Getting started with HUD properties can be confusing. Here are some tips and tricks to keep you and your client on track. First you will want to go to www.hudhomestore.com and register. You will need you NAID number and your real estate license number to register. Remember this is a government web site so take your time and be patient with the process.
HUD only lists and advertises above grade info into the MLS. You can always log into your account to check the status of your bid in the “bidder functions”. Always print your forms upfront so you and your client are prepared. HUD will give you 15 days to get your inspection completed. Also lender figures have to be in at least 7 days before closing. Here is my first golden nugget. You can see where your clients bid stands in the bid confirmation number. This has twelve to thirteen numbers. The very last two numbers after the dash is you confirmation number on where you and your clients bid stands. So if the last two numbers are 12. Then your bid has 12 bids higher than yours.
So my suggestion is to make three offers for your client. Do one below asking price to see where your offer stands. Then do another at asking price and check the bid confirmation number. If your client’s offer still is not number one go for the hail mary/ stretch offer. Never put your clients bids in as whole or even numbers so that you do not miss out by a mere $10 dollars. The bid confirmation number is golden.
HUD will accept 3% seller concessions and pay a full 6% commission. So stay strong and know what you are doing.
Keller Williams Realty Downtown
Author:Jason Peck Phone: 720-446-6301 Dated: May 13th 2013 Views: 11,063 About Jason: ...
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"We worked with Karen Venier for a relatively short time for a good reason: our home sold at full price within hours of hitting the market! While it’s true that the Denver housing market is “hot,” credit for the speed and ease of our transaction belongs to Karen. She was great to work with, giving us perfect advice about readying our home for sale and then expertly guiding us from offer to close. Along the way, we came to appreciate Karen for her skillful blend of professionalism and personal touches – like dropping off our favorite beverages during a particularly stressful time in our move or shoveling our driveway in subzero temps after we’d left the state (way beyond the call of duty!). Now that we’ve relocated to Wisconsin, we keep saying that we wish Karen could be our buyer’s agent here. Since that’s not possible, we’ll shout her name loudly to whoever might be looking for a home in the Denver area.
Thanks for the great work, Karen!