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10/16/2009 - ATTN KY, KS, MO, OK and TN BROKERS: HUD has revised the LBP inspection, visual assessment and stabilization process for properties built prior to 1978. Effective October 16, 2009, no LBP inspections, visual assessments or stabilization will be performed on properties built prior to 1978 and sold with FHA mortgage insurance. This is the same process that is currently in place for properties built from 1960 to 1978. If LBP is found at inspection for any property built prior to 1978 and contracted with FHA financing, HUD will not perform stabilization if the cost is more than $4,000. If the cost is more than $4,000, and the property is contracted with 203B or 203B with escrow, the buyer may amend the financing to conventional, 203K (if it meets program requirements) or choose to cancel the contract. If the property is contracted with 203K financing and the stabilization and clearance costs are more than $4,000 a seller paid credit will be allowed for $4,000. The balance of the stabilization and clearance costs will be the cost of the buyer. If the stabilization and clearance costs are less than $4,000 a seller paid credit will be allowed for the full amount of the stabilization and clearance cost. If the cost is more than $4,000 and the property is contracted with 203K the buyer may elect to continue with the contract with the understanding that HUD will only provide a seller paid escrow in the amount of $4,000 and the balance of the stabilization and clearance cost will be a cost to the buyer, amend the financing to conventional or choose to cancel the contract. Please carefully review the LBP Disclosure Addendum with your buyers for full requirements and information.
10/9/2009 - ATTN: ALL KY & TN BROKERS: Down Payment for owner occupant sales where FHA financing is utilized. The $100 Down Payment Offer only applies if the purchase price is greater than or equal to the current list price of the property. The buyer may NOT finance closing costs or prepaids into the loan. The buyer must pay cash in the amount of the difference between the Appraisal and the offer price less $100.
10/7/2009 - ATTN: ALL BROKERS: First Preston will be closed on Monday, October 12, 2009 in observance of the Columbus Day Federal Holiday. Please be advised that there is no extension of the owner-occupant bidding period. Bid results for the owner-occupant bidding period will be posted on Tuesday, October 13, 2009. All daily bids received on Friday, October 9, 2009 through Monday, October 12, 2009 will be reviewed simultaneously on Tuesday, October 13, 2009.
9/25/2009 - ATTN: ALL BROKERS: Effective September 25, 2009 HUD is offering a $100 Down payment initiative for the states of Kansas, Missouri, and Oklahoma. Click here for more info.
9/4/2009 - ATTN: ALL BROKERS: First Preston will be closed on Monday, September 7, 2009 in observance of the Labor Day Federal Holiday. Please be advised that there is no extension of the owner-occupant bidding period. Bid results for the owner-occupant bidding period will be posted on Tuesday, September 8, 2009. All daily bids received on September 5, 2009 through September 7, 2009 will be reviewed simultaneously on September 8, 2009.
6/30/2009 - ATTN: ALL BROKERS: First Preston's Offices will be closed on Friday, July 3, 2009 in observance of the Federal Holiday. Bids received on Thursday, July 2, 2009 through Sunday, July 5, 2009 will be reviewed on Monday July 6, 2009.
5/18/2009 - ATTN: ALL BROKERS: First Preston will be closed on Monday, May 25, 2009 in observance of Memorial Day. Please note there is no extension of the owner-occupant bidding period. Bid results for the owner-occupant bidding period will be posted on Tuesday, May 26, 2009. All daily bids received on Friday, May 22, 2009 through Monday, May 25, 2009 will be reviewed simultaneously on Tuesday, May 26, 2009.
5/11/2009 - ATTN: The May 15, 2009 Successfully Selling HUD Home Seminar in St. Louis, MO has been cancelled and will be rescheduled. Notice of new date will be posted on this website when available.
4/6/2009 - Notice NSP Grantee Prices in Tennessee - Effective April 2, 2009, a number of HUD listings on our website show a "NSP Grantee Price". These properties have been made available to U.S. Department of Housing and Urban Development (HUD) Neighborhood Stabilization Program (NSP) Grantees at discounted prices to allow them to purchase foreclosed properties in an effort to revitalize those areas. These prices are not available to the general public.
2/9/2009 - ATTN: ALL KS, KY, MO, OK & TN BROKERS: Effective Sunday, February 15, 2009, Pyramid Real Estate Services will implement two additional listing days each week. General listings will be posted on Tuesdays (for a 10 day owner occupant preference with a bid deadline of Thursdays) in addition to the current listing day of Friday. The Re-listed properties will be listed on Sundays (for a 5 day owner occupant period with a bid deadline of Thursdays) in addition to the current listing day of Wednesday.
2/9/2009 - ATTN: ALL BROKERS: First Preston will be closed on Monday, February 16, 2009 in observance of President's Day. Please note there is no extension of the owner-occupant bidding period. Bid results for the owner-occupant bidding period will be posted on Tuesday, February 17,2009. All daily bids received on Friday, February 13, 2009 through Monday, February 16, 2009 will be reviewed simultaneously on Tuesday February 17, 2009.
1/12/2009 - ATTN: ALL BROKERS: First Preston will be closed on Monday, January 19, 2009 in observance of Martin Luther King, Jr. Day. Please note there is no extension of the owner-occupant bidding period. Bid results for the owner-occupant bidding period will be posted on Tuesday, January 20, 2009. All daily bids received on Friday, January 16, 2009 through Monday, January 19, 2009 will be reviewed simultaneously on Tuesday January 20, 2009.
