The United States Dept. and Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) are revamping the HUD REO program, effective this month. HUD owned property sales will more closely resemble bank owned property sales.
A new web presence at HUDHomestore.com replaces the cumbersome nagivation route through www.HUD.gov . HUDHomestore offers one-stop shopping for all matters pertaining to HUD Home sales for consumers and real estate professionals .
Highlights of the HUD Homes program redesign:
- The responsibilities of single M&M contractors is shared between and Asset Manager (AM) and Field Service Manager (FSM).
- AMs are responsible to select listing brokers.
- Listing brokers receive up to 3% commission instead of a low flat fee.
- Selling broker commission caps are reduced from 5% to 3%, not to exceed the commission paid to the listing broker.
- Broker registration is now a two-step process. After receiving a NAID number, brokers must register on the HUDHomestore website.
- Agents who wish to show and sell HUD Homes must also register on the HUDHomestore website.
- Owner occupant priority bid periods are extended from 10 days to 30 days following initial property listing.
- Earnest money is submitted with accepted contracts.
- HUD will use electronic lock boxes to monitor property showings and reduce unauthorized entry.
- New listing will be posted daily, not once a week.
Existing M&M contractors will continue to sell some properties for 30 days following the transition period. All HUD regions will be in transition by Sept, 27, 2010.
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