buying a hud home realizing the american dream of home-ownership and a presentation on how you bid...
TRANSCRIPT
Buying A HUD Home
• Realizing the American Dream of
Home-Ownership and a Presentation on how you BID on a
HUD HOME• Contact us at
• [email protected]• http://www.carringtondfw.com
• http://dfwmetrohousing.com/203K.htm
Interactive Question and answer session after presentation
•
This Presentation on buying a HUD Home is presented to you
by Carrington Real Estate Services
Presented by Colin Rosenthal TEL 214-704-4005 C 972-625-2612 O
http://wwwdfwmetrohousing.com &
Your Client has the opportunity of Realizing their dream of home-
ownership when buying a HUD Home
•
Looking for a HUD home
• Make sure Your Client is Pre-Approved and you have the lender letter or proof of funding available before bidding.
• HUD Will allow a maximum of 3% towards closing costs. HUD does not pay Title Insurance
• Now is the Time to Look for a HUD Home and help you buyer save money
You Broker must have a NAID number and you must be
Registered under Their NAID number
• You cannot bid without being registered….You must have a user id on
• www.hudhomestore .com
http://www.hudhomestore.com
•
• Mortgage Service
Registering on hudhomestore.com
• •
Carrington Real Estate Servicies
• Is a registered HUD Listing Agent with Matt Martin Real Estate Management one of 3 Management companies in the DFW Metro-Plex
HUD Will only assist with 3% Max in closing cost assistance and does not pay for the
Title Policy• You can bid whatever you wish to but
please remember that HUD will only allow a maximum of 3% in closing cost assistance.
• If bidding higher than asking price please add that amount to the 3.5% down payment required for FHA laon.
•
Please go to the http://www.hudhomestore.com/
Enter State City, Zip orProperty Case Number
Today there is only one home available in Little ELM .click the
case number to proceed
Here you can tell when the bidding starts
Bidding time period daily at midnight in this instance
Bidding Period
Available only to Owner Occupants and 7 days to BID
The listing information and the insurability
This home is insured with $550 in escrow
Insurability
• All homes purchased with an FHA loan must pass the appraisal and be 100% FHA Insured. In this instance the home is insurable with $4840 in escrow repairs. This mean you would add $4840 to the loan which will be held in escrow for the needed repairs to close the loan
•
HUD will only allow a maximum of $5000 in repairs for FHA 203B
• This is with a normal FHA loan called a 203B plus repair loan
• If more than $5000 is needed than we would go with a FHA 203K loan which will allow up to $30000 in repairs and escrow
•
Here is an example of the online addendum and links available
on each listing•
What repairs are needed and where can you find the list?
Addendums
Disclosure addendum (TOP)
Property Condition Report
When will I know if my client has the home?
• Normally you will
know by lunch-time on the day after the bidding ends if you have won the bid on the home…It takes 45 days to close on a regular 203B and 60 days to close on a 203K
•
Investors and Programs
You have received your acceptance E-mail
Here you will find everything you need
Here is the management information
You will receive an E-mail with a link to the self populating
contract and addendum form• • .
• Please go directly to http://www.mmrem.com/hud/
• All necessary forms and amendments are available at this web-site for Matt martin properties
• Hud Pemco and Hud Hometelos are the other 2 management companies
You need your brokers signature
• Have your broker co-sign or have a letter giving you permission to sign on his behalf.
•
Starting January 27th • • “BUYERS CHOICE”
• Buyer has option of Title Company• Buyer pays for everything• Make sure you get the closing costs
HUD makes available to buyers
•
Selling Agent Responibility
• •
Listing Agent Responsibilities
Title Company Requirements
You have 2 days • To generate the
contract and addendum (Populates automatically)
• Have the buyer sign in blue
• Get the Earnest money in the form of a cashiers check
• Either overnight or personally hand in the complete package
This is all new Information
• Please E-mail me at [email protected] and I will send you more information on “Buyer Select” once it comes in and an invitation to our presentation when we had it put together.
•
To Recap
• The buyer will have to pay all the Title company expenses including the Title Policy so asking for closing cost assistance in absolutely necessary.
• Up to now the allowable closing cost was always 3% (It may now be higher I don’t know?)
• The buyers (Selling) agent will have to deliver the EM check to the listing agent within 48 hours.
• The Buyers agent will have to fill in the closing company addendum …
• Make sure you call the listing agent before submitting and ask for help.
•
Please feel free to contact me 7 days a week
http://carringtondfw.com