-
Quick Tour
Connect. Share. Learn.Welcome to ActiveRain, the #1 social community for real estate professionals.- Explore the world's largest storehouse of real estate knowledge
- Access free training on ActiveRain University
- Share the experience of life in the real estate industry
- Grow your business through real estate blogging
- Blogs
-
Resources
Product Reviews Curious as to what others in your profession think about a certain product or tool? AR's community takes the time to leave honest and transparent reviews of their experiences so you can be a bit wiser about your purchase.
- Broken down by categories and subcategories for easy finds
- Get an unfiltered look at what real users are saying
- Leave a review yourself for others to benefit from
- Add new products as you use them and gain points for doing so
|
;)
;)
;)
Find GA real estate agents and Fairburn real estate on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2013 ActiveRain Corp. All Rights Reserved
16 Comments on Changes with HUD Homes Listing Process
Hi Jordon,
Thanks for the post and HUD update. Have a great week.
Patrick - you are very welcome!
Hello Jordon, how do I become more familar with the HUD process. I would like to become a Listing Agent for the Agency.
DD - Getting in line for HUD listings depends on where you operate your business. What state or states are licensed to sell real estate? Also do you have history with HUD i.e. have you done any HUD transactions as the Selling Agent? For me it helped to do some transactions on the buyer side in order to understand that aspect of the process and be prepared for the seller side as a listing broker. You can go to hud.gov and search through the available information. Hope this helps.
Thanks for the update because I was just selected to be the Neighborhood Listing Broker for HomeTelos here in Virginia. I've some some HUD Homes on the buyer side and looking forward to listing and helping other agents understand the HUD process.
Don - Congratulations! I actually learned about HomeTelos too little to apply for the local listing broker opportunity with them. I applied with Pemco but was not selected. They had a tremendous amount of applications, so I know it was a difficult decision. I also had several transactions on the buyer side with HUD, and I plan to build on my experience as a Selling Broker for HUD Homes. And perhaps next time around I can participate on the Listing side. Best of success to you!
Happy Holiday Jordon,
Browsing the web on Neighborhood Listing Broker,and came onto your site. I was just selected to be a Neighborhood Brokers for Ofori/Reo, today. I am very excited,are you a listing agent/broker now.
Dee
Customer Service and Communication are very much lacking while using Ofori & Associates.
Yeah, Ofori is one of the newbie's to come aboard with the changes. They had the longest lead time in getting set up. Hopefully some process improvement is in the works. Thanks for commenting!
Well a little background in this purchase of the HUD home. The buyer (which is me) made an offer and received an accepted offer back. During my home inspection, the inspector found that the Property Condition Report was inaccurate as it stated the Heat and Air System were functioning. He found both units to be inoperable and apart. The Realtor contacted Ofori and they cancelled the contract. The house was then re-listed with a "New" Property Condition Report stating the two units were inoperable and lowered the asking price by $6,000.00. I then made another offer on the property, received an Accepted Offer. Signed a contract on March 10th, 2011. Still to this day, April 4th, 2011, I have yet to recieve an Executed Contract. The Realtor and I have tried contacting Ofori to find out the status. The Realtor was unsuccessful in making contact. I have talked to three different employees at Ofori and each time they have stated "The executed contract will be sent out tomorrow." We have yet to have an executed contract.....Almost 30 days after I had signed the contract!!!!!! Any advice on what can be done about this situation??? Thanks, Jake
Jake - that's really poor service on Ofori's part. If the Ofori office is local (they have a location here in the Atlanta area), I would go directly to the office for an answer. Sounds like serious incompetence. Is your agent the Listing Broker or a Selling Broker helping you? If it is the Listing Broker, I would think that they could an answer from someone in the Ofori organization. Very bizzare situation and one I have never encountered. Either Ofori is really incompetent or overwhelmed with business. You could try contacting HUD directly at 1 800 225 5342.
The repair issue is not unusual. HUD Appraiser guidelines are in serious need of updating. The guidelines often serious under estimate the cost of repairs found on the Property Condition Report. HUD buffers the repair escrow by 110% to help what they see as differences in what contractors charge for repairs.
Let me know how it turns out. Thanks!
Unfortunately I don't reside in the same state as their office. The property is listed through the Atlanta Ofori Office though. The Agent I believe is a Listing Broker, but yet can not make contact with the Ofori Office. Nobody ever picks up and if they do, they say "It will be sent out tomorrow" as well.
I thought about going to the office on your behalf to see someone face to face. However, since I'm not on the contract Ofori will talk to me. I'm limited to giving you my ideas about what to do. At this point I can hope that someone picks up the ball in the Ofori office. Keep me posted. Thanks!
Well, the executed contract was finally recieved, closing is middle of May. The new problem i've run into now is the 10-12 inches of rain we have had in the past 4 days. The problem is that I got a home inspection done and had the utilities turned on in my name (with a 72 HR time period). I disconnected the utilities from my name, advised the realtor the power was off and they contacted Ofori to notify them as well. This was back in Feburary. Still to this day, the power has not been turned back on in the home and it does have a basement with a sump pump.....Now there is approximately 8 inches of standing water in the basement along with a leak in the roof (that was "fixed/repaired" months prior to the contract....Have you had to deal with any properties with this situtation? What's the outcome of them, if you have? Or any advice to approach this situation? As it is almost 20 days away from closing...Thanks.
Hi Jake,
I have not personally dealt with any problems of this nature, but I'm sure with all of the changes and the Georgia weather recently, there are more situations like yours occuring. I heard of one similar situation and the asset manager allowed the buyer to cancel the contract without penalty. In the particular situation, the home had a working HVAC unit at the time of inspection. However, when the buyer went to the home on the day of closing, the unit was missing. The asset manager would not pay to replace the unit, but did allow the buyer to get out of the contract.
The realtor should contact Ofori to exlain the problem and request your options. If you are allowed to cancel the contract without penalty, they will probably take the property off the market and lower the price. Then they will place the property back on the market at the lower price to account for any additional damage caused by the standing water.
Let me know how things turn out for you.
Thanks!
Jordon