Act One Group Home, a 3-bedroom single-family property in Jackson, Tenn., will be offered for public sale on September 30, at 1 p.m. The sale will be held at the north entrance to the Madison County Courthouse, 100 East Main Street, Jackson, TN 38301.
Act One Group Home is an unsubsidized property located at 343 Archwood North Drive in Jackson, Tenn., 38301. It is conveniently located with access to multiple grocery stores, restaurants, schools and colleges, parks, museums, and recreation centers. The property was previously used as a group home but the purchaser may determine its future use.
The minimum bid is currently unstated and bidders are encouraged to thoroughly review previous participation certification requirements, terms, conditions, and necessary forms to submit a complete and responsive bid prior to participating in property sale. Additional property information is as follows:.
- 3 bedrooms
- 1 bathroom
- 1,740 square feet
- Large yard
- Fenced yard
- City water/sewer/garbage
- Driveway with 2 parking spaces
Potential bidders assume the responsibility to thoroughly research the property to reach their own conclusion as to physical condition, number and occupancy of revenue-producing units, estimates of operating costs, repair costs (where applicable), and any other factors bearing on the valuation of the property.
Sale details are available at https://www.hud.gov/program_offices/housing/mfh/pd/mfplist. For more information, contact Janet Osterloh at [email protected].
Why does HUD have Multifamily Properties for Sale?
HUD’s Federal Housing Administration (FHA) has programs which insure mortgages or provide direct loans on multifamily properties. When a mortgagor defaults on a loan insured by FHA, the mortgagee can assign the mortgage to HUD and receive the benefits of the FHA mortgage insurance. The mortgage then becomes a HUD-held mortgage, and if the mortgage cannot be reinstated, HUD Multifamily Property Disposition forecloses on the property. For more information about HUD and its available programs, visit www.hud.gov.