[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: 24CFR291.90]

[Page 493]
 
                 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 B--Disposition by Sale
 
Sec. 291.90  Sales methods.

    Source: 64 FR 6480, Feb. 9, 1999, unless otherwise noted.


    HUD will prescribe the terms and conditions for all methods of sale. 
HUD may, in its discretion, on a case-by-case basis or as a regular 
course of business, choose from among the following methods of sale:
    (a) Future REO acquisition method. The Future Real Estate-Owned 
(REO) acquisition method consists of a property acquisition agreement 
(or agreements) between HUD and 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. HUD will select such transferor(s) through a competitive 
process, in accordance with all applicable laws and regulations, 
including the requirements in Sec. 291.200. The transferor(s) shall have 
the right and obligation to manage and dispose of the properties upon 
such terms and conditions as are approved by the Secretary;
    (b) Competitive sales of individual properties. This method consists 
of competitive sales of individual properties to individual buyers, the 
procedures for which are described in Sec. 291.205;
    (c) Direct sales methods. There are three types of direct sales 
methods:
    (1) Direct sales of properties without insured mortgages to 
governmental entities and private nonprofit organizations, the 
procedures for which are described in Sec. 291.210(a);
    (2) Direct sales to displaced persons, sales of razed lots, or 
auctions, the procedures for which are described in Sec. 291.210(b);
    (3) Direct sales to other individuals or entities that do not meet 
any of the categories specified in paragraphs (a) through (d) of this 
section, under the circumstances and procedures described in 
Sec. 291.210(c);
    (d) Bulk sales, the procedures for which are described in 
Sec. 291.210(d); or
    (e) Other sales methods. HUD may select any other methods of sale, 
as determined by the Secretary.