HUD Resource Center

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Selling A HUD Home?  Interested in purchasing a HUD Home?  Below is a collection of links to resources that cover HUD homes and the buying process.

REALTORS

     Successfully Selling HUD Homes-Agent Training Offered!

     Is A HUD Home Available For My Buyer?

Working With HUDHomestore.com

Selling Agents Instructions

Bidding On HUD Homes

Disclosures When Bidding On A HUD Home

Tips For Completing A HUD Sales Contract

Getting Your HUD Contract Closed

HUD Special Programs

HUD Buyer Select Closing Program

Working With HUDHomestore.com

faq

 

 

Or Search Our List of HUD Frequently Asked Questions

← Faqs

HUD Owned Homes

Good Neighbor Next Door (GNND) is a program that allows law enforcement officers, teachers, firefighters and emergency medical technicians the opportunity to purchase a HUD home for 50% of the HUD appraised value. They are sold prior to placing the home on the market through a Lottery process at HUDHomestore.com. For more information on GNND click here.

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These three codes are offered to help provide information to allow a sellers agent or buyer to assess the type of financing available for a listed property. The simplest thing to remember is that these three codes are showing eligibility for FHA 203 (b) financing. The FHA 203 (B) is a program for repairs less than $5,000 where an escrow is created at closing to complete the repairs.

IN (Insurable)- the property meets the FHA financing requirements and no obvious repairs are needed to insure an FHA loan to a buyer.

IE (Insurable with Escrow)- these properties are eligible for the FHA 203(b) program with needed repairs of less than $5,000 are required to meet Minimum Property Standards for an FHA mortgage. These properties can qualify for FHA Section 203(b) mortgages if the purchaser and lender establish a repair escrow at the closing for the completion of repairs within 90-days of the closing. This is not a gift from HUD. The sales price remains the same and is added to the mortgage. No repairs prior to closing.

UI (Uninsurable)- a property that requires extensive repairs after the closing and is not eligible for FHA mortgage insurance. Properties listed as “UNINSURED” means that certain repairs and or improvements are required to be eligible for an FHA 203(k) mortgage. The required repairs on most of these properties exceed $5000.00. Purchasers of these properties have the option to purchase “as-is” with cash or conventional financing. These properties are also eligible for an FHA 203(k) mortgage if the required repairs and or the improvements are completed within 90-days of the closing.

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HUD commissions/sales fee to the selling agent will autopopulate on the sales contract at the rate offered by HUD. In general this rate will be 3%. Certain properties are designated “hard to sell” properties by HUD and these will have a base $1250 payment that will autopopulate on your bid. In general, these are likely homes listed for less than $42,000 or contain other issues. There is not a specific written policy for when the $1250 will apply. Here is a post from our blog to help you identify these “hard to sell” properties.

The selling agent can always accept less in a sales fee payment. Whatever amount you enter on your bid, the selling agent compensation will affect the net amount of the bid.

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In areas where winterization is required, all homes will not be able to complete a home inspection without a de-winterization being completed. It will be important that the request to complete a home inspection also note that the home will need to be de-winterized. This request will also go to the Field Services Manager (FSM) noted on the Contacts tab for each property on HUDHomeStore.com.

Each FSM will have their own procedures but prepare your buyer for a request by the FSM for cash up front to pay for the de-winterization and re-winterization process. The amount to be charged will be set by each FSM so you will have to check with them first. Buyers WILL NOT be allowed to provide their own de/re winterization contractors.

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It means your offer was not accepted. From this point you need to see if the property has received another accepted offer or if none of the offers received were acceptable and a new bidding period has started.

Is the property still listed on HUDHomeStore.com? If so no offers were accepted and if your buyer desires to resubmit their offer, a new bid will need to be prepared.

If the property is not on HUDHomeStore.com it most likely has a “provisionally” accepted offer. This means the terms have been accepted and the contract fullfillment is taking place. We will also show these properties as pending in the MLS/BLC and WilmothGroup.com. As long as the contract process is proceeding satisfactorily and within terms, the property will not show back up on HUDHomeStore.com. If the contract is not completed, we will change the status on the MLS/BLC and WilmothGroup.com and the property will re-appear at HUDHomeStore.com.

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Twelve months and they will have to sign, along with selling agent, a Certification that they will live in the home for 12 months and have not purchased another HUD home for the last 24 months.

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At www.HUDHomestore.com there is a link to Property Contacts in the header part of the site. Click on this link and enter the case number or street address. The contacts list tab from the original listing will appear.

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If your buyer does not have a Social Security number, they will need to have a Taxpayer Identification Number (TIN). These are commonly applied for and issued to non-US citizens who have business or personal interests in the United States that would require paying taxes. The Selling Agent will need to enter the TIN in the same format as a Social Security Number would appear (xxx-xx-xxxx). If they win the bid, the bidder will be required to provide a copy of the letter issued by the United States government assigning them the TIN with the rest of the contract package.

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If it’s on HUDHomeStore.com it should be in the MLS/BLC

Exceptions: The Lottery round open to Good Neighbor Next Door (GNND), or a non-profit, government Agency.  Bidding opens to owner occupants after 7 days and then should be on the MLS/BLC.

If it is on the HUDHomestore.com and not on the MLS or (BLC), contact the agent under the “Agent Info” Tab for questions about the property especially for showing instructions.

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Please have your buyer obtain an escrow check with the following suggested procedure.  Please note the process is different based on the specific asset manager.  With the Buyer Select closing program, introduced in late 2013, there are very specific steps to follow. THEY ARE NOT THE SAME FOR EVERY PROPERTY.  Please review the specific instructions by downloading the appropriate Asset Manager letter from our website.

Earnest money (escrow) checks are $500 if the contract price is under $50,000.  $1000 for $50,000 and over.

Escrow checks are supposed to be in the agent’s hands when agent submits a bid.  These checks need to be in the form of a cashiers or certified funds.

 

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Yes!  If the buyer still wishes their bid to be considered, it will have to be resubmitted daily.  Of course, the buyer may wish to consider making changes to their bid to make it more aggressive if their bids are coming back “Cancelled” the next day.

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At HUDHomestore.com look up the property and then click on the Addendums tab.  Scan the documents and see if the Property Condition Report (PCR) is listed.  Open up this document and review it.  This can help an agent and their buyers determine whether an inspection of this property is merited to meet their objectives.

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HUD has eliminated the minimum commission of $2500, split between the selling and listing agents, and it is no longer available on the HUD Homestore. Going forward, all listings will reflect a maximum 6% total commission, split between the selling and listing agents. HUD has no plans to increase the commission percentage beyond 6%, but only may do so on a case by case basis.

The primary exception is what HUD calls “Enhanced Commissions.” For more information on this topic visit this post from our blog.

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A HUD offer is a unique offer as the listing agent is not providing an offer of cooperation.  In the HUD Sales Contract the selling agent contracts with HUD for payment. This payment does not come from the Listing Broker.  It does not mean you will not get paid.  It means you need to build your payment into your bid understanding the seller, HUD, will pay a maximum 3% or $1250 for listings labeled as “enhanced commissions”.

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When submitting an accepted contract, a buyer will execute an Addendum A to the Sales Contract called a Forfeiture and Extension Policy. The terms of forfeiture of earnest money deposits are covered. This particular risk is not specifically cited. For an owner-occupant purchaser, it is possible that a plea could be developed based upon the open ended “other good cause” clause.

Bottom line is that your buyer takes this risk. Please be sure and be completely familiar with all the terms of this agreement when submitting an accepted package.

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There is no method to submit bids/offers once a bid has been accepted.   When a bid has been accepted, the property will be removed from the listings on HUDHomeStore.com.  At this time, no more bids can be submitted.  HUD or the Asset Managers will not accept offers any other way than the electronic bidding at HUDHomeStore.com.  The Local Listing Brokers are not able to accept these offers….no matter how much the buyer insists!

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Traditionally buyers of HUD homes have to have legal status in the United States in order to purchase as an owner occupant or investor.  These means they need to have a registered individual tax identification at minimum to make a bid.

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There are 2 different $100 down programs that buyers might be able to take advantage of.

First is the Good Neighbor Next Door program, searchable on HUDHomestore.com but limited in applicability. See more information on this option here.

Most likely what you are seeing reference to is a FHA financing program for HUD Homes where an FHA buyer, when qualified, offers full list price in their bid utilizing FHA financing with a $100 downpayment and even request up to 3% in closing costs. Your FHA lender should be familiar with this.

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NO! Sorry..we have never seen any owner, corporate or one with sense and a good advisor, allow a potential buyer to come in and work on their home prior to a closing. That is just a really bad idea. Your best hope is the seller will make some repairs that are needed to close. With bank owned properties though, the most common response from the seller is “did they not understand what I meant when I said sold as-is”? In other words, ask your mortgage lender for a better way to handle the problems..like a post closing repair escrow.

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With the exception of HUD owned homes, the bank chooses. WILMOTH (as listing agent) has no say in the matter either. This is due to the fact that the seller has significant amounts of Title work completed during the Foreclosure process. TITLE COMPANY CONTACT INFORMATION COMES WITH THE SIGNED DOCUMENTS FROM THE SELLER. In all likelihood the Listing Agent WILL NOT HAVE this information prior to receiving this document package. We are waiting too and will forward the information as soon as it becomes available. Continued multiple and/or daily queries slow down the process for everyone involved. Please be considerate, we are all working towards the common goal of closing on the subject property.

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With a few exceptions, we submit the offer like any other property. The exceptions are for HUD and Fannie Mae owned homes that require the bids to be submitted by agents at either HUDHomestore.com or HomePath.com. The bank usually has a threshold of what they can accept based on multiple valuations they have on hand. That price is discounted by the days on market…the longer on market the lower they can accept. They will counter offer unless they consider the offer ridiculous. One mandatory item is that you must have a satisfactory proof of funds.

As the listing company we will compile a summary form which is called the “Offer Worksheet.” This is aimed at simplifying the process for the Asset Manager, who will more often than not, have a large number of properties under management and often in multiple States with vastly different real estate contracts. This worksheet will have the “basics” only (Price, Terms, Concessions, Closing dates, etc.). The WILMOTH Group prepares this “Offer Worksheet” based from the terms of the purchase agreement we receive.

This worksheet is typically prepared online as directed by the seller. Your counter offer may come back in the “worksheet” format (Simple details of what the bank is willing to accept) or via an unsigned Counter Offer. The WILMOTH Group will respond back to you either verbally or via a counter offer form.

Offers by “Letter of Intent” will not be accepted.

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When a property is being sold “as-is” no repairs will be made by seller. No repairs will be made for HUD owned homes. If an inspection contingency is included in the offer, any response should only include any major structural or safety issues over $500 and should include a possible credit amount at closing, along with 2 contractor bids. There are no guarantees that any allowance will be given. The properties are already priced assuming repairs are needed. In this situation, the seller is not agreeing to make any repairs nor is willing to lower the price for repairs needed on the property. If the property is sold “AS-IS” and no repairs or refurbishment have been made – it should be assumed that some work of some type is needed and the offer should be reflective of this information. The client realizes that work needs to be done and has already priced the property accordingly.

Special Notes: Banks will not accept any contingency on the sale of a buyer’s home. Sellers will not pay for Home Warranties. Please understand that, with the exception of HUD owned homes, most of our houses do not qualify for all forms of financing – especially FHA. See HUD Homes to learn more about using FHA financing for HUD homes.

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Sellers may take up to 7 – 10 days to respond to submitted contracts. Please allow extra response time for the seller to respond to offers. Your offer will be timely submitted. If you have not heard a response by your expiration date and time, we are not ignoring your requests –we simply do not have an answer from the bank. Each Asset Manager representing the corporate owner works with hundreds of properties at any given time and they try to respond timely, but unfortunately, this cannot always be done. As soon as we have a response, we will promptly forward it on to you.

We have no control over the bank’s decision making process. On rare occasion they will respond in the first 48 hours. However, more than likely they will respond in 3 to 5 days. Please be patient and do not call to check on progress. The Wilmoth Group will notify you immediately when we receive a response. Some banks do not look at offers until the property has been on the market for 5 to 10 days. Please be considerate, we are all working towards the common goal of closing on the subject property. IF YOU HAVE NOT HEARD FROM US IT IS BECAUSE WE HAVE NO UPDATE TO GIVE YOU- NOT BECAUSE WE ARE IGNORING YOU.

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No-unless we are processing responses received on a Friday afternoon. The seller’s representatives work normal five day a week schedules and are not available over the weekend. Any offer submitted over the weekend will be presented the following business day. Any offer submitted on line will be date and time stamped. The bank will know when you submitted your offer.

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In general, earnest money is negotiable. In the case of HUD homes there are set rules. The HUD rules are actually fairly good guidelines to utilize when making your offer on any bank owned home.

When bidding on a HUD home a $1,000 earnest money deposit (EMD) is required on all offers for properties listed over $50,000. Under $50,000 requires a $500 EMD.

A couple of other things to remember when making an offer on a bank owned home.

Generally, a minimum of 10% is required for cash purchases.

All Earnest Money Deposits must be in the form of a Cashiers Check or Money Order.

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As a standard rule, purchasing bank-owned properties requires making available with your offer documentation that the purchaser either has the funds or is approved for bank financing. When a buyer submits this information with their offer, and their offer is accepted, in general it eliminates the financing contingency of the purchase agreement. Why? Because the point of the requirement is to prove to the seller that the proposed purchaser does not face any problems on completing the purchase-they either have funds or a mortgage pre-approval in place.

When the proof of funds is provided as cash, then the method for purchasing the property needs to be cash. Please do not come back after the offer is accepted and let us know that your buyer now wants to use financing. If you are the buyer, or the agent representing that buyer, if this occurs please be aware that the seller may choose to cancel the purchase agreement and retain the earnest money due to non-performance under the terms of the accepted contract.

If you submit a pre-approval and it has a lot of contingencies, or it is very sketchy as to how much of an approval it really is, please be aware that the seller may choose to accept an offer that provides a more solid proof of funds. About the only thing that can cancel an agreement that has been accepted with the type of proof of funds required, is a low appraisal. With bank-owned properties, that is extremely rare since in general they are being purchased at a discount.

Contract and lender letters MUST specify the type of loan and the LTV the borrower is seeking.

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Realtors-You will receive an email confirmation within 24 hours of submitting your offer. For HUD bids at HUDHomestore.com make note of the confirmation number you receive immediately after submitting the bid.

Buyers Not Represented By a Realtor- You will receive an email confirmation

Multiple offers normally result in a request for a highest and best offer. Escalation clauses will not be accepted by the banks.

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Just like any other sale, your buyer has the right to fully inspect the property within the frame of the inspection contingency of the purchase agreement. Seller will not order or pay for any inspections.

The seller, or our company, will not approve any pre-contract inspections. Additional utilities will not be turned on, de-winterizations will not occur. Radon tests will not be performed etc. This is the purpose of the inspection contingency. Assess the property the best you can in the condition it is in (everybody else will be looking at it the same way). Negotiate a successful offer and include an inspection contingency. Then you can complete an inspection and address anything found under approved conditions in an inspection response.

HUD-owned homes inspection procedures are coordinated with the Field Services company only AFTER the HUD purchase agreement has been ratified (executed) by HUD.

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It is absolutely essential that you give us 3 BUSINESS DAYS NOTICE PRIOR to scheduling your inspection. Some utilities (such as electricity) will likely be on prior to your making an offer, others will not (such as gas or propane) The Listing Agent has NO control over the work schedules of the local utility companies. As such the Listing Agent will not be responsible for re-inspections and/or associated fees. It is not a bad idea to visit the property a day PRIOR to the inspection to check if systems are on and working.
NOTE: Purchases of HUD homes require a different process for inspections of which we are not involved. If you need to set up an inspection for a HUD home ratified contract you will need to coordinate it with the Field Services company (FSM). They are the only party who can authorize utility activation and approve access for the sales agent, their buyer and the inspector.

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Any inspection requested by the buyer is intended to be only for buyer’s information. We will have utilities turned on to accommodate the inspection (with exception of HUD properties where buyer and agent are responsible and coordinated with the Field Services Manager). However, if property has to be de-winterized for the purposes of an inspection, buyer will be required to sign an addendum stating “If buyer does not close on property, for any reason, buyer will be responsible for the cost of having property re-winterized by Seller approved vendor” Utilities will be turned on if safe to do so. Depending on the timing of the winterization, it is quite possible that plumbing repairs will be needed and the water may not be able to be turned on. Please keep these factors in mind when making their offer. If an inspector/appraiser is unwilling to turn on pilot lights, main water valve, etc., it is the buyer or buyer’s agent responsibility to make arrangements to have them turned on and off again.

Electricity will be turned off as of the day of closing; please make arrangements to have utilities transferred to the buyer.

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The buyer has the right to cancel the contract and receive their deposit back if they do so within their contractual time frame (unless specifically noted). Note-HUD Homes are sold as-is. A document called the Earnest Money Deposit Addendum which is a part of the contract package details the terms for return of earnest money. Inspections are encouraged on all homes.

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Please understand that this home is being sold “AS-IS.” If the bank has rehabilitated the home, their scope of work has already been determined and can not be changed. As a rule, ONLY issues which are LENDER REQUIRED will be addressed. REO Asset Managers are VERY familiar with what constitutes a Lender Required repair and will not approve “cosmetic,” “dated”, or “wear and tear” related issues. Note: with HUD homes no repairs will be made. These homes are already either approved for FHA financing or they are not.

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If this is a bank-owned property, HOA information is not routinely obtained. However, if we have information, we will gladly provide it as well as any contact information if available.

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Due to liability risks, the Purchaser is not to take possession until Seller has been funded (closing is final). No repairs to be performed by the Purchaser prior to this time.

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If the seller receives multiple offers on a property, buyers may be requested to submit their highest, best and final offer by an agreed upon date and time. This is fairly common and the process is handled a little differently by each seller. In all cases except HUD homes, WILMOTH will communicate with all buyers and provide a deadline to change their offer if desired. With HUD homes all bidding is coordinated through HUD and notices will usually come from HUD or an Asset Manager providing the opportunity to rebid for your buyer at the HUDHomestore.com. With HUD homes please remember, WILMOTH does not have any involvement in the bidding process.

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Local Boards of Health do not always timely file liens on properties. The title insurance only covers recorded liens. The title company will make all efforts possible to identify any liens that could cloud the Title. These charges will be paid at closing in order to provide clear title at the date of closing. It is in the interest of your buyer to check with the local Board of Health to make sure there are no outstanding bills that have not yet been recorded. This is the same with sewer liens. Also, if the subject property is a newer build, it is in the interest of your buyer to check if the assessed taxes are correct. Notify the Title Company with written records of any pertinent information.

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With the exception of HUD owned homes, the bank chooses. WILMOTH (as listing agent) has no say in the matter either. This is due to the fact that the seller has significant amounts of Title work completed during the Foreclosure process. TITLE COMPANY CONTACT INFORMATION COMES WITH THE SIGNED DOCUMENTS FROM THE SELLER. In all likelihood the Listing Agent WILL NOT HAVE this information prior to receiving this document package. We are waiting too and will forward the information as soon as it becomes available. Continued multiple and/or daily queries slow down the process for everyone involved. Please be considerate, we are all working towards the common goal of closing on the subject property.

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Buyers are not allowed in the property without the agent present. We have plenty of Associates available to meet you to show the property. You may request a showing by emailing from the contact tab above.

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Visit Pemco’s website at HUDPemco.com and click on the “Forms” tab. Then select the appropriate region (Indiana-1A, Florida-2A). While you are at their site take a look around and learn even more about Pemco HUD homes!

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When the property does not appear on HUDHomestore when entering the case number, and it still shows active on the MLS/BLC or at WilmothGroup.com, it means HUD has closed bidding in order to accept a bid and try to bring it under contract. We have not been informed to change the status in the MLS/BLC or WilmothGroup.com because the home is not under contract. HUD has simply decided to close bidding. The way you can confirm this is to click on the Property Contacts tab and enter the case number. You will see that the case number is correct, and the contact information is still posted for access by the public who may have a problem or the selling agent for their reference.

Because the property is not officially contracted, these often reappear on HUDHomestore for more bids. We suggest monitoring HUDHomestore daily while watching the status on the listing services and our site. When the status changes to pending, you will know the home has officially been placed under contract.

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FHA and VA loans are sometimes the most competitive options in rates and availability. However many properties that are “Bank owned”, are sold “As Is” and most likely will not pass FHA inspections/appraisals. In additions to this, the Seller/Bank will not do the work for the property to pass inspections/appraisals. A buyer attempting to purchase an REO property with FHA financing, often experiences cancellation of their contract due to inspection/appraisal issues. These cancellations often will cost the buyer in lost dollars for inspections and appraisals.

A possible alternative would be FHA/203k. This would entail that you work with the lender upfront to have the FHA inspector/appraiser view the property before submitting an offer to see if the property could be financed by this method. An offer could then be written with 203k financing and extra time could be requested for repairs estimates and a projected closing date.
HUD homes designate if they will qualify for FHA financing. See the HUD home FAQ for more information.

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NO! Sorry..we have never seen any owner, corporate or one with sense and a good advisor, allow a potential buyer to come in and work on their home prior to a closing. That is just a really bad idea. Your best hope is the seller will make some repairs that are needed to close. With bank owned properties though, the most common response from the seller is “did they not understand what I meant when I said sold as-is”? In other words, ask your mortgage lender for a better way to handle the problems..like a post closing repair escrow.

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No – Corporate sellers do not allow assignments of contracts.

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No!  Unfortunately, as of June 2014 this answer has changed.  You can read more here.

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One of the most commonly asked questions and the black and white answer is that HUD Homes are sold as-is and buyers need to be diligent when preparing their offers. When submitting a contract package, there is a Forfeiture Addendum document that the buyer will execute. This document spells out the terms of return of earnest money. These terms do vary from an owner-occupant purchaser to an investor. There is also condition (vi) that states earnest money could be returned “for other good cause, as determined by HUD”. Most of the questions I receive on this issue as it relates to an inspection will fall under this condition. So, buyers should be prepared that there is not a inspection contingency as would be the case with many other types of purchases, and the buyer will be executing this document stating they understand that to be the case.

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As a selling agent, you must work under a Broker who has obtianed (and annually renewed) a HUD Name Address Identifier (NAID). First ask your broker for their NAID as it will be required to enter your offer at HUDHomeStore.com. Confirm that your Broker has renewed their NAID in the last year.

If you are a real estate primary broker and do not have a NAID, here is the link to the forms required and where to return them. Please be careful to include all the attachments required on page 2 of the SAMS 1111 under the column labeled SB.

Please be advised it can take 3-4 weeks to obtain a new NAID number or to have a renewal activated if a year has passed. For this reason, Wilmoth Group offers a referral program to brokers who do not have a NAID number but do have a client wishing to make an offer on a HUD home. Please send an email to joel@wilmothgroup.com for more details.

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Each property on HUDHomeStore.com will contain, with the listing, the documents each Asset Manager is utilizing. Click on the Addendum tab and save the contract package appropriate for your buyer. Be sure and do this prior to submitting your offer as this information will no longer be readily available at HUDHomeStore.com once your bid is accepted.

If you forget to obtain these documents, and the property is no longer showing, click on the Property Contacts tab of HUDHomeStore.com. Enter your Case Number or street address. Note the Asset Manager listed and visit their website. Most of the Asset Management companies are posting their contract document packages also on their sites.

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If you are considering purchasing a HUD home, or if you are a Realtor representing a buyer of any kind, you need to know about the special HUD programs. These programs encourage the development of communities as the home owned by HUD is offered for sale. The “special HUD programs” link above will provide you the knowledge you need to understand if you or your buyer qualify.

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