hud: HUD flaunts Georgia law by failing to disclose adverse material facts!
- 08/07/14 12:41 AM
HUD recently announced that it will no longer provide copies of the HUD ordered appraisal to buyers of HUD owned properties that are under contract. That also means that repair escrow items will no longer be identified. The new HUD requirement requires ALL buyers to have their own appraisals performed. My guess is that HUD is hedging their bets by allowing more buyers to bid over list price for HUD properties. If a new appraisal can justify a higher price, so much the better for HUD. Here’s the problem: Georgia Law requires all sellers to disclose adverse material defects of which … (7 comments)
hud: The power of the Internet! The Feds cave in to common sense!
- 09/27/13 12:15 AM
When HUD proposed a new short sale agency regulation scheduled to take place on October 1 1013, a groundswell of indignation soon escalated into a tsunami of objection. To its credit, NAR took the lead in pointing out the negative consequences of the rule and made a clear case to at least delay implementation of the rule at the least and to abandon it as the best case scenario. But much of the credit also belongs to the agents and brokers that used all of the available Internet and Social Media outlets to lambast the rule and present the reasons why … (6 comments)
hud: HUD, FHA, and the inept bureaucrats that run them.
- 09/24/13 01:32 AM
I have long standing issues with HUD and the bureaucrats charged with running it. They provide the perfect example of big government fat cats collecting huge paychecks for themselves while losing sight of their mission. The latest Pontification of Idiocy is the new HUD rule effective Oct 1, 2013 regarding FHA short sales which in essence says the same broker cannot represent both the buyer and the seller in an FHA short sale. Last time I checked, agency was a STATE issue and NOT under federal purview. But bureaucrats never concern themselves with legal technicalities. They simply make up rules to … (26 comments)
hud: I am violating my personal rule about real estate ranting! HUD and BoA
- 06/11/13 10:24 AM
I have often written that a blog post should NOT be used as a vehicle to denigrate the real estate industry. I have however, offered that an exception to this mandate be allowed in two cases. The reasoning being that these two inept and disjointed entities have earned the derision of not only real estate professionals, but have also the general consuming public as well. The two institutions that I consider “fair game” for rants are HUD and the Bank of America. Both have such a callous disregard for both their own customers and real estate agents that it is a … (8 comments)
hud: What do HUD and the Bank of America have in common?
- 02/14/13 10:01 PM
If you are in the real estate profession, you already know the answer to this one. Neither HUD nor the Bank of America understands or appreciates the role of the real estate agent in the transaction. Neither HUD nor the Bank of America understands or appreciates the duties of a real estate agent in the real estate transaction. Neither HUD nor the Bank of America believes the real estate agent to be a valuable asset worthy of respect and consideration. I have spent hundreds, maybe thousands of hours trying to communicate this to these entities. All of my pleas have fallen … (33 comments)
hud: What does selling HUD Homes have in Common with the Andy Griffith Show?
- 02/11/13 10:27 PM
I am not going to keep the reader in suspense. What does selling HUD Homes have in Common with the Andy Griffith Show? Answer: They are both forever trapped in the early 1960’s. In the fictional town of Mayberry, there is still a live phone operator. At the gas station, either Gomer or Goober still pumps your gas for you. The local bijou features the latest Cary Grant movie. Like Mayberry, HUD is still fully immersed in the “good ol’ days” of blue ink, snail mail, and caveat emptor. Amidst the modern environment of consumerism, HUD is still a vestige of … (16 comments)
hud: My unscientific polls of buyer’s agents overwhelmingly declare HUD’s M&M III to be a bust!
- 02/13/11 01:31 PM
HUD’s new Management and Marketing incentive appears to be falling flat in the marketplace. I have personally had the opportunity to speak with many agents that have either entered bids on behalf of a client or have actually gone under contract on a HUD owned property. All seem to agree on one thing: HUD makes it too hard to sell a property and the increased workload and liabilities that fall upon the selling agent are not adequately compensated by commission. At the same time, buyers are treated with indifference. The prevailing attitude is that since buyers are getting a “deal” … (6 comments)
hud: Due to technical difficulties, we cannot respond to your offer on a Georgia HUD home.
- 01/06/11 12:19 AM
There are some glitches on the official HUD website that are driving buyers and their agents totally up the wall. Potential buyers that have spent time and effort looking at a HUD home, writing an offer, AND depositing earnest money are not even getting the courtesy of a response to their bid. This problem is more than a mere nuisance. Without an official acceptance or rejection, what do we do with the earnest money that HUD requires us to collect it at the time of the offer? We have even LOST buyers that are frustrated and blame us because we are … (24 comments)
hud: Who seems to be exempt from regulation “Z?” Why, it’s the government of course!
- 07/25/10 01:28 AM
Regulation “Z” has been around for a long time. The name is a little misleading, because it is not a single rule, but an entire section of code that stipulates required disclosures when offering credit to a borrowing consumer. And although the law has been revised many times, (the latest changes went into effect July 1, 2010.) some of the very basic tenets that apply to real estate advertising still exist. Simply stated, there are still certain “trigger” words, that when used in advertising, require complete disclosure of all of the terms of the loan. These trigger terms include: 1) The … (13 comments)
HUD recently announced that it will no longer provide copies of the HUD ordered appraisal to buyers of HUD owned properties that are under contract. That also means that repair escrow items will no longer be identified.
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