[Code of Federal Regulations]
[Title 24, Volume 2]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR291.200]

[Page 495]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 
        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 291--DISPOSITION OF HUD-ACQUIRED SINGLE FAMILY PROPERTY--Table of Contents
 
                       Subpart C--Sales Procedures
 
Sec. 291.200  Future REO acquisition method.

    Source: 64 FR 6481, Feb. 9, 1999, unless otherwise noted.


    (a) Under this method of property disposition, HUD will enter into a 
property acquisition agreement (or agreements) with a transferor (or 
transferors), which shall provide for the right and obligation of the 
transferor(s) to acquire a future quantity of properties designated by 
HUD as they become available. The transferor(s) will be selected through 
a competitive process, conducted in accordance with applicable laws. HUD 
will negotiate the specific terms of the property acquisition 
agreement(s) with the selected transferor(s). The properties will be 
available on an ``as-is'' basis only, without repairs or warranties.
    (b) Eligible entities. An individual, partnership, corporation, or 
other legal entity will not be eligible to participate in this process 
if at the time of the sale, that individual or entity is debarred, 
suspended, or otherwise precluded from doing business with HUD under 24 
CFR part 24.