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Important HUD Changes- Please Read!!
Recently published HUD mortgagee letter 2015-17 allows the responsibility of determining escrow amounts solely to the loan underwriters. Going forward, disclosures for properties listed on hudhomestore.com will no longer list escrow amounts. They will now only cite the repairs.
No longer will a dollar amount be allowed on line 4 of the sales contract. This section of the sales contract will now show “TBD” when the box is checked indicating there is an escrow. This will allow the underwriter to establish the escrow amount without any need for contract amendments.
This change applies to all new contracts from November 3, 2015 and after. Any existing contracts with an escrow amount on line 4 will fall under the old procedure and may require amendments as requested by the underwriter.
NOTE: WILMOTH Group is strictly prohibited from sharing any information on HUD homes conditions we may have gathered in the evaluation process. WILMOTH Group will not divulge or give any amounts to buyers for escrows. As stated, the determination of these amounts are strictly the responsibility of the borrower's underwriter.
HUD Resource Center
WILMOTH Group's HUD Resource Center offers answers for all parties interested in purchasing a HUD owned home. Below is a collection of links to resources that cover HUD homes and the buying process.
WILMOTH Group is a Local Listing Broker for HUD Contractors in Central and North Central Indiana and Southwest Florida. We are also approved to work with you on buying a HUD home.
What is a HUD home? It is a home that has gone into mortgage default with a loan insured by the Federal Housing Administration (FHA). Upon default and a subsequent foreclosure, the lender takes possession of the property and ownership is conveyed to the insurer, Housing and Urban Development (HUD). HUD selects Asset Managers throughout different regions of the country to sell these homes. A HUD home is any home that could be financed using a FHA-insured mortgage. These include single family, town homes, condominiums, mobile homes, or multiple family up to 4 units.
For information on HUD Homes for sale also visit www.HUDHomeStore.com.
You need a registered licensed real estate agent to submit a bid for a HUD owned home. The following are links specifically for Agents to assist them in the selling process.
Did You Receive An Email That Your Bid Is Accepted?
With confirmation your bid for a HUD home has been accepted you can complete the contract process. Up to now, you have "bid" on the HUD home. Now it is time to go to a formal contract. Don't delay-get started now! Here are the instructions you need by Asset Manager and location.
Sales Agent Training -Successfully Selling HUD Homes
WILMOTH Group offers monthly training to provide sales agents all the latest information on successfully selling HUD homes to their buyers. Watch the video to see the differences in an agent that understands HUD homes and one that decides to try and sell one on the fly. Then review the topics you will learn and quickly sign up for our next class!