This document provides an overview of a HUD sales training class for brokers, covering topics such as HUD property listings, the bidding process, preparing and submitting contracts, and the closing process. It introduces the presenters, Dan Kildea and Tammy Boles-Senkewitcz, and provides details on HUD's M&M III changes, the roles of local listing brokers, myths about HUD homes, and buyer types. The document aims to train brokers on selling HUD homes effectively.
Hud sales training for real estate agentsDan Kildea
This document provides an overview of a HUD sales training class for brokers. It introduces the presenters and provides an agenda that will cover highlights of HUD's M&M III changes, where HUD properties come from and how to find them, the broker registration process, bidding process, preparing and submitting contracts, and the closing process. It also discusses listing codes, listing periods, who can bid on properties, and the Good Neighbor Next Door program.
The document provides information about an upcoming HUD sales training class. It includes:
1) Details about the presentation including the presenter Dan Kildea and topics to be covered such as HUD property acquisition process, broker registration, bidding, contract preparation, and closing.
2) An overview of HUD property types, including where properties come from after foreclosure, the roles of local listing brokers, and marketing responsibilities.
3) Information for real estate agents on benefits of selling HUD homes, the showing and bidding processes, contract submission, and common errors to avoid when preparing offers.
HUD homes are foreclosed homes that are owned and sold by the Department of Housing and Urban Development (HUD). Licensed real estate brokers can list, show, and submit offers on HUD homes on behalf of buyers after registering with HUD. HUD homes are sold through an online bidding process and various programs provide priority to certain buyers like owner-occupants, non-profits, and first responders. FHA loans are typically available to finance the purchase of HUD homes.
This document provides guidance for real estate brokers on selling homes owned by the Department of Housing and Urban Development (HUD). It outlines the process for brokers to register with HUD, access property listings on HUDHomestore.com, place bids on behalf of buyers, submit sales contracts, and handle other aspects of the transaction such as inspections, extensions, and closing. It also describes HUD's programs that provide discounts or special terms for certain buyer types such as first responders or non-profits.
This webinar provided information on successfully selling HUD homes. Key points included:
- Changes to the HUD contract approval process and how to bid on properties through the HUDHomeStore website.
- Details on bidding requirements like owner occupancy, FHA financing, and meeting the listed price.
- Incentives available like a $100 down payment program through Denver for the next 12 months.
- Requirements and process for submitting bids, delivering contracts, and closing on HUD properties.
The document discusses the services provided by Nicki Conway & Associates to help buyers through the home buying process. It outlines how the realtor will treat clients with respect, represent their best interests, provide expertise on local markets and designations, and guide them step-by-step from initial search to closing. Various home buying options and considerations are also covered, including short sales, loan preapproval, open houses, and title insurance.
The document summarizes the key steps and considerations for home buyers:
1) It outlines the topics to be covered including preparing to buy, finding a home, and closing.
2) Preparing involves determining affordability, getting pre-approved, understanding loan options like fixed vs adjustable rates, and the application process.
3) Finding a home involves learning the local market, touring options, making offers, and contingencies to protect offers.
4) Closing discusses the closing process, typical timelines, and costs.
Hud sales training for real estate agentsDan Kildea
This document provides an overview of a HUD sales training class for brokers. It introduces the presenters and provides an agenda that will cover highlights of HUD's M&M III changes, where HUD properties come from and how to find them, the broker registration process, bidding process, preparing and submitting contracts, and the closing process. It also discusses listing codes, listing periods, who can bid on properties, and the Good Neighbor Next Door program.
The document provides information about an upcoming HUD sales training class. It includes:
1) Details about the presentation including the presenter Dan Kildea and topics to be covered such as HUD property acquisition process, broker registration, bidding, contract preparation, and closing.
2) An overview of HUD property types, including where properties come from after foreclosure, the roles of local listing brokers, and marketing responsibilities.
3) Information for real estate agents on benefits of selling HUD homes, the showing and bidding processes, contract submission, and common errors to avoid when preparing offers.
HUD homes are foreclosed homes that are owned and sold by the Department of Housing and Urban Development (HUD). Licensed real estate brokers can list, show, and submit offers on HUD homes on behalf of buyers after registering with HUD. HUD homes are sold through an online bidding process and various programs provide priority to certain buyers like owner-occupants, non-profits, and first responders. FHA loans are typically available to finance the purchase of HUD homes.
This document provides guidance for real estate brokers on selling homes owned by the Department of Housing and Urban Development (HUD). It outlines the process for brokers to register with HUD, access property listings on HUDHomestore.com, place bids on behalf of buyers, submit sales contracts, and handle other aspects of the transaction such as inspections, extensions, and closing. It also describes HUD's programs that provide discounts or special terms for certain buyer types such as first responders or non-profits.
This webinar provided information on successfully selling HUD homes. Key points included:
- Changes to the HUD contract approval process and how to bid on properties through the HUDHomeStore website.
- Details on bidding requirements like owner occupancy, FHA financing, and meeting the listed price.
- Incentives available like a $100 down payment program through Denver for the next 12 months.
- Requirements and process for submitting bids, delivering contracts, and closing on HUD properties.
The document discusses the services provided by Nicki Conway & Associates to help buyers through the home buying process. It outlines how the realtor will treat clients with respect, represent their best interests, provide expertise on local markets and designations, and guide them step-by-step from initial search to closing. Various home buying options and considerations are also covered, including short sales, loan preapproval, open houses, and title insurance.
The document summarizes the key steps and considerations for home buyers:
1) It outlines the topics to be covered including preparing to buy, finding a home, and closing.
2) Preparing involves determining affordability, getting pre-approved, understanding loan options like fixed vs adjustable rates, and the application process.
3) Finding a home involves learning the local market, touring options, making offers, and contingencies to protect offers.
4) Closing discusses the closing process, typical timelines, and costs.
This document provides information and standard terms for a Contract of Purchase and Sale for real estate. It begins with copyright information for the form.
Section 1 provides 3 sentences on recommended procedures for completing the sale to ensure the seller receives funds on the agreed upon completion date. It advises the buyer to pay funds and sign documents at least 2 days before completion, and the seller to return signed documents by the morning before completion.
Section 2 notes the real estate brokerage must hold deposits from the transaction as a stakeholder according to the Real Estate Services Act, and cannot release the funds without written agreement from both parties.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers conventional and FHA loan programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and purchasing and servicing loans. It also includes a comparison matrix of FHA second mortgage products, including the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second programs.
This document provides an overview and summary of Chenoa Fund programs, including:
1. Chenoa Fund offers down payment assistance programs in all states except New York, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), and DPA Edge: Soft Second (FHA).
2. The programs provide 3.5% assistance for down payments and closing costs, with various terms for repayment. The first mortgage must be sold to CBC Mortgage Agency.
3. Eligibility requirements include minimum credit scores and debt-to-income ratios. The document reviews guidelines for each program and requirements for borrowers with credit scores between 620-639.
The document summarizes key provisions of the Maceda Law or the Realty Installment Buyer Protection Act. It protects buyers of residential real estate purchases made through installment payments. It provides buyers rights like grace periods for payments, cash surrender value refunds if they cancel the contract, and the ability to prepay the balance without penalties. The cash surrender value percentage increases over time from 50% initially, with an additional 5% each year, up to a maximum of 90% after 5 years or more.
This slide tells important cases about the contract and offer which will make user easily to understand the concept of offers. how a offers make good impact , how it accepted
The document discusses different types of sales transactions under Islamic finance. It defines a valid sale as one where all elements - including contract, subject matter, price, and possession - are present. A void sale is one where certain conditions are not met, such as regarding the buyer/seller's mental state or the goods' existence/ownership. An existing but defective sale still transfers ownership but prohibits use of the goods until the defect is rectified. A valid but disliked sale meets requirements but has undesirable conditions, like occurring after a prayer call.
The document discusses the benefits of obtaining a "Key-Card" from L&G Mortgagebanc, which verifies a buyer's approval for a mortgage loan before showing them homes. It notes that 16% of real estate deals fail due to mortgage issues and 26% of conditional approvals are invalid. The Key-Card gives buyers a stronger offer, saving money and reducing stress. Real estate agents who provide the Key-Card are seen as more valuable and will retain loyal clients.
CPBigwood's full auction catalogue for Thursday 25th February held at Villa Park in Birmingham with a fantastic offering of residential and commercial premises.
The document discusses key aspects of contract law in India according to the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. There are two essential elements to a valid contract: 1) an agreement between two parties, and 2) the agreement's enforceability under law. For an agreement to become an enforceable contract, it must meet additional requirements such as offer and acceptance, lawful consideration, capacity of the parties to contract, free consent, and lawful object.
The key consequences of breaching a contract include:
1. The non-breaching party can pursue a legal claim for damages suffered as a result of the breach. Damages aim to financially compensate for losses.
2. Depending on the severity of the breach, a court may order specific performance where the breaching party must fulfill their contractual obligations.
3. Repeated or willful breaches can result in an injunction, which is a court order prohibiting future breaches.
4. Breaching certain contracts, like employment agreements, can result in disciplinary action including termination of the contract.
5. A breach of contract may damage commercial relationships and reputation, harming future contract opportunities. See
The document discusses the essential elements of a valid contract under Indian contract law. It lists 10 essential elements as defined in Section 10 of the Indian Contract Act, 1872: offer and acceptance, intention to create legal relations, free consent, lawful object, lawful consideration, capacity of parties, agreement not declared void, certainty, possibility of performance, and necessary legal formalities. It also discusses the rules regarding communication and revocation of offers under the Act.
This document provides information on the proposed sale of 14 estate lots located in King, Ontario. Royal LePage has been retained to arrange the sale. The lots are part of a 21 lot subdivision ranging in size from 2 to 3 acres. The lots are fully serviced and located south of Lloydtown Aurora Road near existing estate home developments. Information on the subdivision, location, and recent comparable sales between $600,000 to $1,400,000 are provided to prospective purchasers.
The Clock is Ticking - 15 Deadlines In PAR's Agreement of SaleTom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's Zoom meeting call covering the following topics: 1. Homesale Realty's Kick-off Meeting, 2. 2021 Projections, 3. NAR's 2020 Profile of Home Buyers and Sellers, 4. The Clock is Ticking - 15 Deadlines in PAR's Agreement of Sale
Murabaha is an Islamic financing structure where a financial institution purchases an asset for a customer and sells it to them at an agreed upon markup. The document defines Murabaha, provides examples of how it works, and answers common questions about the process. Key points include:
- In Murabaha, the cost of the asset and the pre-agreed profit amount must be disclosed to the customer.
- The financial institution purchases the asset then sells it to the customer for a higher price paid in installments or all at once.
- The customer can be appointed as an agent to select the asset on behalf of the bank.
The document provides information on how to successfully sell HUD homes, including an overview of the HUD home sales process. It describes who can buy and sell HUD homes, how to register as a broker on HUDHomestore.com, how to find available HUD homes listed for sale, financing options, and how to complete and submit the sales contract package online through the bidding system.
This document provides information about buying and selling HUD homes. It defines what a HUD home is and explains that they can vary in price, location, and condition. Both owner occupants and investors are eligible to purchase HUD homes. The bidding process and requirements for submitting bids are outlined. Details are provided about listing codes, lead-based paint regulations, and programs like Good Neighbor Next Door that provide discounts. The steps for agents to register, search listings, fill out contracts, submit bids, and handle contingencies are covered.
This document provides an overview of selling HUD REO (real estate owned) properties. It discusses the roles of compliance managers, field service managers, and asset managers in maintaining and selling HUD homes. It also outlines the process of listing HUD homes for sale, how bidding works, eligibility for different HUD home incentive programs, and requirements for closing on a HUD home sale. Key details include the three types of HUD home listings, electronic bidding procedures, eligibility for programs like Good Neighbor Next Door, and steps for ratifying a sales contract.
The document provides information on how to sell homes owned by the Department of Housing and Urban Development (HUD), including how to register as a broker, find HUD properties for sale, understand HUD programs and loan options, policies around bidding and earnest money, the process for submitting and reviewing bids, and contact information for two companies that manage HUD home sales. Key steps include registering at HUDHomeStore.com, finding properties on listed websites, understanding bidding windows and requirements for owner-occupants versus investors, and following guidelines for submitting bids and paperwork if a bid is accepted.
A HUD home is a property that has been foreclosed on or voluntarily surrendered to a lender. HUD acquires these homes and resells them to homebuyers, non-profits, and investors. Buyers of HUD homes do not need to be first-time homebuyers or low-income. Financing options for HUD homes include conventional loans, cash, FHA loans, and insured loans. Owner-occupants are given priority for HUD homes and must live in the home for at least one year, while good discounts are available for certain public servants through the Good Neighbor Next Door program. Investors and government/non-profit agencies can also purchase HUD homes.
The document provides information for home buyers, including contact information for real estate agents David and Sharon Kipp. It outlines services the agents provide, such as showing homes, making offers, and negotiating on behalf of buyers. It also includes forms for buyers to provide their home preferences and financial information. Resources are listed for professionals involved in the buying process like mortgage lenders, home inspectors, and insurance agents. The document aims to educate buyers and guide them through selecting a home with the help of David and Sharon Kipp as their buying agents.
This document provides an overview of the home buying process when working with a Coldwell Banker sales associate. It outlines key steps including determining a budget, getting pre-approved for a mortgage, deciding on a mortgage type, making an offer, and attending the closing to finalize the purchase. The sales associate can help find properties through multiple listings, open houses, and online access to over 600,000 properties.
The document summarizes Colorado House Bill 09-1276, which established a foreclosure deferment program. Key points include:
1) The bill provides an opportunity for deferment of a foreclosure sale if borrowers meet eligibility criteria and deadlines, including being certified by a HUD-approved housing counselor.
2) Eligible borrowers have 20 days after a notice is posted on their property to contact a foreclosure counselor.
3) Counselors then have 30 days to determine if borrowers qualify for the program based on their ability to pay and the likelihood of avoiding foreclosure through modification.
4) If qualified, foreclosure sales will be deferred weekly to allow negotiations between
This document provides information and standard terms for a Contract of Purchase and Sale for real estate. It begins with copyright information for the form.
Section 1 provides 3 sentences on recommended procedures for completing the sale to ensure the seller receives funds on the agreed upon completion date. It advises the buyer to pay funds and sign documents at least 2 days before completion, and the seller to return signed documents by the morning before completion.
Section 2 notes the real estate brokerage must hold deposits from the transaction as a stakeholder according to the Real Estate Services Act, and cannot release the funds without written agreement from both parties.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers conventional and FHA loan programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and purchasing and servicing loans. It also includes a comparison matrix of FHA second mortgage products, including the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second programs.
This document provides an overview and summary of Chenoa Fund programs, including:
1. Chenoa Fund offers down payment assistance programs in all states except New York, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), and DPA Edge: Soft Second (FHA).
2. The programs provide 3.5% assistance for down payments and closing costs, with various terms for repayment. The first mortgage must be sold to CBC Mortgage Agency.
3. Eligibility requirements include minimum credit scores and debt-to-income ratios. The document reviews guidelines for each program and requirements for borrowers with credit scores between 620-639.
The document summarizes key provisions of the Maceda Law or the Realty Installment Buyer Protection Act. It protects buyers of residential real estate purchases made through installment payments. It provides buyers rights like grace periods for payments, cash surrender value refunds if they cancel the contract, and the ability to prepay the balance without penalties. The cash surrender value percentage increases over time from 50% initially, with an additional 5% each year, up to a maximum of 90% after 5 years or more.
This slide tells important cases about the contract and offer which will make user easily to understand the concept of offers. how a offers make good impact , how it accepted
The document discusses different types of sales transactions under Islamic finance. It defines a valid sale as one where all elements - including contract, subject matter, price, and possession - are present. A void sale is one where certain conditions are not met, such as regarding the buyer/seller's mental state or the goods' existence/ownership. An existing but defective sale still transfers ownership but prohibits use of the goods until the defect is rectified. A valid but disliked sale meets requirements but has undesirable conditions, like occurring after a prayer call.
The document discusses the benefits of obtaining a "Key-Card" from L&G Mortgagebanc, which verifies a buyer's approval for a mortgage loan before showing them homes. It notes that 16% of real estate deals fail due to mortgage issues and 26% of conditional approvals are invalid. The Key-Card gives buyers a stronger offer, saving money and reducing stress. Real estate agents who provide the Key-Card are seen as more valuable and will retain loyal clients.
CPBigwood's full auction catalogue for Thursday 25th February held at Villa Park in Birmingham with a fantastic offering of residential and commercial premises.
The document discusses key aspects of contract law in India according to the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. There are two essential elements to a valid contract: 1) an agreement between two parties, and 2) the agreement's enforceability under law. For an agreement to become an enforceable contract, it must meet additional requirements such as offer and acceptance, lawful consideration, capacity of the parties to contract, free consent, and lawful object.
The key consequences of breaching a contract include:
1. The non-breaching party can pursue a legal claim for damages suffered as a result of the breach. Damages aim to financially compensate for losses.
2. Depending on the severity of the breach, a court may order specific performance where the breaching party must fulfill their contractual obligations.
3. Repeated or willful breaches can result in an injunction, which is a court order prohibiting future breaches.
4. Breaching certain contracts, like employment agreements, can result in disciplinary action including termination of the contract.
5. A breach of contract may damage commercial relationships and reputation, harming future contract opportunities. See
The document discusses the essential elements of a valid contract under Indian contract law. It lists 10 essential elements as defined in Section 10 of the Indian Contract Act, 1872: offer and acceptance, intention to create legal relations, free consent, lawful object, lawful consideration, capacity of parties, agreement not declared void, certainty, possibility of performance, and necessary legal formalities. It also discusses the rules regarding communication and revocation of offers under the Act.
This document provides information on the proposed sale of 14 estate lots located in King, Ontario. Royal LePage has been retained to arrange the sale. The lots are part of a 21 lot subdivision ranging in size from 2 to 3 acres. The lots are fully serviced and located south of Lloydtown Aurora Road near existing estate home developments. Information on the subdivision, location, and recent comparable sales between $600,000 to $1,400,000 are provided to prospective purchasers.
The Clock is Ticking - 15 Deadlines In PAR's Agreement of SaleTom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's Zoom meeting call covering the following topics: 1. Homesale Realty's Kick-off Meeting, 2. 2021 Projections, 3. NAR's 2020 Profile of Home Buyers and Sellers, 4. The Clock is Ticking - 15 Deadlines in PAR's Agreement of Sale
Murabaha is an Islamic financing structure where a financial institution purchases an asset for a customer and sells it to them at an agreed upon markup. The document defines Murabaha, provides examples of how it works, and answers common questions about the process. Key points include:
- In Murabaha, the cost of the asset and the pre-agreed profit amount must be disclosed to the customer.
- The financial institution purchases the asset then sells it to the customer for a higher price paid in installments or all at once.
- The customer can be appointed as an agent to select the asset on behalf of the bank.
The document provides information on how to successfully sell HUD homes, including an overview of the HUD home sales process. It describes who can buy and sell HUD homes, how to register as a broker on HUDHomestore.com, how to find available HUD homes listed for sale, financing options, and how to complete and submit the sales contract package online through the bidding system.
This document provides information about buying and selling HUD homes. It defines what a HUD home is and explains that they can vary in price, location, and condition. Both owner occupants and investors are eligible to purchase HUD homes. The bidding process and requirements for submitting bids are outlined. Details are provided about listing codes, lead-based paint regulations, and programs like Good Neighbor Next Door that provide discounts. The steps for agents to register, search listings, fill out contracts, submit bids, and handle contingencies are covered.
This document provides an overview of selling HUD REO (real estate owned) properties. It discusses the roles of compliance managers, field service managers, and asset managers in maintaining and selling HUD homes. It also outlines the process of listing HUD homes for sale, how bidding works, eligibility for different HUD home incentive programs, and requirements for closing on a HUD home sale. Key details include the three types of HUD home listings, electronic bidding procedures, eligibility for programs like Good Neighbor Next Door, and steps for ratifying a sales contract.
The document provides information on how to sell homes owned by the Department of Housing and Urban Development (HUD), including how to register as a broker, find HUD properties for sale, understand HUD programs and loan options, policies around bidding and earnest money, the process for submitting and reviewing bids, and contact information for two companies that manage HUD home sales. Key steps include registering at HUDHomeStore.com, finding properties on listed websites, understanding bidding windows and requirements for owner-occupants versus investors, and following guidelines for submitting bids and paperwork if a bid is accepted.
A HUD home is a property that has been foreclosed on or voluntarily surrendered to a lender. HUD acquires these homes and resells them to homebuyers, non-profits, and investors. Buyers of HUD homes do not need to be first-time homebuyers or low-income. Financing options for HUD homes include conventional loans, cash, FHA loans, and insured loans. Owner-occupants are given priority for HUD homes and must live in the home for at least one year, while good discounts are available for certain public servants through the Good Neighbor Next Door program. Investors and government/non-profit agencies can also purchase HUD homes.
The document provides information for home buyers, including contact information for real estate agents David and Sharon Kipp. It outlines services the agents provide, such as showing homes, making offers, and negotiating on behalf of buyers. It also includes forms for buyers to provide their home preferences and financial information. Resources are listed for professionals involved in the buying process like mortgage lenders, home inspectors, and insurance agents. The document aims to educate buyers and guide them through selecting a home with the help of David and Sharon Kipp as their buying agents.
This document provides an overview of the home buying process when working with a Coldwell Banker sales associate. It outlines key steps including determining a budget, getting pre-approved for a mortgage, deciding on a mortgage type, making an offer, and attending the closing to finalize the purchase. The sales associate can help find properties through multiple listings, open houses, and online access to over 600,000 properties.
The document summarizes Colorado House Bill 09-1276, which established a foreclosure deferment program. Key points include:
1) The bill provides an opportunity for deferment of a foreclosure sale if borrowers meet eligibility criteria and deadlines, including being certified by a HUD-approved housing counselor.
2) Eligible borrowers have 20 days after a notice is posted on their property to contact a foreclosure counselor.
3) Counselors then have 30 days to determine if borrowers qualify for the program based on their ability to pay and the likelihood of avoiding foreclosure through modification.
4) If qualified, foreclosure sales will be deferred weekly to allow negotiations between
This document provides information for home buyers on the home buying process. It discusses reasons for buying a home, benefits of ownership, and outlines an 8-step roadmap for purchasing a home. The roadmap includes hiring an agent, getting preapproved for a loan, shopping for homes, making an offer, negotiating, inspections, closing on the property, and post-closing tasks. It also covers types of financing, distressed properties, and the roles of different industry professionals in the process.
The document discusses the services provided by Guaranteed Rate, a large mortgage lender. It outlines Guaranteed Rate's history and growth, high customer satisfaction ratings, and digital mortgage platform. It then describes the various loan programs offered, including FHA, VA, USDA, conventional, jumbo, and renovation loans. Finally, it summarizes the five steps of the loan process: application, home shopping, signing contract, conditional approval, and closing.
The document provides information on the process for transferring flats in cooperative housing societies in India. It states that in order to transfer a flat, certain formalities must be followed. A housing society is an organization that provides plots, houses or flats to its members, and may also provide common amenities and services. The society can be a cooperative society registered under the Societies Registration Act.
Looking to buy a property and not sure where to start? Don't worry I've created a Buyers Package that easily outlines the steps to your next home purchase. Take a look through and please contact me with any questions...and remember, when it comes to Real Estate, all you need is Lav!
The document provides information about getting pre-approved for a mortgage loan, the documents needed for pre-approval, and details about 203K loans which can be used to purchase and rehabilitate a property. Getting pre-approved benefits the buyer by knowing how much they can borrow, the agent by knowing price ranges to target, and sellers by making pre-approved offers more attractive. 203K loans allow borrowing up to 100% of the loan amount for repairs and can be used to purchase, move, or refinance a property in need of rehabilitation work costing at least $5,000.
This document provides a step-by-step guide for purchasing a home. It outlines 11 steps: 1) Contacting a real estate agent, 2) Getting prequalified for a loan, 3) Searching for a home, 4) Making an offer and submitting a sales contract, 5) Providing earnest money, 6) Negotiating the contract terms, 7) Performing inspections, 8) Requesting and negotiating repairs, 9) Getting an appraisal, 10) Final walkthrough before closing, 11) Closing and funding the purchase. The guide offers advice at each step and explains the key documents and processes involved in buying a home.
This document provides a step-by-step guide for purchasing a home. It outlines 11 steps: 1) Contacting a real estate agent, 2) Getting prequalified for a loan, 3) Searching for a home, 4) Making an offer and submitting a sales contract, 5) Providing earnest money, 6) Negotiating the contract terms, 7) Performing inspections, 8) Requesting and negotiating repairs, 9) Getting an appraisal, 10) Doing a final walkthrough, and 11) Closing on the purchase. The guide offers advice at each step and explains the key documents and processes involved in buying a home.
Real Estate Market In India : A Profitable Investment by MCHIshashikant
The document discusses various aspects of purchasing a home in India, including:
1) The process of buying a home involves determining your budget, obtaining a home loan, and searching for a property that matches your needs and budget. Key documents to check include approved plans, ownership documents, and encumbrances.
2) Important considerations when buying a home include location, amenities, construction quality, and costs like maintenance fees. It's best to buy early in life to enjoy the home and build equity.
3) Tax benefits can make home ownership more affordable through deductions on loan interest and capital gains exemptions. Maintaining your own home provides stability compared to renting.
4) Additional documentation and procedures apply
Auction.com Executive Vice President Rick Sharga, in a joint webinar with RealtyTrac vice president Daren Blomquist, covers the basics of buying at a foreclosure auction and specifically how that can be done using Auction.com.
This document provides information to home buyers about Houlihan Lawrence, a real estate company, and the home buying process. Houlihan Lawrence has over 1,200 agents serving the New York City suburbs and connects international buyers to homes across six continents. The document outlines factors for buyers to consider when looking for a home, common disclosures, the benefits of pre-approval, typical closing costs, how to make an offer, and what inspections are recommended.
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Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
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KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
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Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
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Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
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Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
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Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
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2. Presenting today….
Dan Kildea
Sellstate Leading Edge Realty
Tammy Boles-Senkewitcz
Asset Real Estate
Cell: 860-823-9426
sellstatelere@gmail.com
Cell: 860-908-4663
tammy@theassetteam.com
3. Copy of the presentation
Visit www.slideshare.net/dkildea
4. Highlights of HUD’s M&M III Changes
Where HUD Properties come from & where
to find them.
Broker Registration Process
Bidding Process
Preparing & Submitting the Contract
The Closing Process
What we will cover today. . .
5. Highlights of Changes made by
HUD
M & M firms-
Manage & Market
BLB Resources Inc.
Pricing and Marketing
Contract with Local Listing Brokers.
Ensure customer service and
satisfaction.
6. Local Listing Brokers
Referred to as LLB
Formerly known as “Broad Listing Brokers”,or
“BLB”
Multiple listing brokers in each area/county.
Local Listing Broker Duties:
Inspect property for any repair items needed.
Provide initial Broker Price Opinion (BPO).
Insure access for showings.
7. LLB Duties
Marketing:
List in the most appropriate MLS (s)
Present as mainstream real estate, not as
distressed.
Signage.
On-going BPO’s and marketing reports.
Customer Service to both buyers and agents.
Industry meetings to train and inform agents
of changes and processes.
Outreach events for buyers to promote HUD
homes.
8. • Myth: HUD will pay for you to totally
remodel and update your HUD Home.
• Fact: HUD Homes are
HUD Home Myth Busters
• Myth: HUD Homes are low-end housing.
• Fact: HUD homes are available in a variety
neighborhoods, condition and prices ranges.
• Myth: HUD Homes are not good investments.
• Fact: HUD homes are offered at fair market value
Sold AS-IS
9. Where HUD Properties Come From
A HUD-owned property. . .
Home purchased using FHA insured loan
Homeowner defaults on payments
Foreclosed by the lender, and
lender transferred ownership to HUD in return for
payment of the insurance claim.
10. HUD’s Mission and Fair Housing
To increase homeownership, support
community development, and increase
access to affordable housing free from
discrimination including:
Race, color, religion, national
origin, sex, handicap, familial
status.
11. Benefits for You when
Selling HUD Homes
• Any licensed real estate agent can show any available
HUD property.
• You can advertise HUD homes.
• Unlike Short Sales, no long delay period
• waiting for approval
• You have reports and basic information about the home
• You know that HUD will not perform any repairs
• Large continuing inventory of homes
13. Showing HUD Homes
• Any licensed real estate agent can show any available
HUD property.
Sign In when showing property (kitchen countertop)
Insure property is locked & secure when done!
Removing or damaging any signage is forbidden!
• Unprofessional practices and non-compliance could
result in your brokerage being suspended from
selling HUD homes!
14. Can You Advertise HUD Homes?
YES! (get approval from listing Broker)
DO use equal housing logo
Advertised prices must match
hudhomestore.com
Be positive and promote HUD homes
• Acceptable References include…
“HUD-Owned”, “HUD Acquired” or “For
Sale”
Do not imply exclusivity.
Do not place a sign on the property or
yard.
16. Where to find HUD Homes?
www.HUDHomeStore.com
From the home page you can:
View the latest HUD news
View the HUD resources available
NAID Registration:
◦ check the status of your registration
◦ download the application
◦ send to HUD
Find a Broker, Property contacts, FAQ’s
Search properties by state, county, city,
zip code, price range, etc.
19. Broker must submit paperwork to
HUD to receive a Name Address
IDentifier).
Up to 45 days ( 6-8 weeks) to
process.
Must renew annually, NO NOTICE
IS SENT.
If your number expires, it takes 45
days to process as well.
HUD Resource Center @
1-800-225-5342
21. re.com
Click “register as a BIDDER”.
Once registered, you will be able to
log in and view properties, submit
bids, save searches, etc.
If you try to register and the site
returns a page with a red error
message, your broker is either:
Not registered, or
You didn’t update the site with your
current license expiration date.
22.
23.
24.
25.
26. •ECR – Environmental Compliance Record
•PCR – Property Condition Report
•OO Package – Owner Occupant package
•LBP – Lead Based Paint
•MPR – Maintenance & Property Repair list
(Insurable with Escrow items)
•LISTING NOTES – same as MPR
•GNND – Good Neighbor Next Door
30. Who are HUD Buyers?
Owner
Occupants
Good
Neighbor
Next Door
Owner Occupants
Investors
Government
Agencies &
HUD
approved non-
Profits
31. HUD Buyer Types
• Owner Occupants
Have priority during certain bid cycles
Required to occupy as primary residence for 1 year
Cannot purchase another HUD property for 2 years
They cannot have purchased a HUD home as an
owner occupant in the last 2 years
• Investors
May submit bids on Day 16 (Extended period)
No restriction on purchase quantity
32. HUD Buyer Types (Continued)
• Government Agencies & HUD Approved Non-Profits
Must be approved by HUD as a Non-Profit.
Have their own NAID; submit bids themselves.
• Good Neighbor Next Door (GNND)
The Good Neighbor Next door program offers
firefighters, EMTs, police officers and teachers
significant discounts for purchasing homes in
designated revitalization areas.
33. GNND Program
• HUD offers 50% discount off of the list price
to eligible buyers.
• Buyer cannot have owned another home for
one year prior to closing.
• Buyer must occupy home as primary
residence for a period of 3 years.
• Eligible participants must work in the same
area as the location of the home.
• Properties must be located in HUD
designated revitalization areas.
34. GNND (Continued)
• Buyer must bid 100% of the list price.
• Can utilize any type of financing or cash deal.
• When using FHA…
• Buyer must qualify for entire contract amount prior to discount
• Can finance into mortgage all reasonable and customary closing
costs
• HUD will not pay any closing cost or real
estate commissions.
37. Q: “So, when can
my Buyer submit an
offer? “
A: It depends on two
factors:
Location
Condition
38. Listing Codes
IN - Insurable
IE - Insurable with Escrow
UI - Uninsured
The Condition of the property will determine the
Listing Code…
39. Listing Codes
• Appraisal indicates the property meets
203b minimum property requirements
(MPR), no obvious repairs necessary.
• Think traditional FHA loan
IN - Insurable
• Appraisal indicates the property will be
eligible for 203b FHA loan but needs some
repairs; necessary repairs total less than
$5,000.
• Think traditional FHA loan
IE – Insurable
with Escrow
• Appraisal indicates property does not meet
minimum property requirements (MPR)
and/or requires more than $5,000 in MPR
repairs.
• Think FHA 203k loan
UI -
Uninsurable
40. IN – Insurable
Property condition will qualify for FHA
financing
Does NOT require using FHA loan for
purchase
41. IE - Insurable with Escrow
Only applies when using FHA 203b financing and required repairs
are less than $5000
Not a gift from HUD!
NO REPAIRS CAN BE MADE BEFORE CLOSING.
The buyer must come up with this amount in cash at closing ABOVE
the purchase price!
◦ On the HUD contract form 9548, enter “TBD” for the escrow amount.
◦ Your buyer’s lender will complete an FHA appraisal; that appraisal will
determine what items need to be placed on escrow list.
◦ At the closing table, the purchaser will give this amount to be held in an
escrow account. The lender will order the repairs to be complete in 90
days by a licensed contractor.
◦ FHA will inspect and the contractor will be paid out of the escrow account.
◦ If all the money is not used, it will be credited toward the loan principal.
42. UI - Uninsurable
Property requires repairs in excess of
$5,000.
Eligible for FHA 203k renovation
financing.
Does NOT require use of FHA
financing.
43. Listing
Code
IN - Insurable
IE - Insurable
with Escrow
UI -
Uninsured
Listing
Period
Exclusive
Extended
Lottery
The Listing Code (condition)
determines the Listing Period…
45. EXCLUSIVE
PERIOD:
First 10 days
EXCLUSIVE
PERIOD:
Days 11 to 15
EXTENDED
PERIOD:
Day 16
Owner Occupants, non-profits, and
Government/Municipal agencies
Sealed Bid Period
Owner Occupants, non-profits, and
Government/Municipal agencies
Bids reviewed Daily
All Bidders (includes Investors))
Bids reviewed Daily
IN or IE properties; who can bid….
46.
47. Is the house Uninsurable (UI)?
Then, the home will be listed under the
Lottery Period first…
48. 5 Day Sealed Bid period for Municipalities/
Non-Profits; bids opened on the 6th day.
UnInsurable (UI) properties
If no acceptable bids, All bidders can bid 6th day
forward.
49. EXCLUSIVE PERIOD:
First 5 days
EXTENDED PERIOD:
Day 6
Bids submitted during the first 5 days are held and not
responded to. On the 6th day all bids opened and reviewed.
(Sealed Bid Period)
(Governments, approved non-Profits, Owner Occupants)
On day 6 all Bidders are allowed for daily bidding. This is
where Investors can submit bids.
(Daily Bid review)
All Bidders
51. If the property is in a Revitalization Area,
HUD may decide to list the home for sale
under the Good Neighbor Next Door (GNND)
program.
52. LOTTERY
PERIOD:
First 7 days
EXCLUSIVE
PERIOD:
Days 1 to 15
EXTENDED
PERIOD:
Day 22
Good Neighbor Next Door qualified bidders.
First 5 days are sealed bids, all bids reviewed on day 6.
Day 6 & 7, daily bidding for GNND buyers.
Owner Occupants, non-profits, and
Government/Municipal agencies
Bids reviewed Daily
All Bidders (includes Investors))
Bids reviewed Daily
Good Neighbor Next Door properties
53. Dollar Period
For properties that could not be sold
after 6 months on market.
Offered to municipalities for $1.
Foster opportunities for low and
moderate income home ownership.
55. Remember….
1. If you have buyers interesting in making
an offer, and you can find the house still
listed on HUDhomestore.com, then it is
still available.
2. If the property is not available,
in a pending status, or
is under contract,
YOU CANNOT BID!
57. Submitting an Offer
No local P&S needed!
The contract packages are found in the addendums tab in the
property detail sheet.
The contract package needs to be filled out in entirety
BEFORE you submit online.
Earnest money in certified funds (made out to Buyer Select
Closing Agent [Attorney])and pre-qualification should be
received from your Buyer before you submit online:
$500 if sales price $50,000 and under
$1000 if sales price is $50,001 up to $249,999
$2000 if sales price is $250,000 and up
All signatures on the contract and addendums should be
in blue ink, black ink is acceptable.
No white out or liquid paper can be used on contractual
documents.
58. 123-123456John Doe and Mary Doe
123 Main Street, Any City, Lake County, State
John Doe and Mary Doe
100,000
1,000
Buyer Select Closing Agent (legal firm name)
X
3,000
97,000 360
3,000
(not to exceed 3%)
3,000
91,000
The Contract
X
3,000
59. X
45 or 30
X
X X
JD
John Doe 123-44-5678 Mary Doe 123-44-5665
201-555-6789
06/25/2013
XYZ Realty, Inc.
234 Main Street, Anycity, ST 22222
55-5555555 XYZRLTY5555
555-222-5555
MD
Buyer’s selected Attorney (Buyer Select Closing Agent)
123 Ofori Lane, Your Town, USAJohn Doe Mary Doe
Fred Smith
Jane McKay 860-123-4567
John Doe & Mary Doe
60. Top 5Common
Contract Errors
Frequently Made Errors Correct Entry
Line #3 – Earnest Money Held By Buyer Select Closing Agent
Be sure to enter correct amount of earnest
money.
Line #4 – Type of Financing Check correct box that corresponds to the
financing type. 203b is not accepted if the
property is listed UI.
Line #9 – Closing Timeframe BLB Resources allows 45 days for FHA/other
financed offers, and 30 days for cash.
Line #11 – Frequently left blank and it
should not be.
Be sure to check correct box and attach all
appropriate addenda. Other addenda always
included in a contract package. Lead Based
Paint addendum required if house built prior to
1978.
Line # 12 – Purchasers initial Earnest
Money Deposits
All purchaser(s) initials must be on the contract.
69. Once your Bid is complete:
Print the Bid Acknowledgement page.
Include a copy of the Acknowledgement page
when you send the Sales Contract to Ofori.
70. Offer Acceptance
On bid deadline day, all offers are reviewed and
either accepted, rejected (cancelled), or counter
offered. This is done by email.
The asset company will notify you via email if
your bid is accepted. Please keep an eye on your
spam or junk mail folder if you have put an offer
in. no_reply@blbresources.net
If a change needs to be made after the contract
is accepted, notify your asset manager
immediately.
Cancellation forms? On asset management’s
website.
71. Forms to Use
https://blbresources.com/resources/CT
◦ Change financing
◦ Buyer attorney information
◦ Add or Remove a buyer from contract
◦ Closing date extension
◦ Cancellation of contract
72. COUNTER OFFERS
If an offer is within acceptable range, BLB
Resources initiates counter-offer, specifying
the lowest Net amount HUD can accept.
The email counter-offer will go to ALL buyers
that have submitted offers on that property in
the past, not just your buyer!
Your buyer should make their best offer.
Don’t Counter with a Counter!
73.
74. Contract Package may include:
Electronic HUD 9548 Sales Contract/ Condition of Sale
Electronic Filing of HUD 9548 contract addendum
Owner Occupant Certification ( if applicable)
For Your Protection: Get a Home Inspection
Radon Gas and Mold Notice
Pre Qualification Letter Or Certification of Funds
Forfeiture and Extension Policy or General Addendum
Lead Based Paint Addendum ( if applicable)
Flood Zone addendum ( if applicable)
Notice to Purchaser addendum ( if applicable)
Earnest Money check with EM Certification Form
All signatures in blue ink
Earnest Money check is sent in with the contract
package; made payable to Buyer Select Closing Agent!
75. Commission Restrictions
Effective 12-15-16, HUD will no longer pay a sales commission to the
Selling Broker (Buyer’s Broker) on an Investor sale if the investor/buyer
is also the Selling Broker (Buyer’s Broker) on that file.
For example, if Selling Agent John Doe is representing themselves
on a HUD sales transaction, and their sales contract is for Investor
purchaser type, then HUD will not be paying the Selling Broker
commission to John Doe.
This would also affect the Selling Agent commission if the Selling Agent
(Buyer’s Agent) is somehow affiliated with the buyer and the buyer is an
Investor type.
For example, if Selling Agent John Doe places an Investor-
purchaser bid for XYZ Co., and they are also affiliated (or own a
stake) with XYZ Co., then they will not receive a Selling Agent
commission.
This new policy only applies to the Selling Broker side, and only if the
Selling Broker is also the Investor buyer on the same sales transaction.
HUDHomestore will not be programmed to accommodate this change.
76. Buyer Select Closing Agent program
CT now is part of HUD’s Buyer Select
program (BSCA), effective July 8,
2013
EM check delivered to LLB
77. How can I Cancel my Client’s
Bid?
● Prior to bid acceptance, agents may cancel, modify
or withdraw bids by logging in on
www.HUDHomestore.com
● Note: multiple bids are not allowed for the same
property, the previous bid must be cancelled prior to
placing a new bid on the same property
● After bid acceptance, please complete the
cancellation request form available on BLB
Resources’ Agent Resources page corresponding
to your state
https://www.blbresources.com/resourcemap
● Fax to (248) 301-6647 or email to
3Pcancellations@blbresources.com
78. E-Signatures – Now Accepted
● As of 5/1/17, E-Signatures are
accepted through DocuSign
● All parties privy to the sales contract
will receive direct emails at
designated times in the workflow
requiring verification and e-
Signatures of the sales contract
documents
79. E-Signatures – Now Accepted Cont.
All agents must be opting into the E-Signature process
unless a paper contract submission is approved by BLB.
HUD’s expectation is that most sales contracts will be
conducted via E-Signature. The Buyer’s Agent and buyers
will only be allowed to proceed with hard copy sales
contracts if they have an extenuating reason for not being
able to proceed via E-Signature. Our P260 database will
also need to be noted thoroughly with any exceptions
◦ EXCEPTION = NO EMAIL ADDRESS – If a buyer does not
have an email address or immediate access to a
computer/Internet, then request permission from BLB to do a
paper contract as we will note the P260 record with as much
information as possible. If your buyer does have a computer and
internet, but no email address, we recommend they get a free
email account from Gmail, Yahoo, or the other countless of e-
mail services available online
80. E-Signatures – Bid Submission
Selling Agent Registration on HUDHomestore
◦ Selling Agents (Buyer Agents) MUST register for their own Selling
Agent/Bidder account on HUDHomestore and submit their bids
under that account. It’s not only against HUD policy to submit a bid
under their Broker’s HUDHomestore account or that of another
Selling Agent, it conflicts with the E-Signature process and will
cause issues down the road
Purchasers (New)
◦ Previously, when submitting a bid, the Selling Agent would enter a
primary purchaser and possibly a secondary purchaser
◦ The Bid Submission screen now allows for a primary purchaser
and up to three (3) additional purchasers
◦ A phone number and email are required for each purchaser.
Although a cell phone number is optional for the primary purchaser
during bid submission, it is highly recommended to include one
since it may have to be used as a method of verification.
Verification is required before signing the electronic document
There are a number of changes to the Bid
Submission screen on HUDHomestore.com…some
are below
81. E-Signatures – Bid Submission
Cont.
Buyers Select Closing
Agent (New)
◦ When placing a bid, the
Selling Agent is required to
select an existing Buyer
Select Closing Agent (BSCA)
or type in the name of a
company that has not yet
been set up with a Title ID #
◦ The Selling Agent must also
enter one escrow officer; this
contact is selected from any
already linked to the BSCA,
or a new one can be entered.
There is an option to enter
another backup officer, but
this is not required
82. E-Signatures – Bid Submission
Cont.
Buyers Select Closing Agent
(Cont.)
◦ When typing the BSCA information on
the electronic bid form, Buyer Agent
should type slowly and pay attention to
the options being provided. If that BSCA
is listed, they can select it from the list so
the information matches P260 data.
If the BSCA is not available in the list, then
buyer agent must call the buyer’s BSCA and
request a copy of their license and E&O
Insurance. These two documents will need to
be emailed to the
3Psalescontracts@blbresources.com email
address as soon as bid is accepted.
The Buyer Agent will not get the “UPLOAD”
option in the “Checklist” screen of their
“Accepted Bids” tab on HUDHomestore until a
Title ID has been approved by HUD, which
means the contract cannot go out until the
upload is present and verified.
◦ BLB Resources will be notified if a new
BSCA is entered that is in need of a Title
ID #
83. E-Signatures – Bid Submission
Cont.
Conflict of Interest Question (New)
◦ The Selling Agent is required to respond to a question concerning whether
the purchaser is affiliated with HUD, or companies contracting with HUD,
including asset managers, field service managers, appraisers, listing
brokers, and closing agents
◦ If one or more purchasers has a conflict of interest, an additional dialog
box displays asking whether one of the purchasers is a HUD employee
◦ If there is a conflict of interest and the purchaser is a HUD employee, an
automated email is sent to the Selling Agent stating that they have 7 days
to upload the HUD Conflict of Interest form
◦ If there is a conflict of interest with one of the purchasers who is not a HUD
employee (i.e., does not have an approved Conflict of Interest form), the
bid is automatically rejected
84. E-Signatures – Bid Submission
Cont. Designated-Signer Requirement (New)
◦ The Selling Agent is required to enter the name of the
individual in their company that is responsible for signing
contracts.
◦ This individual is referred to as the E-Signature Signer or
Designated-Signer
◦ Initially, these fields are populated with the contact information
for the NAID registered broker in HUDHomestore.com. This
information can be changed at this stage of bid submission or
at a later time after a bid is accepted
◦ A Broker Authorization form will be included within the “E-
Signature Additional Instruction” package, which will be sent to
the Selling Broker (Buyer’s Agent) upon bid submission
85. E-Signatures – Bid Submission
Cont.
Accepted Bids, EMD Upload via “Checklist” Screen:
◦ Once a bid has been accepted by BLB, the Selling Agent will receive an
email letting them know they can check and edit the bid information. If
needed, the signer, purchaser, and Title Company information can be
updated by going into “Accepted Bids” tab on the menu bar of their in
HUDHomestore profile
◦ After the contract is created by the BLB, a Bid Acceptance Final
Verification email will be sent. The Selling Agent will then be able to upload
the EMD check and additional documentation in HUDHomestore under the
“Accepted Bids” tab
◦ Selling Agents seem to be having trouble locating the “Checklist” link.
Once they login to their Bidder account on HUDHomestore, they should
click into “Bidder Functions” and select the “ACCEPTED BIDS” tab from
the menu bar. The “Checklist” link will be located on the right=hand corner
of that screen (refer to screenshot below):
86. E-Signatures – Bid Submission
Cont.
̶ The Buyer Agent MUST upload a copy of the
EMD check and the additional docs from the “E-
Signature Additional Instructions” package as
ONE PDF document into the EMD UPLOAD
option found on the “Checklist” screen
̶ All items that can and should be included are
the following: a copy of the EMD, Proof of
Funds, Electronic Filing Addendum, Agency
Disclosure, Photo ID, PCR Receipt Addendum,
LBP Receipt Addendum (if applicable), Flood
Zone Addendum (if applicable), LLC Articles (if
applicable), Broker Authorization (if applicable)
87. Information needed for Buyers’ Attorney
Buyer will select their attorney for closing. .
Selling agent insures Attorney fills out the BSCA form
Attorney will coordinate with Title company for HUD,
and prepare all necessary closing paperwork
If Attorney has a Title ID # from HUD, enter their Title
ID# on form
If they have not closed a HUD deal recently, Selling
agent needs to obtain from the attorney:
Proof of law firms’ E&O insurance
CT Juris #
Provide the above to LLB, along with BSCA form
88. What Makes An Offer “Sign-able”
A Completely Correct Contract with all
of the required addenda!
A correct social security number MUST
be submitted with the original bid or the
contract WILL be cancelled.
89. FHA and the HUD Appraisal
Using FHA financing? Buyer will need
to pay for a new appraisal.
HUD’s appraisal is not available to
the lender.
NOTE: The asset company may
require a submission of proof of
funds when bidding over asking
price.
90. Home Inspections
HUD highly recommends that your buyer have a home
inspection completed.
You have 15 days after receiving the seller signed
contract to complete a home inspection
Contact Field Services firm (BLM) through email from
BLB Resources link
Buyer agent must get home inspections authorized with
Field Service Manager (FSM) firm prior to inspections.
Selling agent will work with buyer to turn on utilities,
stay in timeframes, re-winterization fees, etc.
Remember!! No repairs until after closing!
Selling agents must accompany buyers, inspectors,
appraisers, etc, to HUD properties prior to closing.
91. Termite Letters
HUD will provide a termite letter only if:
- State mandated
- FHA financing
Send request in to the asset manager
The asset company will order the
inspection; HUD will fund up to $1000 in
treatment and repairs
If not FHA, the buyer can have an
inspection performed in the 15 day
inspection period at their own cost.
92. Lead Based Paint (LBP) Stabilization
HUD will complete a LBP assessment
only if all three stipulations exist:
--home was built before 1978
--owner occupant
--FHA financing
93. If LBP test is Positive
Using 203k financing: HUD will credit up to
$4000
If 203b (FHA) financing:
1. HUD will perform stabilization up to $4,000.
2. If >$4,000, buyer has 3 options:
a. Switch to 203k and accept credit as noted above
b. Switch to conventional financing or cash
c. Cancel and receive refund of Earnest Money deposit
(EMD)
94. Contract Extensions
Sales price $0-$25,000 $10 per day
Sales price $25,000-$50,000 $15 per day
Sales price $50,001 or above $25 per day
Granted in 15 day increments/ must be
submitted in certified funds
If all 15 days are not used, the unused
amount will be prorated back to buyer and
refunded in escrow.
The fee (in certified funds, payable to HUD)
and request form must be submitted to
3paddenda@blbresources.com at least 5
days prior to contract expiration.
95. Forfeiture of Earnest Money
Warn your buyers that they could lose their earnest
money if they fail to close.
Investors: lose 100% earnest money for failure to
close
Owner Occupants: Could lose 50% of earnest
money for failure to obtain a loan
Could lose 100% of earnest money if no
documentation is sent in.
96. HUD recommends that you complete
a walk thru the day of the closing.
The lockbox may be removed when
you get to property. Please coordinate
with the listing broker to retrieve the
key.
Contact the asset manager if there are
any issues.
97. Lender Documents
and the Closing
Please let the lender know they need
to have all the closing documents to
the HUD closing agent at least 5 days
prior to close.
Post Closing – Buyers Re-key their
new home immediately at their own
expense.
98. 5 “take-aways” to remember with HUD….
IN (Insured) and IE (Insured with Escrow) means your buyer can
get an FHA loan on the house.
IE (Insured with Escrow) is NOT a gift from HUD.
Earnest Money is made payable to Buyer’s Attorney,
but delivered to Listing broker. Certified check or
money order.
Docu-Sign is default Contract process, Selling Broker
signs contract, not Agent.
Buyer does not get keys to the house, needs to
re-key immediately.
99. Resources for Agents
For more information on training
events, procedures, forms:
www.BLBResources.com
Main Nationwide website
www.hudhomestore.com
Other sites:
www.hud.gov
100. Information on FHA Issues/
Lenders/Programs/ Processes
FHA Resource Center
1-800-CALLFHA ( 1-800-225-5342)
Email: info@fhaoutreach.com
FHA frequently asked questions website
www.fhaoutreach.gov/FHAFAQ
101. We need your Feedback !
The feedback, ideas, and concerns from
the Agents are driving the changes that
are needed to make this a smoother
process.
102. Thank you for attending !
Presentation available at:
www.slideshare.net/dkildea
Dan Kildea
Sellstate Leading Edge Realty
Tammy
Boles-Senkewitcz
Asset Real Estate
Cell: 860-823-9426
sellstatelere@gmail.com
Cell: 860-908-4663
tammy@theassetteam.com