buying a hud house: Bookmark THIS! Illustrated guide to making a bid on a HUD property
- 05/25/11 11:20 AM
Making a bid on HUDHomestore. First, be sure that your principle broker has a NAID number. If he/she does not have a current NAID number, NOBODY in your company will be able to make a bid for a client. NAID numbers take 4 to 6 weeks to be processed, and all bidding agents must be connected to an active NAID number. Trying to register and then waiting for your brokerage's NAID would put your client in jeopardy of losing the house, so please refer that client to an agent whose company is already registered. The process DOES take at least 4 … (10 comments)
buying a hud house: You CAN'T be serious! BUYER'S agent has to turn on the utilities??
- 02/05/11 10:35 AM
The responsibility for arranging utility turn-on rests with the buyer and the agent for the buyer, NOT WITH THE LISTING AGENT or the inspector when purchasing a HUD owned property. So, be prepared for that from the start, but also know that there are additional caveats. While most state contracts provide for permission to do inspections, HUD contracts for sale do not. In the case of a HUD home, the buyer must first complete the Home Inspection Request form that came with the contract package and return the form (with a copy of the contract) to the specified Field Service Management office. Not only … (14 comments)
buying a hud house: "Wet" signature: What in the world is that?
- 01/11/11 02:35 PM
Buyers know that some real estate transactions must be notarized. You would expect the signing of a deed, for instance, to require notarization, but you may not be familiar with the term "wet" signature. That term simply means that an original document is required, and the signature usually must be in blue ink. When wet signatures are required, even a color copy will not suffice. Many, probably most, home purchase contract documents now are passed back and forth between buyer and seller via fax or email. Any institution or seller who will accept faxed or emailed documents is one that does not … (17 comments)
Making a bid on HUDHomestore.
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