After 180 days on the market, certain unsold HUD REO Properties are offered exclusively to local governmental entities for $1 for 10 Days. A Governmental Entity may submit a bid directly without the service of a Selling Broker. If no $1 bids are accepted, the property is returned to the Extended Listing Period.
Local governmental entities may purchase for $1 each, plus closing costs, certain HUD REO Properties meeting the following criteria:
- the Property is not under a contract for sale;
- the Property has been offered to the public and marketed for sale for at least 180 Days;
- the Property is within the jurisdiction of the local governmental entity;
- the Property is uninsured; and
- the current as-is Market Value of the Property is $25,000 or less.
Local Governmental Entities may partner with local nonprofits to purchase Properties under the Dollar Homes – Government Sales Program for local housing and community development initiatives.
To search for HUD REO Properties currently available under the Dollar Homes- Government Sales program visit http://www.hudhomestore.com/Home/DollarHomes.aspx
For policy information see Handbook 4000.1 IV.B.2.f.viii. at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh