Buyer Resource Articles

Escrow checks are supposed to be in the agent’s hands when agent submits a bid. These checks need to be in the form of a cashiers or certified funds.

There are two different $100 down payment programs that buyers might be able to take utilize: Good Neighbor Next Door or FHA Financing.

Going forward, disclosures for properties listed on hudhomestore.com will no longer list escrow amounts. They will now only cite the repairs.

If the buyer still wishes their bid to be considered, it will have to be resubmitted daily. And, the buyer may wish to consider making changes to their bid.

We have not been informed to change the status in the MLS/BLC or our website because the home is not under contract. HUD has simply decided to close bidding.

Just like any other sale, your buyer has the right to fully inspect the property within the frame of the inspection contingency of the purchase agreement.

Each property on HUDHomeStore.com will contain the documents each Asset Manager is utilizing. Click on the Addendum tab and save the contract package.

Visit HUDHomeStore.com. Click the Property Contacts link. Then enter the case number or street address. The contacts list tab will now appear.

As a selling agent, you must work under a Broker who has obtained (and annually renewed) a HUD Name Address Identifier (NAID).

HUD homes may be purchased by residents of other countries (referred to as foreign nationals), provided they can secure financing or pay cash for the property.

For homes built prior to 1978, with owner occupants using FHA financing, a lead-based paint inspection may be requested.

If you are unable to close by the expiration date of your sales contract, you will have to file an extension form and pay a fee for the 15 day extension.

No. HUD homes are sold as-is. This means a buyer assumes risk associated with the property’s condition.

The buyer has the right to cancel the contract and receive their deposit back if they do so within their contractual time frame (unless specifically noted).

No. Corporate sellers do not allow assignments of contracts.

The corporate seller will have us hold any back up offer in situations where we are managing the bidding process (NOT HUD or Fannie Mae).

You may receive a Seller’s Counter Offer with no signatures. These forms are generated by the corporate/bank’s Asset Manager or the outsource company.

All offers submitted, as instructed, to WILMOTH Group will receive a confirmation of receipt.

Purchasing HUD homes requires making available, with your offer documentation, that the purchaser either has the funds or is approved for bank financing.

This addendum is not required and will not be executed on HUD sales. HUD sales are exempt from this requirement.

Find out what home buyers should know about local Board of Health fines in Indiana and Florida, from outstanding bills to liens and title insurance.

A common source of confusion on bank owned homes is what constitutes an actual contracted agreement. Find out when you can tell your client they have a deal.

Any inspection requested by the buyer is intended to be only for buyer’s information. We will have utilities turned on to accommodate the inspection.

Generally you will have 30 to 45 days from mutual acceptance to close the transaction. Read the Seller Addendum carefully to avoid late fees for tardy closings.

If you’re placing an offer on a Fannie Mae HomePath home, you’ll be required to accept special restrictions in order to receive an acceptance of your offer,

Almost all corporate owned properties require an additional document be executed known as the Addendum. This document is in addition to the signed agreement.

Cash offers are normally looked upon more favorably than financed offers. Therefore, the seller normally frowns upon trying to change to financing.

Due to liability risks, the purchaser is not to take possession until the seller has been funded. No repairs are to be performed by the purchaser prior to this.

When a property is being sold as-is, no repairs will be made by the seller. The seller realizes work is needed and should have priced the property accordingly.

If the seller receives multiple offers on a property, buyers may be requested to submit their highest, best and final offer by an agreed upon date and time.

A common source of confusion on bank owned homes is what constitutes an actual contracted agreement. No offer is accepted until the seller signs the addendum.

With the exception of HUD owned homes, the bank/corporate seller chooses the title company. WILMOTH Group has no say in the matter either.

Links to forms for Realtors, HUD Home Offers, Fannie Mae Buyers, and Buyers Not Represented By a Realtor.

Please understand that a property being sold as-is means the seller will not be making repairs.

It is strongly recommended that your offer be submitted with a proof of funds or a preapproval letter.

No, unfortunately HUD will not make the stated appraisal available to Buyers or their agents.

With HUD homes please remember, WILMOTH Group does not have any involvement in the bidding process.

When preparing line 5 of the Sales Contract, you will be able to request up to 3% of the bid amount for closing costs over and above those to be paid by HUD.

Purchases of HUD homes require a different process for inspections. The listing agent is not involved in setting these inspections up.

If a buyer does not have a Social Security number, they will need to have a Taxpayer Identification Number (TIN).

In areas where winterization is required, all homes will not be able to complete a home inspection without a de-winterization being completed.

The Non-Profit Discount Homes program encourages the development of communities as the home owned by HUD is offered for sale.

HUD’s owner-occupant buyer type requires buyers to live in the home for 12 months.

In general, the earnest money deposit (EMD) is negotiable. In the case of HUD homes there are set rules.

These three codes are offered to help provide information to allow a sellers agent or buyer to assess the type of financing available for a listed property.

The Good Neighbor Next Door program encourages the development of communities as the home owned by HUD is offered for sale.

The Dollar Homes program encourages the development of communities as the home owned by HUD is offered for sale.

In general this rate will be 3%. The selling agent can always accept less for a HUD home commission (sales fee) payment.

A HUD offer is a unique offer as the listing agent is not providing an offer of cooperation. There is no actual agent coop fee offered.

It means your offer was not accepted. You’ll need to see if the property has received another accepted offer or if none of the offers received were acceptable.

HUD Homes are sold as-is and buyers need to be diligent when preparing offers. Most questions on earnest money returns relate to an inspection.

We are just getting our first taste of how the Fannie Mae Loan Quality Initiative, implemented June 1, 2020, may screw up closings with uninformed buyers.

If you’re preparing to write an offer on a corporate-owned REO property there are certain unwritten rules a buyer and their agent need to prepare to follow.

What is the financing the proposed purchaser wants to use? Certain lower priced offers are accepted just because their financing is considered better.

Lets explore one of the more common questions buyers agents have on corporate-owned property. Why was my offer not accepted?

Do you fear that the bank is ignoring your offer. Buyers and their agents jump to this conclusion because they have not heard a response for their offer.

We’ll give buyers in Indiana and Florida the top then things to know when making an offer on REO properties.