This is Part IV of Selling HUD Homes. If you have not read my 3 previous blogs, subscribe and read them first for the background of the new HUD system for listing and selling HUD Homes.
Once the (Asset Manager)AM has been given a HUD Home to market, they will place the property on HUDs own website HudHomeStore and assign the listing to a local listing broker (some AMs use a BLB (Broad Listing Broker) but for my blog I am talking about AMs that list directly with a local listing broker) The LLB will perform time sensitive tasks, most with 24-48 hour turn around, and when notified will enter the property in the local MLS, place a sign and a lockbox (Different AMs have differing requirements for LLBs)
Only HUD registered agents may place bids on HUD Homes. The broker must register with HUD and first obtain an NAID # (Name Address ID) To obtain the number go to HudHomeStore and click on NAID Registration. Follow the instructions carefully, any omissions or errors will delay the process. The broker NAID must be renewed annually and they do not notify you of expiration, it is your responsibility to remember. I suggest you start a couple months in advance just to be safe, although they have become a bit faster. Locate the Homeownership Center (HOC) for your state and send all the documentation required. If you had a number before July 2010 be sure to look up the new location and address because they may have changed.
Once the broker has the NAID, the broker must then go to HudHomeStore and register. The broker must do this first, then every agent under the broker must do the same if they want to place bids. Again, if you were registered before July 2010, you probably have to do it again. This is an entirely new system.
On HudHomeStore click on BIDDER in the upper right hand corner and follow the instructions for registering. Choose the NAID Type - "Selling Broker" and the Role - "Selling Agent". You can enter up to 3 states, but I believe you only need one broker NAID. You will need the broker NAID, your real estate license number, state, issue date and expiration date. You will also need this when you place a bid, so keep it in your contacts or in your head, wherever you can find it. Check the box after reading the privacy terms. Enter the characters for the security code in the box provided, then click submit. Click OK, or make corrections as needed. You will then be returned to the home page and your name will appear in the upper right hand corner. You can change or update your profile by clicking on the User Profile Tab. Click Home to go back to the bidder page. If you need assistance, go to Registering as a HUD Selling Agent on the website.
Comments(4)