid results will be posted on Tuesday, September 2, 2008. Attention Georgia Agents: PEMCO will not be holding a Georgia LLB Solicitation this year. Should we decide to hold a solicitation for 2009, we will post that information to our website. Extended Georgia Bid Deadline There will be no bid awards on Wednesday, October 29, 2008.      PEMCO is extending the bid deadline for all properties re-listed and price reduced on October 24, 2008.  All offers will be reviewed and awarded on Thursday, October 30, 2008.  We apologize for any inconvenience. A Free Buyers' Training Class: "How to Buy a HUD Home in Georgia"  Will be held at 5:30 p.m., Thursday, Oct. 23, at the Georgia International Convention Center (2000 Convention Center Concourse in College Park, GA -- Located Adjacent to Hartsfield Jackson Int'l Airport). Open to the public; registration not required.  SAVE THIS DATE! HUD’s Georgia REO Forum will be held Thursday, Oct. 23, at the GA International Convention Center from 1 – 5p for Industry Attendees and from 5 – 7p for the public/homebuyers. HUD, Fannie Mae, USDA, VA and other local governments will be discussing their REO Properties and plans for new neighborhood stabilization programs. Please click here for more details and registration information. Holiday Notice – October 13, 2008 Our offices will be closed on Monday, October 13, 2008 in observance of Columbus Day. The Sunday, October 12, 2008 bidding deadline is extended until 11:59 p.m. Monday, October 13, 2008. All bids received on October 12, 2008 and October 13, 2008 will be considered to have been received simultaneously and bid results will be posted on Tuesday, October 14, 2008. 2008 Homeownership Summit Saturday, June 28 9a – 3p Georgia World Congress Center, Building C Event is free and open to the public. Registration not required. We hope to see you there! Click Here to download registration package  August 28, 2008 - Water connection changes for DeKalb, Clayton and City of Atlanta. In DEKALB COUNTY, agent must remit $40.00 in certified funds to PEMCO, LTD for water connection & disconnection and PEMCO, LTD will notify DeKalb to turn water on. In CLAYTON COUNTY, agent must remit $80 deposit (water only) or $160 deposit (water & sewer). Deposit will be refunded less any applicable water usage charges. Water must be turned on in AGENT’S name. In city of ATLANTA, agent must remit a non refundable $15 establishment fee plus $80 deposit ($80 will be refunded less any applicable water usage charges).  Water must be turned on in AGENT’S name. Attention California Agents: PEMCO, Ltd. has contracted with KEY Solutions Management, LLC to manage California’s marketing initiatives, agent education, and listing broker management.  KEY Solutions is now accepting applications for HUD Local Listing Brokers throughout the state of California.  The deadline to submit the application is Friday, August 15, 2008.  Please click here to download the CA LLB Application. Holiday Notice – July 4th, 2008 Our offices will be closed on Friday, July 4th, 2008 in observance of Independence Day. Bid awards will take place on Thursday, July 3rd , 2008 as normal. Bids submitted between 12:00AM on Thursday, July 3rd and 11:59PM on Sunday, July 6th will be considered to have been received simultaneously and bid results will be posted on Monday, July 7th, 2008. Homebuyer Outreach Event: METRO-ATLANTA HUD HOME BUS TOUR (June 7, 2008) Click here for more details and registration. Seats are limited! Holiday Notice – May 26, 2008 Our offices will be closed on Monday, May 26, 2008 in observance of Memorial Day. The Monday, May 26, 2008 bidding deadline is extended until 11:59 p.m. Tuesday, May 27, 2008. All bids received on May 25 and 26, 2008 will be considered to have been received simultaneously and bid results will be posted on Tuesday, May 27, 2008.     HUD-Approved Home Buyer Education Seminar Sponsored by HUD-PEMCO, Ltd. Teamed with Ms. Felicia Payne, HUD-approved Buyers’ Counselor Attendees receive Home Buyer Education Certificates Saturday, May 17, 2008  08:00 am to 2:30 pm Lunch is provided.  Event is free.   Located 15 miles south of Downtown Atlanta, right off of Interstate 75 Clayton State University-Harry S. Downs Continuing Education Center 2000 Clayton State Boulevard Morrow, GA  30260 Reservations required.  678-298-1617 www.hudpemco.com    HUD-Approved Home Buyer Education Seminar Sponsored by HUD-PEMCO, Ltd. Teamed with Ms. Felicia Payne, HUD-approved Buyers’ Counselor. Attendees receive Home Buyer Education Certificates March event rescheduled for: Saturday, April 19, 2008  08:00 am to 2:30 pm Free Event. Lunch Provided> South Terraces Building - Keller Williams Realty Training Room 115 Perimeter Center Place, Suite 100 Atlanta, GA 30342 Reservations required.  678-298-1617   HUD-Approved Homebuyer Education Seminar Sponsored by HUD-PEMCO, Ltd. Teamed with Ms. Felicia Payne, HUD-approved Buyers’ Counselor. Attendees receive Home Buyer Education Certificates Saturday, March 15, 2008  10:00 am to 4:30 pm Free Event. Lunch is provided.  South Terraces Building-Keller Williams Realty Training Room 115 Perimeter Center Place  Suite 100 Reservations required.  Please call 678-298-1617.   February 13, 2008 - Holiday Notice Our offices will be closed on Monday, February 18, 2008 in observance of President’s Day. The Monday, February 18th, 2008 bidding deadline is extended until 11:59 p.m. Tuesday, February 19, 2008. All bids received on February 17 and 18, 2008 will be considered to have been received simultaneously and bid results will be posted on Tuesday, February 19, 2008.    February 13, 2008 - Attention Georgia Home Buyers and Brokers “Buy HUD with FHA” There is an update to the sales incentives that are available to buyers and brokers in the state of Georgia. Effective with the bids and contracts that were awarded on February 12, 2008, selling brokers representing owner occupant buyers are entitled to a $500 broker bonus; regardless of the type of financing that the buyers are using. (Prior to this update, the $500 selling broker bonus was being awarded only to brokers who represented buyers that used FHA203(k) financing. This is no longer a requirement.)   The $100 down payment option for owner occupant buyer purchasing a HUD home with FHA financing is unchanged and still in effect.

June 7, 2007 - Georgia LLB Solicitation
Attention Georgia Real Estate Brokers! PEMCO, Ltd. will be accepting applications for Georgia Local Listing Brokers starting Monday, June 11, 2007 through Friday, August 31, 2007. Please click here to download and print the LLB Application and Information Package. 

February 12, 2007: FHA Streamlined 203k program (update)
Your HUD Home can be Your Dream Home
If you are thinking about buying a REO property that needs repair, FHA's 203(K) rehabilitation loan or it's simplified alternative, the Streamlined(k) may be a good option for you. FHA's simplified Streamlined(k) program for small-scale repairs is the perfect option for most HUD REO sales. For the major repairs & more complicated renovation plans, the Standard 203(K) program is the option.

HUD Homes, like the majority of property re-sales, require some level of repair. FHA's Streamlined (k) program allows the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage. While there is no cap on repairs for the Standard 203(K), the Streamlined (k) allows for repairs from $1 up to $35,000.

For the Streamlined(k) option, homebuyers identify their repair needs, which may include: new carpet; interior and exterior paint; new appliances; kitchen or bathroom remodel; exterior landscaping and other minor improvements.

A realtor or FHA approved lender will be able to answer specific questions about the Standard and Streamlined 203(K) loan program. To find out more, visit HUD's website at www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm or call 1-800-CALLFHA.

February 7, 2007: Seeking FHA Appraisers - South Georgia and Metro Area
(added 2/12/07)
PEMCO, LTD. is a prime Contractor to HUD providing marketing and management services for HUD owned residential (1 to 4 unit) in Georgia. We are seeking qualified FHA certified appraisers to perform appraisal services for one to four unit HUD properties located in South Georgia and the Metro Area.

Appraiser must perform onsite appraisal. Appraiser must Licensed in the state of Georgia. Must have experience in performing FHA appraisals. Must provide evidence of completion of the minimum criteria of the Appraisal Qualification Board and FHA, and must be on the FHA Approved Appraiser List as an Active Appraiser. Appraiser must have internet, email, fax capability (see Georgia Contractor's page for more info, click here).

December 1, 2006: "NEW" -- OND/TND program name changed to GNND
The OND/TND sales program name has changed to the GOOD NEIGHBOR NEXT DOOR Sales Program (GNND) effective December 1, 2006. See HUD's Final Rule (click here to view).

December 1, 2006: BROKER SEMINARS - GEORGIA
If you are a Broker or Selling Agent interested in hosting training seminars, please email Alysia Hutchison, Georgia LLB Manager at ahutchison@pemco-limited.com.

November 30, 2006: "NEW" HUD Form
For your protection: Get a Home Inspection, form HUD-92564-CN (6/06)

November 14, 2006:
Links to:
Frequently Asked Questions Updated
Georgia Local Listing Brokers
Georgia Closing Agents
Georgia F&E Rev. 11-13-06
California F&E Rev. 11-13-06
Hawaii, Guam, Marianas F&E Rev. 11-13-06

October 20, 2006: GEORGIA LLB Deadline! Noon, Monday, October 23.
All vendor applications for HUD Local Listing Brokers for Georgia MUST be submitted to Pemco-Georgia Office by Noon, Monday, October 23. Application packets should be faxed, with attention to the LLB Manager, to our Georgia office at 404-995-7110.

Again, the deadline is Noon, Monday, October 23.

Packets must include:
• Vendor application (down-loadable from this website)
• W-9 tax form (down-loadable from this website)
• Broker's License
• Business License
• Proof of General Liability Insurance

September 29, 2006 - New PEMCO, Ltd. Office in Atlanta, Georgia
We are pleased to announce that PEMCO, Ltd. has been awarded a contract by the U.S. Department of Housing and Urban Development to market and manage HUD single-family homes in the State of Georgia. Our Georgia office, located at Piedmont Center in Buckhead, Atlanta, will perform marketing and management services effective September 29, 2006. We are also happy to announce that First Preston will perform our property management servicing of HUD homes in Georgia to include property maintenance, preservation and protection services utilizing small businesses across the state. Please revisit our webpage for more details and listings in the coming weeks ahead. HUD single-family homes will also be listed in the local MLS as they become available for sale.
PEMCO, LTD. (Sales and Marketing - Georgia)
Piedmont Center
3525 Piedmont Rd., N.E.
Bldg. Five, Suite 310
Atlanta, Georgia 30305
Ph: 404-995-7111 Fax: 404-995-7110
Toll free: 800-881-9260

September 28, 2006 - Notice to Contractors in Georgia
First Preston is our Property Management subcontractor for the state of Georgia. First Preston is currently seeking quality, self-motivated contractors to provide field/preservation and protection services for residential properties located throughout the state of Georgia. First Preston is committed to providing only High Quality Services - on time, every time. Contractors must be experienced, equipped and fully insured. 

September 19, 2006 - "New" Closing Guidelines
HUD has issued Housing Notice H 2006-12. This notice supersedes Notice H 2005-12. Housing Notice 2006-12 states that upon closing of a HUD-owned single-family property, HUD will allow to be deducted from its proceeds, purchaser financing and closing costs considered to be reasonable and customary in the jurisdiction where the property is located. However, in no event may these purchaser financing and closing costs exceed three percent (3%) of the property's gross purchase price. If the total closing costs reflected on the HUD-1 settlement statement are less than the amount indicated on the sales contract, HUD will reimburse only the actual costs charged and will not credit the purchaser with any difference either in cash or through a reduced purchase price. Within the three percent (3%) allowance, HUD will reimburse loan origination fees up to one percent of the mortgage. However, on an FHA 203(k) rehabilitation mortgage loan, HUD will reimburse one and a half percent (1.5%) of the mortgage. This notice takes effect on all contracts executed on or after October 12, 2006, click here to view "HUD Notice H 2006-12".

September 14, 2006 - Notice to Appraisers and Brokers in Georgia
Please download the Vendor Application from our Contractor's page, click this link "GA Contractor Forms."

August 21, 2006: FHA Streamlined 203k program (link to HUD)
- see update above 2/12/07
Your HUD home can be your dream home. A less than perfect house can become a dream home through HUD's "buy and repair" loan program, with no delay in sales. HUD Homes, like the majority of property re-sales, require some level of repair. FHA's Streamlined 203k program allows the buyer to finance both the purchase and the cost of minor repairs and/or upgrades through a single mortgage. From $1 up to $35,000 can be included into the mortgage to improve or upgrade a HUD home purchase. Homebuyers identify their repair needs, which may include: New carpet; Interior and exterior paint; New appliances; Kitchen or bathroom remodel; Exterior landscaping and other minor improvements.

A realtor will be able to answer specific questions about the Streamline 203k program. To find out more, visit HUD's website.

May 5, 2006: "NEW" SPECIAL PROGRAM FOR HURRICANE DISASTER EVACUEES
Hurricane Disaster Evacuees can purchase HUD Homes at a discount. The Special Lottery Program, effective the week of May 1st, 2006, will be in effect for a 12-month period.

HUD has announced a Nationwide Sale of HUD homes to disaster evacuees of Katrina, Wilma and Rita through a new special lottery system established for the Disaster Evacuees Participants (DEP).

Properties not previously listed that are eligible for FHA financing will be offered for sale by HUD exclusively to hurricane evacuees for a period of five (5) days at a discount of 10% off the list price established by PEMCO. New properties (if available) will appear on the lottery, under Special Programs, each Friday. Bids must be submitted by a HUD-registered broker. The lottery period provides for five (5) days of listing with buyers having five (5) days to present a complete contract to PEMCO. If, at the end of the five-day lottery period, only one offer has been received, HUD will enter into a purchase contract after verifying the buyer's FEMA registration number. If multiple offers are received on the same property, HUD will select the successful buyer by random lottery drawing.

This lottery will be concurrent with the current lottery offering for OND/TND/FND purchasers and Government/Non-Profit purchasers. The results of the lottery would provide for the following priority of purchasers:

• OND/TND/FND purchasers have the first priority for properties that meet that program requirement
• Disaster Evacuees have second priority.
• Government Non profit agencies have the final priority.

Terms of sale under this program:
• Buyers who are eligible for disaster assistance will receive a 10% discount off the list price established by PEMCO. Discounts are only available for purchasers during the Special Lottery.
• The Buyer must purchase utilizing FHA-insured financing or an all-cash sale. Buyers may utilize Sections 203(h) for Disaster Evacuees or 203(k) including a streamline 203(k) in order to purchase the property during the lottery period.
• The Buyer must utilize the services of a HUD-registered real estate broker (see Bid Page to Find a HUD Registered Agent). HUD will pay the sales commission up to 5% of the purchase price.
• The Buyer must make a minimum Earnest Money deposit of $500 for contracts resulting from this lottery.
• Buyers will be required to occupy the property as owner/occupants for one year from the purchase date.
• Buyers must have a FEMA registration number in order to bid in the lottery. Each prospective purchaser under this program is required to include a copy of FEMA's letter indicating his/her eligibility as a disaster evacuee with the usual contract documents.
• HUD will pay all of the Buyer's reasonable and customary closing costs up to 5% of the purchase price.

April 24, 2006: News Release from HUD:
HUD TO SELL HOMES AT A DISCOUNT TO DISASTER VICTIMS (click this link to view entire news release). Homes to be available to evacuees across the nation.

WASHINGTON - In an effort to assist families displaced by the Gulf Coast Hurricanes attain homeownership, the Department of Housing and Urban Development will give evacuees the opportunity to buy HUD-owned properties at a discount.

"Our goal through this housing assistance initiative is to give families who have been impacted by the disaster a chance to restore stability to their lives," said Federal Housing Commissioner Brian D. Montgomery. "By becoming homeowners, these families can begin to establish a sense of permanence as they concentrate on putting their lives in order." (read more)

April 2006: Thank you for your interest in HUD Homes.
Many of you have called us and asked, "Where can I find a list of HUD properties for sale?", or have reported, "Your website is not working, there's no listings!". Rest assured, our website is working but as many of you have noticed, our inventory in California, Hawaii and Guam have been relatively low compared to several years past. We want to keep up your interest in HUD homes, so we'd like you to know that when a new property does become available for sale, it will be posted on our webpage on Fridays AND will also appear in the local MLS. We appreciate your continued support.

August 1, 2005:
Our Sacramento office is now managing all HUD Single-Family REO in the State of California, State of Hawaii, Guam and Northern Marianas. For more information, please contact us. PEMCO, LTD. dba REO PEMCO. LTD., 1600 Sacramento Inn Way, Suite 210, Sacramento, California 95815, Tel 916.927.7313; Fax 916.927.7454

June 26, 2005:

"NEW" Forfeiture and Extension Policy. HUD has released a new list of allowable closing costs in Housing Notice 2005-12. The allowable closing costs will be in effect for sales contracts executed on or after June 26, 2005. The Forfeiture and Extension Policy (Addendum A, Rev. 6-26-05) can be found in the "Forms" section of this webpage.