Successfully Selling HUD Homes Webinar Dunamis Realty Group 6507 Jester Blvd. Suite 507 Austin, TX 78750 Tel. 512.372.8113 / 1.877.773.0007 Fax. 512.372.4858 Email: KimBramlette@Aol.com Marketing@DunamisRealty.com
Kim Bramlette, CRS, SFR Broker/Owner Direct # 512.705.1932Office # 512.372.8113 or 1.877.773.0007 E-mail: KimBramlette@aol.com Office Location: 6507 Jester Blvd. Suite 507 Austin, TX 78750
* Changes to HUD Contract HomeTelos, Matt Martin Real Estate Management & Pemco, LTD. Have replaced Southwest Alliance* www.HUDHomeStore.com Place all bids on site Register under a HUD Certified Broker (Broker Must be registered first)• Exclusive Owner-Occupant Period• Earnest Money MUST be submitted with the Contract• Up to 3% Buyers Agent Commission• Up to 3% Closing Cost
Effective 10/20/2011 Denver Home Ownership Center has approved a FHA $100 Down Payment Sales incentives for the NEXT 12 MONTHS!Bid Requirements: (Must have all 3, only applies to HUD Properties) Owner Occupant Purchases FHA Insured Financing Only Full Price bids based on current list priceProperties awarded bids prior to 10/20/2011 are not eligible forthis incentive.Loan amount cannot exceed the full appraised value.
* Property that was originally insured by FHA when Purchased.* If the owner of a FHA insured loan defaults, the Bank/Lender forecloses and files a claim with HUD. HUD did not foreclose on owner.* The Federal Government established HUD (U.S. Department of Housing and Urban Development) to make these homes available to the public through a contractual process.
* Just about anyone may purchase a HUD property!* Listing Brokers or associated individuals who are privileged to information about HUD listings prior to the Public are NOT permitted to purchase HUD homes!* Owner Occupant Buyers receive first preference to Bid
* All HUD homes that are available to Bid on are viewable at www.HUDHomeStore.com* HUD properties are also advertised by Local Listing Brokers online and in Multiple Listing Services!* All buyers MUST have a HUD approved Real Estate Professional submit a bid on a home!
Select Bidder at the Right corner on the HUDHomeStore.com home page! Make sure your Broker has already registered as a Bidder!There are helpful video links for bidding registration. Aswell as a place to check the status of your Brokers NAIDnumber! Make sure you stay up –to-date on your NAIDexpiration! There is no longer email notification forupcoming expiration dates!
Both Pages arevery useful with lots of information!
* HUD is NOT a lending institution, however, purchasers of HUD homes MAY qualify for FHA- Insured Mortgages* Buyers are NOT required to use FHA-insured Loans* Buyers can use conventional financing with a fixed or adjustable rate mortgage * VA Loans * Cash
Varies by PropertyInsurable Properties *Meet insurance requirements for FHA financingInsurable with Escrow *Meet insurance requirements for FHA financing with repair Escrow
* Varies by Property – FHA appraiser deemed $5000 or more in required repairs to be FHA insurable for 203(b)* After 5 day exclusive bid period, bidding opens to ALL purchasers on a daily bidding (ending at Midnight each day).* FHA won’t insure property based on required repairs with 203 (b) financing. Buyer must have 203 (k) or cash to purchase!
*Homes are Sold AS-IS!!*HUD will not make ANY repairs. All disclosures deemed reliable but not guaranteed.*Highly Recommended to have a professionalhome inspection!!* Also look into home protection insurance foryour clients, some HUD Homes will qualify!
*All Bids on HUD homes are submitted on www.HUDHomeStore.com You need a Place a bid on Registered the Property HUD Realtor Details page to place a Bid. for the property you are bidding!* The listing price is determined by HUD to be an estimate of the properties current fair market value* On the Properties screen click “Submit a Bid”* You will need your Brokers NAID # to continue* Once your bid is accepted you will be notified via E-mail from the Asset Manager & the Bid information will be posted on the website.
When a bid is awarded, the Realtor has 2 business days to deliver contracts to the Asset Manager: *Detail is IMPORTANT * ALL Documents must be signed in BLUE ink!, and delivered to the Asset Manager * Earnest Money MUST be made out to HUD * Missing any of these details may cost the buyer a property & YOUR commission!!
Required forms *Each Asset Management Company has a different sales contract and guidelines *Addendums – Earnest Money Guidelines, Electronic filing Addendum, Owner Occupant Certificate (if applicable), Radon Gas & Mold, LBP, Earnest Money Forfeiture & Extension Policy, Home Inspection…. etc… *Pre-Approval letter from a certified/ licensed Lender
*Earnest amount of $500.00 for properties under $50K and $1000 for properties over $50K for PEMCO or HomeTelos. Matt Martin 1% over $50,000 with maximum $2000. * Must be certified funds made out to HUD * Earnest Money MUST be submitted with the Sales Contract * Money is held by Closing Agent * AM will notify of the Closing Agent * AM may be listed on Property Condition Summary
Buyer has 15 Days to inspect the property once contract is executed.You must contact the FSM for approval to turn on utilities and follow their guidelines on De-Winterized/Winterization etc.Buyer has to turn on utilities in their name!
* Buyers Agent has to order Title – you will get an email from the AM or Closing Company * Buyers Agent has to order Survey – Closing Agent does NOT do this! * Schedule closing with Closing Agent (Luna & Luna)* If you are having trouble contacting Closing Agent don’t give UP! You may have to call multiple times!
* Extensions for up to 15 days MAY be granted* Submit letter from lender starting why you need an extension!* $375 Fee to extend (fee’s vary)* Make sure this is done 6-7 days business days prior to contract expiration date!* There is NO automatic extension!!
Never give a HUD Key to Anyone!!HUD does not provide Buyers keys at closing. Be prepared with Locksmith after closing. ABSOLUTELY NO REPAIRS prior to closing!! All HUD Homes are sold AS-IS EDUCATION – Stay informed and connected policies, forms and information changes all the time!!
www.HomeTelosFirst.com Why Search on HomeTelosFirst: •Comprehensive info and Tools •Detailed Information on buyer Programs andRegister with www.HomeTelosFirst.com to incentives submit bids for HUD properties under HomeTelos Management. •Founded in 2001, HomeTelos is a privately held Click “Register” and follow the directions firm located in Dallas, TX. provided. Primary Broker Must be registered first with www.HUDHomeStore.comBroker must have a current NAID number.
Real Estate Professionals Tab: When you prepare and submit a HUD-9548 My HUD Contracts sales contract & addenda package for HUD Closing Agents HomeTelos: HUD Sales Forms Training Videos •Simply enter the exact offer terms and HomeTelos will generate a printable Register with HomeTelos contract package for your buyer’s signature. •HomeTelos provides you with the tools to insure that you submit a complete and HomeTelos must receive the original accurate contract package the first time.signed contract and all required addenda within 2 business days from the offer acknowledged date. Contracts not received within two business days are subject to bid acknowledgement cancellation.
Please raise your Hand if you have ANY Questions!!For questions specific to a property please call Kim Bramlette directly at Dunamis Realty Group, LLC Kim Bramlette, CRS, SFR 512.705.1932! Broker / Owner Direct #512.705.1932 Office #512.372.8113 Fax # 512.372.4858 Email: KimBramlette@Aol.com Marketing@DunamisRealty.com