Changes to HUD Home Buying Procedures

Changes to HUD Home Buying Procedures

I attended a meeting at the Mobile Area Association of Realtors board today. The guest speaker was Johnathan Keith, a listing broker for HUD properties Hooks Van Holm. A power point presentation explained the new procedure and the changes that will be taking place.

1) The current HUD asset managers Hook Van Holm will change to HUDHomestore.com

2) Earnest Money will be sent to HUD with the contract, instead of deposited with the listing broker.

3) Electronic Lock Boxes will be added to all HUD properties

4) Total Commission will be 6% divided equal between listing broker & selling agents, a minimun of $2500 will be implimented.

5) All HUD registered listing Brokers will be able to advertise HUD Properties and hold open houses (hum?)

6) Clients will be able to register on the HUD website and see what brokers see.

7) One website for the entire country. Licensed HUD Brokers and their agents that are registerd on the new website will be able to upload contracts.

8) Listings will be added daily instead of every friday..

9) Exclusive "Owner occupant" will change to 30 day listing period for Insurable and Insureable with Escrow. There will be a 10 day bid period (within the initial 30 day) for all bids to be received. If no offer is accepted by HUD, bids will be reviewed daily (up to 20 days) for owner occupant purchasers. INVESTORS will not be able to bid until day 31( if owner occupant has not been accepted.)

9) The HUD Contract will not change. But the contract will need to be in Blue Ink, No white-outs, Mark-outs, and the Qualifying regustered Broker will have to sign the HUD contract. All Addendums will be on the one stop shop website...

10) Mortgage contingency will require a signed pre-Qualified letter from a certified licensed lender.

For more infor. on HUD Homes call 1-800- 225-5342 Mon-Fri, 8:00 to 8:00 or visit the website:  http://www. hooksvanholm.com/PropertyListings.aspx  & FHA issues: http://www.fhaoutreach.gov/FHAFAQ