HUD Homes Battles in Central Fla....Mike Norvell Sr fights back

By
Real Estate Agent with Morris Williams Realty

 

 

I now am working full time in HUD homes in Central Fl with Trent Realty....We have 7 counties and the phone rings off the hook. My job would be made much easier if the other agents pushing thier bandit signs all around our listings would stop the misleading advertising....$100 down buys this home...100% financing available..ect..... confusing the public is such a waste of time. Educating them would be more professional....THis practice makes the poor buyers feel like they're entering a sleazy used car lot....buyer beware. We should, as a profession, rise above this level and just do our jobs with integrity.

Also, there are RULES for working HUD homes, and these other agents are BLATANTLY breaking them. I go to my listings and see the yard full of bandit signs....from Real Estate Brokers....clearly breaking the rules, and confusing the public with all the misleading crap on thier signs.  Whats worse, yesterday morning I got up very early and made the rounds to all my listings.......my signs were pulled and these jokers had thier signs in the yards over the weekend.  I had my digital video camera with me, so I did a video to document the violations and sent it to my home office. I called the brokers whose signs were there, and got a response that HUD does not really enforce the rules, and they will not stop until they were forced to. Of course no one admitted to pulling my signs......

Now, I still get a LOT OF CALLS......I am amazed with how uninformed the average caller is to the process. Mainly, they learn from the signs that only say $100 down buys  this home, and from the very misleading websites that are there just to get the buyers locked into their web before telling them the real truth on getting them a HUD home.... Its easily twenty calls a day from those who want to start the paperwork and have the hundred down right now......Good thing I have unlimited minutes...

I did take the time to learn the HUD process, and the basic rules are laid out in pretty basic language in a PDF document that I am happy to forward with my initial package. The biggest problem we have is that the owner window is so short, and the buyers have not met with a bank or broker to get pre qualified before starting to look around for housing. 

I have begun putting "Get Prequalified First"  on my signs, and that is at least starting the conversation on the right foot. It would be very helpful for the agents in the business to quit the garbage signs that mislead the public and stick to providing a service to the clients. 

HUD homes are an unbelieveable bargain in many cases, and I for one am on a campaign to educate the local public with the REALISTIC PROCESS involved in becoming pre qualifed to buy...including the way to bid, repair escrow, the 3% closing cost misunderstanding, ect...

I will be willing to bet that 80% of these deals go for cash investor buyers, simply because we are not reaching enough individual buyers to have them ready and able to properly pull the trigger.

On a final note......I love cash investors...I understand their motivations, and there are no games.... 

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Rainmaker
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JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Cash is still king and likely always will be, but education is certainly a fantastic thing and the more people who understand the actual process the better.

Apr 21, 2010 02:55 PM #1
Rainer
105,415
Mike Norvell Sr
Morris Williams Realty - Leesburg, FL
Norvell Consulting Group

Thanks for the Comment JL.....educating the public will be made easier when the joker brokers quit the bait and switch tactics...................

 

Have a great day!!!!!!!

Apr 22, 2010 12:55 AM #2
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Rainer
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Mike Norvell Sr

Norvell Consulting Group
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