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Agents: Successfully Showing & Selling HUD Properties

Successfully Showing & Selling a HUD-Owned Property

 

  • THIS PROPERTY IS HUD OWNED, SOLD AS-IS, AND MAY BE FHA, FHA REPAIR ESCROW, OR FHA STREAMLINE ELIGIBLE (PLEASE SEE HUD PCR/ESROW/PCS FOR POSSIBLE APPLICABLE FHA REPAIR ESCROW). WE DO NOT KNOW IF ANY HOME MEETS VA OR USDA FINANCING GUIDELINES.  YOU MUST VIEW THE PROPERTY WITH YOUR BUYER TO DETERMINE IF YOU THINK THE HOME WILL QUALIFY.  PLEASE KEEP IN MIND THAT HUD WILL NOT MAKE, NOR ALLOW, ANY REPAIRS OR INSTALLATION OF APPLIANCES BEFORE CLOSING.  THIS POLICY USUALLY ELIMINATES VA FINANCING.

 

  • You and your buyer must review the PCR that is an attachment in this MLS and/or under the “addendums” tab on HUD Homestore.  If the PCR notes any deficiencies, such as “Plumbing failed to hold pressure at time of initial inspection”, HUD”s Field Service Manager (FSM) will not permit the connection of the utility service for the purpose of inspections.  In these cases, your home inspector may be able to air test and/or generator test the mechanical systems.  It is your responsibility to ensure that this option is acceptable to your buyer and/or lender.

 

  • MINIMUM COMMISSION MAY APPLY. 

 

  • BROKER OF RECORD MUST BE HUD REGISTERED WITH AN ACTIVE NAID NUMBER FOR ALL RELATED LICENSEES TO BE ELIGIBLE TO SUBMIT OFFERS.  YOU MAY NOT SHARE YOUR BROKER’S ACCOUNT.  RATHER, YOU ARE TO USE THEIR SAMS NAID NUMBER TO CREATE YOUR OWN ACCOUNT.

 

  • RULES, LINKS TO BIDS, AND ADDITIONAL INFORMATION CAN BE FOUND AT:

SageAcq.com OR HUDHomestore.com

  • EACH PROPERTY IS SUBJECT TO SPECIFIC BIDDER ELIGIBILITY, BID DEADLINES, AND OTHER TERMS AND CONDITIONS. PLEASE DO NOT CALL US FOR AVAILABILITY, NUMBER OF BIDS, BID AMOUNTS, OR REQUESTS FOR INFORMATON ON COUNTER OFFERS OR HIGHEST AND BEST OFFERS.  ALL BIDS ARE KEPT SEALED FROM US, SO WE DO NOT HAVE ANY OF THIS INFORMATION.  ADDITIONALLY, WE ARE NOT ABLE TO GIVE YOU A STATUS UPDATE ON YOUR BID.  YOU MUST LOG IN TO YOUR PERSONAL ACCOUNT ON HUD HOMESTORE TO SEE THE RESULTS OF YOUR BID. 

 

  • ADDITIONAL REPORTS AND/OR CONTRACT ADDENDUMS CAN BE FOUND UNDER THE “ADDENDUMS” TAB OF EACH PROPERTY FOR YOUR BUYER’S REVIEW PRIOR TO PLACING A BID. PLEASE PRINT ALL OF THEM.  THESE DOCUMENTS WILL NOT BE AVAILABLE TO YOU ON THE WEBSITE AFTER A WINNING BID HAS BEEN ANNOUNCED.

 

  • **FHA PURCHASERS ONLY** PER MORTGAGEE LETTER 2015-17, FHA BORROWERS MUST ORDER A NEW FHA APPRAISAL ORDERED BY THE BUYER’S LENDER AT THE BUYER’S EXPENSE. ADDITIONALLY, “FHA W/REPAIR ESCROW” HOMES MUST HAVE REPAIR ESTIMATES ESTABLISHED OR VOIDED BY THE APPRAISAL PER HUD HANDBOOK 4000.1 AND ML 2015-17.

 

  • This home is under HUD’s Buyer Select Closing Agent (BSCA) program.  The CERTIFIED escrow deposit is to be made payable to THE REAL ESTATE ATTORNEY OF THE BUYER’S CHOICE.  However, you are never to give the check real estate attorney.  Rather, you are to deliver the escrow funds, a copy of the contract, and the escrow cover sheet to our office.  Your original sales contract package is to be overnighted to the asset manager – not us.

 

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