If you are selling/buying a HUD home, here are a few quick references that might help manage expectations and make the closing process smoother. Thanks to BLB for providing this source of information.
NAID Number:
- Only brokers need to apply for NAID Number
- Each agent under Broker needs to register once Broker received NAID number
- Register at www.HUDhomestore.com
Priority given to Owner Occupants
Good Neighbor Next Store
- Offered at 50% discount
- Commission not paid by HUD, must negotiate with buyer
All properties featured on HUD HomeStore, but only homes offering a commission will be on the MLS.
All HUD homes are sold AS-IS. HUD will make no repairs to the property. If the property needs repairs they will be done after the close of escrow.
Notify escrow A.S.A.P. that your buyers will be using their own title company.
Termite inspection and clearance is ONLY for FHA loans. If you change financing from something else to FHA financing you must notify your closer so termite can be ordered.
Utilities are not on. They must be requested in writing and should be done right when offer is aceepted.
Ernest money deposit needs to be made out to HUD or Buyers Name.
ALL forms must be signed in blue ink.
Forms must be signed by broker.
Extensions should be requested 10-days prior to close of escrow.
