HUD listings migrate to HUD Homestore

The roll-out of HUD's new site for viewing and bidding on HUD properties is underway. Buyers and agents who have been using BidSelect will need to register on the new site, HUD Homestore. While properties are still on BidSelect, the change-over is in full swing. HUD Homestore is the new website that will feature all HUD homes, and it is also the new bidding site. With an increasing number of foreclosures, new "Marketing and Management 3" vendors, the new website, and increased publicity, HUD may be gearing up to be an even bigger REO player than in the past.

Though buyers can "shop" for a home online, they cannot put in their own offers. Bids must go through a HUD registered agent. Buyer registration on the new site requires very little time and very little information. Agents who want to register, however, must provide their brokerage NAID number; and their principal broker must be registered first.

Buyers: You can see homes offered by HUD by clicking the following link: HUD Homestore. If you are already working with local agents, be sure to check with them to see if they are HUD registered. If they say "Huh?" the answer may be "No." Don't panic, yet. An agent whose principal broker has already registered (along with a NAID number) will be able to register in a few clicks.

If you have not yet chosen an agent, you can search the site for HUD registered brokerages. Trying to search for a HUD registered agent can be confusing. I am a HUD registered agent, for instance, and most buyers would never be able to tell that by searching the website, because only brokerages are currently showing. My company, CENTURY 21 Key, is part of Broadview Holdings INC, and we are registered. Just because a buyer does not see MY NAME or even my company name does not mean I am not registered. Here's what my "parent" company registration looks like:

Eventually, the new website will probably list agent names, as well as brokerages. For right now, though, buyers should simply ask their agents to be sure they are ready to make an offer on the site.