Presentation is loading. Please wait.

Presentation is loading. Please wait.

Putting The Pieces Together Selling HUD Homes In Florid a.

Similar presentations


Presentation on theme: "Putting The Pieces Together Selling HUD Homes In Florid a."— Presentation transcript:

1 Putting The Pieces Together Selling HUD Homes In Florid a

2 Rod E. Banks Real Estate Broker and Owner HUD Neighborhood Listing Broker (Toll Free) This Presentation Brought To You By

3 Management And Marketing Program (M&M III) Organizational Structure Field Service Managers (FSM) Neighborhood Listing Brokers (NLB) Atlanta Homeownership Center Asset Managers (AM) Mortgage Compliance Manager

4 The MCM Performs A Variety Of Pre- And Post- Property Conveyance Services To Ensure That HUD's Interests Are Protected Provide Guidance To Mortgagees Related To Pre-And Post-Conveyance Responsibilities Resolve Conveyance Exceptions Review Property Inspections To Ensure The Property Is In Conveyance Condition Ensure Property Has A Marketable Title Leverage HUD's Software And Information Systems The MCM for the U.S. Dept. of Housing and Urban Development Michaelson, Connor & Boul 4400 Will Rogers Pkwy., Suite 300 Oklahoma City, Oklahoma (405)

5 Atlanta Homeownership Center U.S. Department of Housing and Urban Development Atlanta Homeownership Center Five Points Plaza 40 Marietta Street Atlanta, GA Telephone: (800) CALL-FHA ( ) HOC’s Insure Single Family FHA Mortgages Direct Oversight of All Functions of FSM’s, AM’s and NLB’s The Atlanta Homeownership Center Serves: Alabama Florida Georgia Kentucky Illinois Indiana Mississippi North Carolina South Carolina Tennessee The Caribbean Oversee The Selling Of HUD Homes

6 Property Inspections – Pre- and Post- Conveyance To HUD Property Security After Conveyance Provide Avenues Of Cosmetic Enhancements/Repairs Provide On Going Maintenance Foreclosed Properties Acquired By HUD Are Assigned To FSM’s Field Service Managers (FSM) Are Companies That Provide Property Preservation And Protection Services Multiple FSM’s Are Contracted Per Region Field Service Managers They Provide These Services:

7 Asset Managers (AM) Responsible For The Marketing And Sales Of HUD Properties Ensure Property Is Accurately And Competitively Priced Select The Listing Brokers Review All Bids Submitted Through Hudhomestore.com Arrange For Closings And Handling Of Funds Ensures Sold Homes Achieve The Highest Net Return For HUD Work With Neighborhood Listing Brokers To Move Towards Closing Each Sale Main Contact In Every HUD Home Sale Contract Processing - Problem Resolution - Support and Information

8 Ofori and Associates, PC 2000 RiverEdge Parkway, Suite 300 Atlanta, Georgia P: F: Regional Asset Managers Pemco (770) Hometlos (866) https://www.hometelosfirst.com/

9 Neighborhood Listing Brokers (NLB) Place Properties In The MLS Provide Signage On Each HUD Listing Hold Open Houses Work With The AM And FSM To Insure The Property Is In Showable Condition Work With Buyers Agents To Insure All Contract Requirements Are Met Submit And Track All Bids For Properties At The HUD Homestore Website You Must Be A HUD Approved Broker To Process Bids On HUD Properties Responsible For Listing And Marketing HUD Properties

10 How To Become A Neighborhood Listing Broker

11 NLB Documentation Requirements Download Documents from the Hudhomestore.com SAMS 1111 Payee Name And Address SAMS 1111A Selling Broker Certification Single Family Acquired Asset Management System (SAMS) Forms Must Be Submitted To HUD For Authorization As A Neighborhood Listing Broker

12 NLB Documentation Requirements Forms Are Available At Select “NAID Application” Click The Links For “SAMS 1111 and 1111A Bidder Application” Complete Each Form Per Instructions Include Required Documents and Mail To The: Dept. of Housing and Urban Development Attention: NAID Application Five Points Plaza 40 Marietta Street Atlanta, GA CALL FHA ( ) Processing Takes Approximately 2 Weeks

13 Issued By HUD After Your NLB Application Is Approved Allows Brokers To Submit Purchase Bids On Behalf Of Prospective Buyers Associate Brokers And Agents Must Register After Their Broker NAID - Name And Address ID Check The Status Of Your Application At Hud.GOV/Hudhomes.com Select “NAID Application” Then Select “Check Current NAID Status” Remember Your NAID For Future Use As A Neighborhood Listing Broker

14 Register at the Homestore Brokers, Selling Agents Nonprofits And Government Agencies Are Required To Register Online Before Submitting Bids Click “Register” On The Home Page

15 Types of HUD Properties 1-to-4 Unit Residential Properties Acquired By HUD As A Result Of A Foreclosure On An FHA Insured Mortgage. Insurable (IN) Eligible For An FHA insured Loan Insured Escrow (IE) Requires Repairs No More Than $5,000 Eligible For An FHA-insured Loan With A Lender-established Repair Escrow Account Uninsured (UI) Requires Repairs Estimated at More Than $5,000 Not Eligible For An FHA 203 (b) Loan May Be Eligible For An FHA 203(k) Loan Price Is Based On An FHA Appraisal Appraisal Factors Are: Type Of Property Location Property Condition And Other Market Influences All HUD Homes Are Sold “As Is” HUD Does Not Warranty Any Portion Of The Property To Be Functional Beyond “Safe, Secure And Marketable” HUD Does Not Make Repairs To Properties

16 Who Can Buy A HUD Home Who Can Buy A HUD Home Owner Occupants Must Live in Property for 12 Months Good Neighbor Next Door Teachers, Law Enforcement Officers, Firefighters Or EMT’s Must Live In Property For 3 Years Investor Non Profit Agency Government Agency Five Types of Buyers

17 All HUD Properties Are Offered For Sale To Qualified Purchasers Without Regard To The Prospective Purchaser's Race, Color, Religion, Sex, Disability, Familial Status, Or National Origin. Equal Housing Opportunity

18 Four Listing Periods Lottery - 7 Days Uninsured Homes Insured Single-unit Properties In Revitalization Areas Exclusive - Owner Occupant Insured Properties - 30 Days Uninsured Properties - 5 Days Extended After 180 Days On Market Dollar Government Purchase Only As - Is Appraisal Value Of $1 To $25,000 Listing Periods Are Based On Type Of Property Bid Open Date Time On Market

19 Enter The Search Criteria For Where Your Buyer Wants To Live  State  Location Of County, City Or Zip Code  Enter Your Buyer’s Price Range  Enter Number Of Bedrooms, Bathrooms  Select Search And A List of Properties Will Be Presented How To Search for Properties Login

20 Select A Property by Its Property Case Number Select A Property by Its Property Case Number

21 The Property Listing Case Number Eligible Bidders Submission Deadlines Property Info Addendums Maps Agent Info Submit An Offer

22 https:// HUD Offers Free Online Videos and PDF Documents Detailing Each Step Of The Bid Process Entering Bids Checking Bids Modifying and Withdrawing Bids Bids and Contracts

23 All Offers To Purchase (Bids) must Be Submitted Online Select Submit An Offer from the Property Details Page

24 Bids and Contracts Enter The Required Identifying Information NAID Type Assigned NAID Real Estate License # Verifying Characters Select Verify NAID

25 Bids and Contracts Complete all information On the Bid Submission Online Form according To the Buyer’s Bid, Financing Options, Closing Costs, etc.

26 Bids and Contracts Enter Buyer and Selling Agent Information Be Sure To Review All Information For Accuracy Before Submitting The Bid And Contract Package

27 Bids and Contracts The Confirmation Page Can Be Saved and Printed The Prefilled Contract Can Be Printed From This Page

28 Contract And Addendums Ensure The Buyer Signs/Initials/Dates As Required On All Contract Pages And Addendums

29 Monitoring Your Bids Login to the HUD Homestore Website Select “Review Bids”

30 Monitoring Your Bids Enter Confirmation No. or Buyer Name To Be Directed to the Bid Details Page

31 Upon Acceptance All Contract Documents Earnest Money And Prequalification Letter Must Be Mailed To The Asset Manager HUD Form Sales Contract Broker Certification Form Lead Based Paint Addendum Radon & Mold Addendums Forfeiture And Extension Policy Home Inspection Addendum Owner Occupancy Notification Additional Forms May Be Required Depending On Locality An Notification Will Be Sent of An Accepted Bid Within 2 Days Of Acceptance

32 Commissions and Other Info Commissions are Paid by HUD 3% of Sales Price Plus Bonuses for Timely Closing if Applicable HUD Will Pay Up To 3% Of The Sales Price Towards Closing Fees Buyers May Request Additional Items To Be Paid By HUD See Official Publication Notice H (HUD) Issued: 11/20/01 For More Information All HUD Homes Are Sold “AS IS” No Repairs Prior To Settlement Are Allowed Closing Agents Are Designated by HUD Questions, Concerns or Issues May Be Directed To The Asset Manager

33 Rod E. Banks Real Estate Broker and Owner HUD Neighborhood Listing Broker (Toll Free) This Presentation Has Been Brought To You By

34


Download ppt "Putting The Pieces Together Selling HUD Homes In Florid a."

Similar presentations


Ads by Google