Effective April 17, 2006, a 10-day lottery period must be established for Disaster Evacuees on only those properties ready for first time listing. This lottery period provides for five (5) days of listing with buyers having five (5) days to present a complete contract. This lottery will be concurrent with the current lottery offering for GNND-Good Neighbor Next Door purchasers and Government/non-profit purchasers. The results of the lottery would provide for the following priority of purchasers:

1. GNND purchasers have the first priority for properties that meet that program requirement.
2. Disaster Evacuees have second priority.
3. Government /Non profit agencies have the final priority.

This Special Lottery Program will be in effect until September 30^th, 2007

Since the prospective buyer must provide a FEMA registration number in order to bid in the lottery. Each prospective purchaser under this program will also be required to include a copy of FEMA¹s letter indicating his or her eligibility as a disaster evacuee with the usual contract documents. BestAssets will ensure that the FEMA letter states for which hurricane the buyer has been approved for benefits by FEMA. The Disaster identifier is a four-digit code on the FEMA letter. The related codes are as follows: for Katrina, 1602-1605, for Rita, 1606-1607, and for Wilma 1609.

• The successful purchaser is eligible to receive a 10% discount off the listed price established by the M&M contractor. A Note securing the discounted amount is not required.
• The Buyer must purchase utilizing FHA-insured financing or an all-cash sale. Buyers may utilize Sections 203(h) for Disaster Evacuees or 203(k) including a streamline 203(k) in order to purchase the property during the lottery period.
• Discounts are only available for purchases during the special lottery. Competitive sales with discounts for Disaster Evacuees will not be allowed.
• The purchaser must utilize the services of a real estate broker. If a real estate broker is used, HUD will pay the sales commission up to 5% in connection with the purchase. A buyer may not collect a broker commission.
• HUD will pay all the Buyer¹s reasonable and customary closing costs up to 5% in connection with the sale of the property.
• Earnest money is $500 for Disaster Evacuee sales.
• Buyers will be required to occupy the property for one year from the purchase date.
   
• For more information please go here.