"BANK"
Shown in property descriptions to indicate the property is currently owned by a bank.

"CLOSING COSTS"
Settlement charges are normally required of the seller and buyer. For the buyer, these may include items such as the loan generation fee, the funding of an escrow account, title services, survey, appraisal and recording fees. For the seller, major items include providing the buyer with property taxes prorated from the beginning of the year to the day of closing and payment of the brokerage fees. The buyer's earnest money deposit is applied toward the buyer's closing costs. Buyer's closing costs vary depending on loan amount and lender requirements. The HUD-1 settlement statement provides an itemized list of all charges. Buyer and seller will be provided with a HUD-1 statement prior to closing.

"DAILY"
Properties with bid deadlines shown as "Daily" are unrestricted sales available to all buyers with offers taken each day. Generally, all offers are collected for the day and the best acceptable offer, if any, will be selected the following day. HUD (and BuyHUDVA) posts the winning offers the following business day. The property stays on the market until an acceptable offer is submitted OR until withdrawn from the market.

"EARNEST MONEY DEPOSIT"
A bank check or money order for an amount (dependent upon the offer) to be held by a designated title company until closing. The check is a deposit applied toward the purchaser's closing costs, or the purchase price on all-cash deals.

"HUD"
Shown in property descriptions to indicate Dept. of Housing and Urban Development (HUD)-owned homes sold by HUD-registered selling agents such as BuyHUDVA.

"INSURED"
Some HUD-owned properties may contain a notice like the following: "FHA Financing Insurability: Insured." This indicates that the property qualifies for FHA insured financing if the buyer chooses to use it.

"INSURED WITH ESCROW"
Some HUD-owned properties may contain a notice like the following: "FHA Financing Insurability: Insured with Escrow ($xxxx)." This indicates that the property qualifies for FHA financing (203b) if the buyer chooses this type of financing. The dollar figure indicates that in order to obtain the FHA loan, repairs are required and that amount will be held in escrow by the lender to pay for the repairs. The homeowner makes the repairs within a specified amount of time after finalizing the purchase of the property, and then is reimbursed for the amount of the repairs.

LOTTERY
HUD properties tagged with purple LOTTERY tags are restricted to qualified candidates such as Disaster Evacuees (who may obtain a 10% discount), Firefighters, Emergency Medical Technicians, Teachers and Police Officers (who receive a 50% discount off the list price). Lottery properties are initially listed on Saturdays, have a bid deadline the following Wednesday and winners are announced the following day, Thursday.

NEW
Properties with orange tags are the latest listings that are less than 5 days old. The bid deadline is shown in the property description.

NEW
Properties with yellow tags are listings that are more than 4 but less than 11 days old. The bid deadline is shown in the property description.

OCCUPANT OR INVESTOR
Properties with green tags are available to all with no purchase restrictions.

OCCUPANT PRIORITY
Gold-tagged OCCUPANT PRIORITY HUD properties are given priority to those who will become owner-occupants. Occupant purchasers agree in writing to reside at the property for at least one year and can not buy another HUD property (as their residence) for two years. Investors may make offers on these, but occupant offers are reviewed first and investor offers will only be reviewed if NO occupant offers are acceptable.

"PRE-QUAL" or "PRE-APPROVAL LETTER"
This letter is required for submission of offers involving financing. It must be signed by a loan officer stating that the buyer is qualified or approved for a loan for at least the amount of the buyer's offer.

"PRIVATE"
Shown in property descriptions to indicate those properties exclusively listed and sold by BuyHUDVA for private owners (non-government or bank-entity property owners).

RETURN
Properties with orange RETURN tags are returned-to-the-market listings. These may have been properties removed from the market, or properties which had pending offers which failed to close. The bid deadline for HUD properties is shown in the property description. Those listed on Wednesday with a bid deadline of the following Sunday (5 day marketing period) may be bid by investors although owner-occupant bids are given priority. If no occupant offers are acceptable, investor bids will be reviewed.

"STATEMENT OF FUNDS"
For all-cash purchases, a copy of the buyer's financial institution's statement showing that the buyer has an amount of available funds equal to or more than the offer is required for submission of cash offers.

"UNINSURED"
Some HUD-owned properties may contain a notice like the following: "FHA Financing Insurability: Uninsured." This indicates that the property requires repairs totaling more than the maximum allowable amount ($5500) in order to be eligible for FHA financing. Therefore, FHA financing is not available to the buyer. The purchaser must obtain other financing (conventional) or pay cash for the property.