"HUD homes are too difficult" That's what I hear from inexperienced agents all the time. If anyone of you have ever closed a HUD property you know it couldn't be further from the truth. Fear of the unknown, I imagine. Over my hundreds of years practicing real estate sales and marketing I personally find working with HUD homes for sale to be the easiest transaction out there. It's strictly business! The seller has no emotional tie to the property and the buyer knows that their getting a great deal. Very smooth, if you know what, you the Realtor, are doing. Which isn't rocket science! HUD homes for sale are listed on line and accessible to everyone. Agents and buyers alike. No special password, needed. And most are listed in your local mls.
- 1st thing to do, make sure you or your office is HUD registered, most are.
- Familiarize yourself with all the forms, they're all on line.
- Review the questions HUD homes for sale frequently gets, very, very informative.
Hud homes for sale typically have a property condition report available on line, a very informal home inspection. These are aimed to assist the buyer in doing their homework. All properties are sold in "as is, as seen" condition. However, the buyer is highly encouraged to have a home inspection. Your broker should also recommend one as well. Going FHA financing???? repairs may need to be made "prior to" closing. Your broker should have a good knowledge of any easily identifiable issues...mostly safety.
So your client/buyer has found,"THE PROPERTY" and want to make an offer. Easy as pie! Offers are submitted on line, new HUD properties for sale will have a 10 day time period where all bids are collected. On the 10th day, or whatever day HUD posts, all bids will be reviewed. (One note: Owner occupants are allowed 1st bids, usually for the 1st 30 days then ALL BIDDERS will be allowed.) The winning bid, if any, will be posted. If your bid is posted......congratulations. Now you have 48 hours to get the HUD sales contract and other required paperwork to the regional management office. It's easy and all on line. Once you receive confirmation that all the paperwork is complete--usually within 3 days, it's time to complete any required and or requested inspections, time, always, being of the essence. Inspection complete, all's a go, financing approved....next step close and get paid. Oh, did I happen to mention HUD offers a very generous compensation? Now, isn't that worth ALL the experience you've gained at being a true professional.
HUD homes are managed by regional management offices. In New England/New Hampshire in particular it is Cityside Management Corporation. Great company to work with and extremly helpful. Their webisite is the front door to searching and finding anything needed to successfully sell a Hud home.
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CAN IT BE ANY EASIER?
Here the the websites mentioned for easy access.
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