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How to sell a Hometelos managed HUD property

How to sell a Hometelos managed HUD property. Presented by: Angela Grable-Garcia Principle Broker Grable & Associates Realty LLC. Registering to Bid on HUD Properties. Principle Broker NAID Registration Instructions.

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How to sell a Hometelos managed HUD property

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  1. How to sell a Hometelos managed HUD property Presented by: Angela Grable-Garcia Principle Broker Grable & Associates Realty LLC

  2. Registering to Bid on HUD Properties • Principle Broker NAID Registration Instructions. • Agent Bidding/Principle Broker Bidding Registration Instructions http://support.yardi.com/HUDTraining/MM3/Videos/Listing_AddSellingAgent.swf • Password requirements • Q & A

  3. How to Bid on a HUD Property • Required Documentation • Earnest Money Requirements • Pre-Approval Letter and Proof of Funds Statement (See handouts for acceptable examples) • Copy of Buyer’s Social Security Card and Driver’s License • Earnest Money Check Made Payable to HUD • Fillable HUD Sales Contract

  4. Placing a Bid at www.hudhomestore.com • Short How to Video http://support.yardi.com/HUDTraining/MM3/Videos/ListingSite_EnterBidV2.swf • After Your Bid has Been Placed • . Checking the Status of a Bid • http://support.yardi.com/HUDTraining/MM3/Videos/ListingSite_BidderFunctions.swf • .Cancelling or Modifying a Bid http://support.yardi.com/HUDTraining/MM3/Videos/ListingSite_BidModifyWithdraw.swf

  5. Bid Status Terms and Definitions A. Bid Status Terms and Definitions CA= Cancelled AC = Accepted UR = Under Review W= Withdrawn OBC=Other bid under contract OBS= Other bid selected PR: Pending Review, not yet open as AM is reviewing previous bid periods SB= Sealed bid, AM cannot yet review B. Q & A

  6. After Your Bid has Been Accepted • Acceptance E-mail from HUD and Hometelos • www.hometelosfirst.com registration • Type in case# • Enter offer information • Prefilled contract and addendums print for buyer signature • Sending in Contracts and Addendums • Tips on getting an accepted contract the first time and example contracts • Where to mail your contract

  7. Receiving Signed Contracts • Contract Acceptance E-mail with contract and appraisal • Inspection Period • Length of Inspection Period • Utility Activation Form (in handouts) • Title Work • Order buyer title work through HUD’s company or buyer’s choice. • Fees with Contract Processing • Closing • Scheduling Your Closing • Meet the buyer at the property post closing to unlock • Buyer must rekey

  8. HUD’s Bidding Periods • Insurable Properties • The first 10 days of open bidding owner occupants only • 24 hours bid periods for the next 20 days owner occupants only • Investor bidding opens day 31 a. owner occupant definition: Must be primary residence, must live in the home for 12 months before they can sell or rent the home. • Uninsured Properties • The first 5 days of open bidding owner occupants only • Investor bidding open day 6

  9. IN, UI, and IE definitions IN= Insured FHA financeable as is UI= Uninsured NOT eligible for FHA financing IE= Insured with escrow IS eligible for FHA financing with a repair escrow Special Bid PeriodsLottery Round: Property only available to government agencies and GNND program (7 days)$1 HUD Home: Property is offered to government agencies and non profits for $1 for 10 days, then status reverts to Extended

  10. Happy Bidding!! 

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