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Buying A HUD Home

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 Colin.rosenthal@carringtonres.com http://www.carringtondfw.com http://dfwmetrohousing.com/203K.htm. Interactive Question and answer session after presentation.

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Buying A HUD Home

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  1. 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 • Colin.rosenthal@carringtonres.com • http://www.carringtondfw.com • http://dfwmetrohousing.com/203K.htm

  2. Interactive Question and answer session after presentation

  3. 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 FAX 214-666-3227 Colin.rosenthal@carringtonres.com http://wwwdfwmetrohousing.com &

  4. Your Client has the opportunity of Realizing their dream of home-ownership when buying a HUD Home

  5. 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

  6. You Broker must have a NAID number and you must be Registered under TheirNAID number • You cannot bid without being registered….You must have a user id on • www.hudhomestore .com

  7. http://www.hudhomestore.com • Mortgage Service

  8. Registering on hudhomestore.com

  9. 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

  10. 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.

  11. Please go to the http://www.hudhomestore.com/

  12. Enter StateCity, Zip orProperty Case Number City Zip Code State Case Number

  13. Today there is only one home available in Little ELM .click the case number to proceed

  14. Here you can tell when the bidding starts

  15. Bidding time period daily at midnight in this instance Bidding Period

  16. Available only to Owner Occupants and 7 days to BID

  17. The listing information and the insurability

  18. This home is insured with $550 in escrow

  19. 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

  20. 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

  21. Here is an example of the online addendum and links available on each listing

  22. What repairs are needed and where can you find the list? Addendums

  23. Disclosure addendum (TOP)

  24. Property Condition Report

  25. 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

  26. Investors and Programs

  27. You have received your acceptance E-mail

  28. Here you will find everything you need

  29. Here is the management information

  30. 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 • HudPemco and HudHometelos are the other 2 management companies

  31. You need your brokers signature • Have your broker co-sign or have a letter giving you permission to sign on his behalf.

  32. 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

  33. Selling Agent Responibility

  34. Listing Agent Responsibilities

  35. Title Company Requirements

  36. 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

  37. This is all new Information • Please E-mail me at colin.rosenthal@carringtonres.com 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.

  38. 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.

  39. Please feel free to contact me 7 days a week http://carringtondfw.com

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