All HUD sales contracts in the state of California that are ratified
on or after September, 30th, 2013 will be subject to the “Buyer Select” closing agent program.
The buyer will have to choose their own escrow company. HUD will no longer pay for the escrow fee, which will be a buyer expense. Please note that Lines 3 and 9 of the HUD-9548 Sales Contract must be filled in with the name of the escrow company selected by the buyer.
The selling agent will be required to complete an addendum providing the name and contact information of the selected escrow company. This addendum must be submitted with the contract package at the time of bid acceptance.
This notice supersedes the Buyer Choice program for Northern and Central California properties as that program expires September 29, 2013.
- Attention Bidders, backup bids will NOT be accepted for this property. This notification supersedes the selection made in your electronic bid placed on HUDHomestore.com as well as line 10 of the 9548 HUD Sales Contract. Due to this policy change it is in the buyer’s best interest to place their Best and Final offer. If the winning bid is canceled, the property will be relisted on HUDHomestore.com. A backup bid might only be considered if it’s in HUD’s best interest.
Bid Submission and Bid Open Date Changes (effective 12-2-13)
- As of December 2, 2013, the Exclusive listing period for FHA-insurable homes is 15 days instead of 30.
- Bids coming in on Friday, Saturday, or Sunday will be grouped together for the AM’s consideration on Monday. Except if a case is going through a listing period change over the weekend and/or holiday.
- The 10-day bid-accumulation period at the beginning of the Exclusive period for FHA-insurable homes will be extended up to three days depending on whether the 10th day falls on a Friday, Saturday, or Sunday, and if there’s a Monday Federal holiday. Note: This does not apply to the 5-day Exclusive bid-accumulation period for FHA-uninsurable homes since day 6 falls in the Extended listing period.
- Bids coming in on a Federal holiday will be grouped with the previous days’ bids. For example, bids coming in on Martin Luther King Day (Monday) will be grouped with the preceding Friday, Saturday, and Sunday bids (if the listing period doesn’t change). And bids coming in on the Wednesday before Thanksgiving will be grouped with Thanksgiving’s bids, so the Asset Manager will be looking at two days’ bids on the Friday after Thanksgiving.
What changes will the agent/broker see on the HUDHomestore website?
- Bid-submission dates will be extended for bids made on a Friday, Saturday, or Sunday. The Bid- Submission Deadline will be Sunday at 11:59:59 PM Central Time (or Monday at 11:59:59 PM Central Time if Monday is a Federal holiday). Except if the case is going through a listing period change over the weekend and/or holiday.
- If the listing period stays the same on Friday, Saturday, and Sunday (and Monday if it’s a Federal holiday), agents/brokers can submit only one bid during that time period for a single buyer.
- If the listing period changes on Saturday, or Sunday (or Monday if it’s a Federal holiday), agents/brokers will be able to submit two bids for the same buyer during that time period—one bid during the earlier listing period and one bid during the later listing period.
- The Bid Submission Deadline and the Bid Submission Time Remaining will let the agent/broker know how much time they have to place their bids in each of the listing periods. Exclusive listing period bids would be opened and all of those bids would have to be canceled before the Extended listing period bids could be reviewed.
- For Federal holidays that fall on a Tuesday, Wednesday, or Thursday, the bid-submission period will extend from the day before until the end of the Federal holiday (unless there’s a listing period change, or the holiday is in the middle of a 5- or 10-day bid-accumulation period).
To learn more about these significant changes to the HUD sales procedures
Join us for Several F R E E ! Seminars
Raul and Hilda Herrera, in cooperation with Re/Max 2000 Realty and HUD Tutorials/Power Point presentations, will offer REALTORS® experienced with the HUD selling procedures - Attend one (2) hour of detailed information and training regarding:
“Successfully Marketing and Selling HUD Homes and
Review of BSP – Owner/Occupant Sales Package
New Nationwide Bidding Changes”
The following are the available training days:
Wednesday, July 13 - 1:00 PM - 2:00PM Ontario Office Agents
Wednesday, July 20 - 10:00 A.M. – 12:00PM Hacienda Heights Office
Thursday, July 27 - 7:00 P.M. - 8:00PM Ontario Office - Home Buyers Only
Congratualtions on passing your Realestate Exam!
New Real Estate Professionals
“ Increase your earning potential by Marketing and Selling HUD Homes”
Let us show you How!
Select one of the dates available to learn about the
changes to the H U D sales procedures.
Please, RSVP to Hilda or Vanessa at 909-483-0313
Ontario Office: 790 Ferrari Lane, Ontario, CA 91764
Hacienda Heights : 1221 S Hacienda Blvd., Hacienda heights, CA 91745
Thank you for visiting us today.