AFFILIATE BROKERS, LLC is proud to note that we carry the special designation of being a HUD Registered Broker. Only a HUD Registered Broker can assist buyers with the viewing and purchase of HUD properties. Clients, contrary to popular belief, there are lots of BEAUTIFUL HUD HOMES available to all types of purchasers: First Time Buyers. ..Investors... even special programs geared towards Hurricane Katrina evacuees. (And if you are, by chance, a handy person, you can find even deeper discounts with 'gently or greatly worn' homes!) We are happy to assist whatever your needs! For immediate assistance with your referral, you may contact us 7 days a week. You may call us directly at 404-468-4778 or e-mail at hud@affiliatebrokersllc.com. Earnest Money:
We strongly encourage $1,500 earnest money (held by AFFILIATE BROKERS, LLC). HUD REQUIRES earnest money to be on escrow with Selling (Buyer's) Broker at the time of offer and that pre-determined minimums be met before they will consider any offer. Closing Date Extension Policy:
Automatic cancellation will occur on the closing date that is written on the Sales Contract, unless an approved extension has been granted. The Marketing & Management Contractors will grant contract extensions on a case-by-case basis if the facts indicate that there is a necessary delay to settlement and closing. Requests must be made through HUD's closing agent and ALL extension fees must be paid at the time of the request. The HUD closing agent is responsible for submitting the requested extension to the appropriate office within three (3) business days prior to the closing date set on the Sales Contract.
Brokers are responsible to see that prospective buyers have been pre-qualified for a loan by a lender who has issued a letter on the lender’s letterhead to the purchaser. Letters from mortgage brokers who do not actually lend funds are not acceptable. The pre-qualification letter must be included in the Contract Package, or your bid may be cancelled and the back-up bidder’s Contract Package accepted. For purposes of this program, “pre-qualification” means a loan application has been made, and a preliminary loan commitment has been obtained from a recognized mortgage lender who states that a preliminary Credit Report has been performed, reviewed, and approved. Furthermore, the letter must state that on the basis of this review, the mortgage financing for a specified dollar amount sufficient to purchase the property should be available to this Purchaser. Letters must be current, that is, dated and signed within 60 days or less prior to the bid date.
When your bid is acknowledged, there is a 48-hour deadline to submit the complete and correct Sales Contract package to the Marketing & Management Contractor office for your state. The package must include the required addenda, attachments, a copy of earnest money check, a copy of a prequalification letter and/or evidence of cash must be delivered to the appropriate Marketing & Management Contractor office NO LATER than 48 hours after the winning bidder is notified. Be sure to use a delivery service that provides you with a tracking receipt for your files.
”Pre-qualification” occurs when the Buyer makes a loan application and a preliminary loan commitment has been obtained from a mortgage lender. The letter is printed on the lender’s letterhead and states that a Credit Report has been performed and reviewed. On the basis of this review, the lender states that mortgage financing for a dollar amount that is equal to or more than the amount necessary for the Buyer to purchase the property should be available at the time of settlement and closing. The letter should be dated no earlier than 30 days before the Sales Contract is signed.
ATTENTION: The only time a Utility Activation/Home Inspection/Re-Winterization Form is required is if you have received an executed sales contract back from the Marketing & Management Contractor. Brokers/Agents must sign up for a Buyer Center account to submit offers on properties on behalf of a buyer. Home Buyers must use a registered Selling Agent or BrokerSelect Network Agent to place an offer. Non-Profit and Government Agencies must also sign up for a Buyer Center account to submit offers or Intents to Purchase. Anyone can sign up for a Buyer Center account. With a Buyer Center account you can also: Track the status of your current offers or see all of your historical offers (for registered broker or agents), set up a watch list to track properties of interest to you or your clients, save searches on properties to save time locating properties of interest, set up preferences to receive email listings of properties and receive email notifications about offer status, and print all contracts pre-populated with your information and the data you entered during the offer process (for registered brokers and agents). |