[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR27.30]



[Page 298-299]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 27_NONJUDICIAL FORECLOSURE OF MULTIFAMILY AND SINGLE FAMILY MORTGAGES

--Table of Contents

 

       Subpart A_Nonjudicial Foreclosure of Multifamily Mortgages

 

Sec.  27.30  Conduct of the sale.



    (a) The commissioner shall accept written one-price sealed bids from 

any party including the Secretary so long as those bids conform to the 

requirements described in the Notice of Default and Foreclosure Sale. 

The commissioner shall announce the name of each such bidder and the 

amount of the bid. The commissioner shall accept oral bids from any 

party, including parties who submitted one-price sealed bids, if those 

oral bids conform to the requirements described in the Notice of Default 

and Foreclosure Sale. The commissioner will announce the amount of the 

high bid and the name of the successful bidder before the close of the 

sale.

    (b) Relatives of the commissioner who may not bid at the foreclosure 

sale include parents, siblings, spouses and children. Related business 

entities which may not bid include entities or concerns whose 

relationship with the commissioner at the time the commissioner is 

designated is such that, directly or indirectly, one concern or 

individual formulates, directs, or controls the other concern; or has 

the power to formulate, direct, or control the other concern; or has the 

responsibility and authority either to prevent in the first instance, or 

promptly to correct, the offensive conduct of the other concern. 

Business concerns are also affiliates of each other when a third party 

is similarly situated with respect to both concerns.



[[Page 299]]



    (c) If the commissioner employs an auctioneer to conduct the 

foreclosure sale, the auctioneer must be a licensed auctioneer, an 

officer of State or local government, or any other person who commonly 

conducts foreclosure sales in the area in which the security property is 

located.