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Recent changes in the way HUD markets HUD Homes have
buyers and selling brokers/agents scratching their heads
with many questions. As a HUD approved listing
broker, eList Realty is required to offer training to
answer your questions and assure that your HUD Home
buying and selling experience goes as smooth as
possible.
On this page, you will find
HUD Homes info specific to buyers and selling
brokers/agents - scroll down to your area of interest.
Many of your questions will be answered here, however,
for those of you who need additional information, we
offer FREE HUD Training in several formats for your
convenience... 1) Monthly class at our office or
other facility; 2) 1 on 1 training via telephone;
3) Webinars
To register for one of our
monthly classes/webinars or to schedule a 1 on 1
training via telephone, please send us an email with
your Name, Company Name (if applicable), Address, Phone
Number, Email Address, License Number (if applicable)
and training format preference (we will reply to
schedule your training)...
In Texas send to: TX-HUDTraining@eListRealty.com,
In Colorado send to: CO-HUDTraining@eListRealty.com
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In Florida send to:
FL-HUDTraining@eListRealty.com
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| Important Updates and
Buyer Agents Info |
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Per HUD's directive, the Field Service Managers (FSMs)
will be changing key codes which will be specific to
each state. In order to cut down on vandalism, these key
codes will be changing every 6 months. If you have
a set of HUD keys, they may not work - be sure to
contact the listing agent for combo code before showing. |
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Buyer's Agents must accompany and provide access
each time an inspector, contractor, buyer, or non-FHA
appraiser accesses the property.
Buyer's Agents are responsible for ensuring the property
is secure after each inspection. Listing Agents
are not allowed to provide key codes or lockbox codes to
inspectors, contractors, buyers, or non-FHA appraisers.
Licensed FHA Appraisers are allowed to have the lockbox
codes to complete appraisals. |
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All additional funds to close
required from the borrower must be verified and
documented for any over-bid amount of the appraised
value (initial list price), as well as the borrower
paid closing costs associated with the purchase.
These costs may not be financed.
Again, the total loan amount including UFMIP is
limited to no more than 100% of appraised value.
Buyer will have to pay the overage at closing on all
over list/appraisal bids (applicable to FHA financing). |
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| HUD Homes Search / Bid |
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All HUD Homes are now
posted for sale on
HUDHomestore.com.
Prospective buyers must use a HUD registered
broker/agent to "bid" on a HUD Home. The bid
that results in the highest "NET" proceeds to
HUD will be the successful bidder. There are
specific bidding periods for various types of
buyers (see the property details page for the
bidding periods and deadlines).
Anyone can search for
HUD Homes and check bid timelines without
registering. However, registration is required
for buyers to save their searches, and for
selling brokers/agents to submit bids for their
clients. |
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| Bid Status |
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How can I see the status of bids for the
property I made an offer on?
Once you've logged in, you
can click on Bidder Functions on the top right of your
screen and review your bids. You will not be able to
view bids other than those you have entered yourself. |
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| What are the different
bid statuses? |
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AC:
Accepted - The AM has ACCEPTED your bid. Please ensure
that all documentation is in order and has been sent to
the AM for review. Failure to do so in a timely manner
may result in your bid being canceled.
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| CA:
Canceled - Your bid was canceled by the AM. |
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| OBC:
Other Bid under Contract - Your bid was NOT selected.
The AM entered into a Sales Contract on another bid. If
you elected your bid to be a backup, your bid will be
saved for future consideration in case the contract gets
canceled. |
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| OBS:
Other Bid Selected - This bid has NOT been selected. The
AM has a preliminary contract acceptance from a
different bidder for this property. If you elected your
bid to be a backup, your bid will be saved for future
consideration. |
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| PR:
Pending Review - Your sealed bid is Pending Review and
is not currently available to the AM. You cannot modify
or withdraw this bid. Bids from a previous bid-opening
date are still under review. The AM does not have any
additional information at this time. |
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| SB:
Sealed Bid - Your bid is sealed and is not available to
the AM. You can modify or withdraw the bid. |
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| UR:
Under Review - The AM is currently reviewing your bid
and others from this bid-opening date. |
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| WI:
Withdrawn - You withdrew your bid from consideration
before the AM reviewed the bid. |
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| HUD Training Links |
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Many questions can be
answered by following these links to HUD Homes info...
HUD Homestore FAQs:
Here you will find answers to many of the common
questions that buyers and brokers/agent have about the
HUD Homes buying and selling process.
HUDHomestore.com Videos: Click the links below to
watch videos on how to use the site...
Resetting a Password and
Forgot your Password
Forgot Your User Name
Registering a Principal
Broker
Registering a Selling Agent
or Associate Broker
Entering a Bid for a Property
Broker Login and Checking
Bids
Modifying and Withdrawing
Bids
How To Buy A HUD Home:
Details on the bidding/buying process for buyers and
selling brokers/agents.
Buying HUD Homes:
General info about the HUD Home buying process.
Selling HUD Homes:
General info about the HUD Home selling process.
GNND Program (Good Neighbor
Next Door):
Program details for Law Enforcement, Teachers,
Firefighter, Emergency Medical Technicians buyers and
selling brokers/agents. NOTE: HUD will not
pay a selling broker/agent commission on a GNND
transaction. Commission must be paid by buyer (may
be rolled into financing if FHA loan).
HUD Homes Asset Manager: Sage Acquisitions. For additional HUD Homes info, please
visit
www.sageacq.com.
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