successfully selling hud homes
DESCRIPTION
Successfully Selling HUD HomesTRANSCRIPT
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Mont Sagely479.462.5516
http://www.slideshare.net/montsagely/hud-8347078
SUCCESSFULLY SELLINGHUD HOMES
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WHICH IS A HUD HOME?
This one …
or this one?
BOTH ARE HUD HOMES
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What is a HUD Home? A one-to-four unit single-family residence
acquired as a result of a foreclosure on an FHA insured mortgage.
They vary in Price, Location and Condition Some are in move-in ready condition and
others need lots of repairs. They are offered for sale at an appraised
fair market value and SOLD AS-IS.
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Who Can Buy HUD Homes?
Owner Occupants Investors Government Agencies & HUD approved
Non-Profit Organizations.
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Owner Occupant vs. Investor Owner Occupants are given priority in
bidding on a HUD home. HUD prefers to sell to an Owner
Occupant vs. an Investor. WHY? Because most times an owner
occupant will take more interest in taking
care of the property and seeing that the
property values continue to rise in the
neighborhood.
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How can I sell a HUD home? Any licensed real estate agent can sell
HUD properties. Principal Brokers must first register with
HUD to obtain a NAID number. Usually takes 6 to 8 weeks. Brokers must re-register each year.
To register go to www.hudhomestore.com and click on NAID Registration.
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Selling Agent Registration: Selling Agents should register with
HomeTelos First by going to www.hometelosfirst.com and clicking on the Register link in the top right hand corner of the page.
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How do you search forHUD properties?
www.hudhomestore.com www.hometelosfirst.com www.nwa.mlxchange.com
- Search for any HUD home on the MLS by performing a “Simple Search” and by changing the “Subject To:” criteria field to “HUD Acquired” or “HUD Owned”.
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Finding the HUD Case #on the MLS
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When can an Investor or Owner Occupant Bid on a property?
HUD properties are listed every day.
Newly Listed Properties
If they are Insurable or Insurable with
escrow (FHA financing) then only owner
occupants can bid on that property for
the first 30 days. On the 31st day it is
open to all bidders.
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When can an Investor or Owner Occupant Bid on a property?
Newly Listed Properties
If the property is Un-Insurable meaning
that they must be purchased with Cash
or financed with a conventional loan.
Then owner occupants can bid on that
property for the first 5 days. On the 6th
day it is open to all bidders.
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Bidding Process
On Insurable & Insurable with Escrow Properties:
There is a 10 day sealed bid holding
period. Bids will be held over the first
10 days from initial listing date. All bids
will be reviewed on the 10th day. If a
bid is acceptable then the contract will
be acknowledged.
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Bidding Process (cont.) On Insurable & Insurable with Escrow
Properties:
After the 10th day all bids / offers are
opened daily and acknowledged if
acceptable.
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Bidding Process (cont.) On Un-insurable HUD Properties:
There is a 5 day sealed bid holding
period. Bids will be held over the first
5 days from initial listing date. All bids
will be reviewed on the 5th day. If a
bid is acceptable then the contract will
be acknowledged.
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Listing Codes:
IN – Insurable (Buyer can obtain a FHA loan.)
IE – Insurable with Escrow (Buyer can obtain a FHA loan with escrowed repairs paid by buyer.)
UI – Uninsurable (Buyer is only able to purchase property with a conventional loan or with cash)
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Listing Codes: (cont.) F – Flood Zone (Property is located in
an area where coverage under the National Flood Insurance Program may be required to obtain a loan.)
HOA – Homeowners Association (Property is covered by a Homeowners’ Association which will most likely require HOA fees and dues to be paid by the home occupant.
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Listing Codes: (cont.) LBP – Lead Based Paint (Property was
built prior to 1978 and may contain the existence of lead based paint. LBP Addendum Form must accompany the sales contract.
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Lead Based Paint (LBP) Stabilization: Stipulations for HUD to complete a LBP
assessment for homes:
- built before 1978, owner occupant &
FHA financing. Request made to Field Service Manager
(FSM) for inspections through the Asset Manager (AM) via P260 at time of contract execution.
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Lead Based Paint (LBP) Stabilization: (cont.)
HUD will fund up to $4,000.00 For stabilization exceeding $4,000.00
HUD will (at their sole discretion)
- Cancel the sales contract and buyer
receive the earnest money back.
- Allow to change financing to 203(k),
conventional, or 203(k) streamline
(only is less than $5,000)
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Property Condition ReportProperty Summary Report
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How Do You Place a Bid on a HUD Property?
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Filling out the contract:
Must be filled out and signed in
BLUE INK only!
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What is “SOLD AS IS …”
Homes that are sold with no warranties, guarantees, or representations about the property.
NO REPAIRS will be made by HUD. NO REPAIRS will be made prior to
closing. Buyer’s are allowed to get an
independent Home Inspection within 15 days of acceptance.
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What is Insurable with Escrow?
When the appraiser goes out to appraise the property for the first time they determine if it meets FHA requirements.
If the property does not meet FHA standards but the amount to bring it up to FHA standards is less than $5,000. Then HUD allows for it to be Insurable with Escrow.
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Insurable with Escrow
This is only on FHA 203 (b) loans. This is not a gift or paid by HUD The repair escrow amount is added to
the mortgage. You do not add this amount to the sales
price on the contract. There are NO repairs prior to closing.
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Insurable with Escrow
The repair amount that the appraiser determines is required to bring it to FHA standards is multiplied by 110%.
This is because they realize that they may not estimate the correct amount.
The buyer has 90 days to complete the repairs.
If the buyer is able to complete the repairs for less money then the remainder amount will be added to the principal of the loan.
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Earnest Money:
Earnest Money must be made payable to HUD.
Must be Certified Funds Only
- Cashiers Check or Money Order
$500.00 Earnest Money if Sales Price is less than $50,000.00
$1,000.00 Earnest Money if Sales Price is
Over $50,001.00
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Earnest Money:
The earnest money deposit shall be held by “HUD’s Designated Closing Agent.”
Earnest money must be mailed in with contract package.
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Forfeiture of Earnest Money :
The failure by a Purchaser to close on the sale of property within the allowable time period, including any extensions granted by HUD, will result in the forfeiture of the earnest money deposit, except where special circumstances exist and are documented and accepted by HUD.
Investor Purchasers
Uninsured Sales - The purchaser will forfeit 100% of the earnest money deposit for failure to close, regardless of reason.
Insured Sales - The purchaser will forfeit 50% of the earnest money deposit for failure to close if purchaser is determined by HUD or Direct Endorsement underwriter to be an unacceptable buyer. The purchaser will forfeit 100% of earnest money deposit if sale fails to close for any other reason.
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Forfeiture of Earnest Money:Owner-Occupant Purchasers
The purchaser will have 100% refund of the earnest money deposit under the following circumstances:
There has been a death in the immediate family (contract holder, spouse, or children living in the same household);
There has been a recent serious illness in the immediate family that has resulted in significant medical expenses or substantial loss of income, thus adversely affecting the purchaser's financial ability to close the sale;
There has been a loss of job by one of the primary breadwinners, or substantial loss of income through no fault of the purchaser;
On an insured sale, HUD or a Direct Endorsement underwriter determines that the purchaser is not an acceptable borrower;
On an uninsured sale, the purchaser was pre-approved for mortgage financing in an appropriate amount by a recognized mortgage lender and , despite good faith efforts, is unable to obtain mortgage financing in a specified dollar amount sufficient to purchase the property.
For other good cause, as determined by the field office.
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Forfeiture of Earnest Money:
On an uninsured sale, the purchaser will forfeit 50% of the earnest money deposit where, despite good faith efforts by the purchaser, there is an inability to obtain a mortgage loan from a recognized mortgage lender.
On either type of sale, the purchaser will forfeit 100% of the deposit in those instances where no documentation is submitted, where the documentation fails to provide an acceptable cause for the buyer’s failure to close, or where documentation is not provided within a reasonable time following contract cancellation. The documentation must be received by HomeTelos, LP no later than the close of business on the tenth day following the cancellation of contract.
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Determining Closing Costs: HUD will pay 3% of the Buyer’s closing
costs.
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Closing Date:
Allow 45 days for closing on all financing.
Allow 30 days for closing on all cash sales.
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Commissions:
HUD will pay a 3% commission to the selling agent. This amount can be reduced if the agent chooses.
HUD will pay a 3% commission to the listing agent. This amount is automatic and non-negotiable.
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Submitting a Bid over the List / Bid Price.
The bank will require the Buyer to provide the additional funds for an offer over the asking price when obtaining financing on a FHA loan.
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HUD Contract Package Checklist:
Printed Sales Contract HUD-9548 Electronic filing of HUD-9548 contract addendum Owner-Occupant Certification (if applicable) “For Your Protection: Get a Home Inspection” Radon Gas and Mold Notice Lender Letter of Commitment / Pre-Qual Letter Forfeiture & Extension Policy Addendum Lead-Based Paint Addendum Flood Zone Addendum Notice to Purchase Addendum Earnest money check made out to HUD
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Winning Bid:
You will be notified via e-mail if you are the winning bid. Usually takes 24 hours after bid submission.
You can go to the www.hudhomestore.com to view the status of your offer.
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Where do I mail my contract? Overnight package to:
HomeTelos, L.P.
Attn: HUD Contract Review
5040 Addison Circle, Suite 300
Addison, TX 75001
Phone: (866)971-2212 or
Phone: (866)-958-2374
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Due Date:
Contract package is due to HomeTelos
2 business days (48 hours) from bid
acknowledgement. Include HUD contract, addenda &
earnest money.
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Winning Bid:
HomeTelos will e-mail you a copy of the signed contract by HUD within 3 to 5 days after receipt of contract package.
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Correcting Errors:
If there are any changes or revisions HomeTelos will e-mail you and give you 48 hours to make any revised changes to the contract. Most revisions can be returned via e-mail if done within 24 hours.
Contract will be cancelled or awarded to the next highest bidder if the contract is returned still containing errors.
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Common Errors
Verify correct social security numbers. The buyer’s name must match exactly
on lines 1, 2 and 13. All signatures must be in BLUE INK. Initial all pages as directed on every
addendum.
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Extending the Contract
Submit the “Extension Request Form”
5 days prior to the contract expiring to keep
from having the contract cancelled. All extensions require a non refundable fee
that may be waived by the Asset Manager’s discretion at the time of the request. Make checks payable to HUD in the form of a cashier check or money order.
Extensions are made in 15 day increments.
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Cancelling the Contract
If you see that the buyer is going to need to cancel the contract then submit the “Contract Release and Earnest Money Disposition Request Form” as soon as possible.
You will have a greater chance of getting the buyer’s earnest money back quicker.
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Special Programs:
Properties which are eligible for HUD’s special programs will list to a “lottery round” before they are listed for sale to the general public.
Two types of lottery round eligible bidders. Good Neighbor Next Door and HUD approved Non-Profit/Govt. Agency
GNND eligibility will be indicated on the listing at www.hudhomestore.com
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Good Neighbor Next Door (GNND) Designed to enhance urban
communities by offering discounts on HUD homes to Firefighters, EMT’s Police and Teachers.
- Up to 50% off the property list price
- $100 down payment
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Good Neighbor Next DoorRequirements:
Property must be located in a designated Revitalization Area
Buyer must live in the home for at least 36 months.
Buyer nor spouse may not have owned title to property in last 12 months.
Buyer nor spouse cannot have participated in the GNND program.
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GNND notes: The Bid Price must be 100% of the list price. Can utilize any type of financing or pay cash. FHA Financing on GNND:
- Must qualify for the entire contract
amount prior to discount.
- Can finance into the mortgage all
reasonable and customary closing
costs, including pre-paids and real
estate commissions. HUD will not pay any closing costs or real estate
commissions.
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THE END!
Thank you for your time and please call me
if I can answer any questions.
For a copy of today’s slide presentation go tohttp://www.slideshare.net/montsagely/hud-8347078