Neighbor Next Door Program
What is the Utah Good Neighbor Next Door
The Utah good
neighbor next door program is a special program designed to
reward officer, firefighters, EMTs and teachers and to help
redevelop neighborhoods. It is sponsored by HUD ( Housing Urban
and Development) of the United States government.
A few Utah HUD
homes are selected to qualify for this program. Once a Utah
home is selected, then officer, firefighters, EMTs or teachers
may place a bid on the Utah home. If their bid is selected then
HUD will sell them the Utah home for 50% while placing a silent
lien for the remaining 50%. If the owner, satisfies the
programs requirement (mainly to remain in the Utah home for 3
years), then HUD will remove the lien and the equity is freed up
for the Utah home owner to access.
Due to the
popularity of buying a Utah home for 50%, several bids from
officer, firefighters, EMTs and teachers are placed. The home
bid most be at full list price (even though they only need to
pay 50% to close) and must prove their status of being a
officer, firefighters, EMTs and teachers. Once all the bids are
received by HUD, then a lottery is performed and a winning bid
is selected to purchase the Utah home.
However, it is
very important to use an experienced Utah real estate HUD
certified broker to place the bid and an experienced Utah loan
officer to close the loan. Because this is not a common loan,
it is important that the loan officer has had experienced in
closing the loan for this program.
administers the program and makes available HUD homes in the
local area for purchase. Not all HUD homes are eligible for the
Good Neighbor program, only select homes.
To bid on a Good Neighbor
Utah HUD home, the buyer must be a full time law enforcement
offices, teachers, fire fighters or EMTs. Buyers must bid list
price for the home, if there are more than one participate
bidding for the house, then the buyer is chosen by a lottery.
Buyers have 10 days which to view and bid on the home. On the
eleventh day, a bid is selected. The winner can purchase the
home for 50% off the listed price, however a silent second lien
for 50% is placed on the home until the buyer has owned the home
for three years. Once the buyer has met the three year
requirement, then the lien is removed and they may sell at
if Good Neighbor Next Door is best for you. Please fill out the contact