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Premium member Presentation Transcript Welcome and thank you for viewing our HUD training : 7/3/2012 Eagle Crest Realty 1178 8 th Ave NE Largo, Fl. 33778 Welcome and thank you for viewing our HUD training HUD REO Broker Training Best PracticesWhat is a HUD Home?: 7/3/2012 What is a HUD Home? A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.Who can buy a HUD REO?: 7/3/2012 Who can buy a HUD REO ? Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.What about financing?: 7/3/2012 What about financing? HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.How are HUD homes sold?: 7/3/2012 How are HUD homes sold? When a HUD Home becomes available for sale, it is listed on HUD Home Store (and usually on the Multiple Listing Service). Any real estate broker who is properly registered with HUD may submit contracts for purchase. FHA REO properties that are not sold under any special programs are listed on HUD Home Store and offered on an exclusive, priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the Exclusive Sales Period, unsold properties are then made available for purchase to all interested buyers, including investors, under the Extended Sales Period.Who can sell a HUD REO?: 7/3/2012 Who can sell a HUD REO? In order to qualify to sell HUD Homes, real estate brokers must complete and sign the following forms and any supporting documentation, and submit these to HUD: SAMS 1111 Broker application and the SAMS 1111A Selling Broker Certification . Once this has been accomplished, and you have received a HUD-issued name and address identification number (NAID) you can show, advertise, and submit offers on HUD Homes.Some general sales conditions: 7/3/2012 Some general sales conditions HUD Homes are sold in their "as-is" condition. HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection prior to submitting an offer to purchase. Because of HUD's as-is policy, HUD Homes can often be a great opportunity for those homebuyers in search of a "fixer-upper". Not every HUD Home needs fixing up, but when one does, it can be a real bargain. For example, HUD's asking price on the home reflects the appraised value in its current ("as-is") condition, unless otherwise specified. While HUD does not provide direct financing for the rehabilitation of REO properties, FHA does provide rehabilitation financing assistance through the 203(k) Rehabilitation Loan Program . Also, keep in mind that on most sales the buyer can request HUD to pay up to 3% of their financing and closing costs.The Mother Ship : 7/3/2012 The Mother Ship It all begins here. Registered Broker/Agents can shop and bid on HUD REO homes from across the country. www.HUDHomeStore.com .How will I know if I won the bid?: 7/3/2012 How will I know if I won the bid? You will be notified via e-mail if you won the bid. Usually within 24-48 hours. HUD may also counter your offer in which they will e-mail you as well. You can check the status of your bid under the “bidder functions” tab in your HUDHomeStore.com account.Can I use a FAR/BAR contract?: 7/3/2012 Can I use a FAR/BAR contract? No. You must use the contract and addendum supplied by HUD and the Asset Manager assigned to the property.Hometelos: 7/3/2012 Hometelos Hometelos is the Asset Manager that we work for so we will be showing you the process to submit a contract going to Hometelos. It’s best to contact the Local Listing Broker assigned to that home for proper instructions on submitting contracts. www.HomeTelosFirst.comFeel like your drowning?: 7/3/2012 Feel like your drowning? Our office is here to help. If you need anything at all related to the selling of HUD REO’s, feel free to contact our office anytime.Eagle Crest Realty 1178 8th Ave NE Largo, Fl. 33770 727-481-6842 Direct Brad@EagleCrest.net : 7/3/2012 Eagle Crest Realty 1178 8 th Ave NE Largo, Fl. 33770 727-481-6842 Direct Brad@EagleCrest.net HUD Neighborhood Listing Broker You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.