Eagle Realtors - Latest HUD News

Welcome To Eagle Realtor

Information about HUD and their policies and procedures are found at www.HUD.Gov this is the official information web page for HUD.

HUD recently had a webinar on September 8th 2010 that explains some of the changes to take place in the HUD home sales process. It is entitled Important Changes to HUD Home Sales To access it please visit here.

HUD and FHA also have a link to frequently asked questions which can be located at their FAQ Site Here

Here are the highlights of the Webinar. For complete details please visit the HUD sites that are hyperlinks on this page

HUD has announced several changes in the way HUD Homes will be sold. Here are just some of the changes:

Commission available to a buyer’s broker will be up to 3% instead of the previous 5%, but some lower-priced properties will have a commission of up to $1250 for the buyer’s broker.
Days to close has decreased from 45 days to 30 days.
Owner-occupants will have a bidding priority for 30 days on properties eligible for FHA insurance(Category IN and IE) instead of the present ten days. Simultaneous bidding will be for ten days, with bids reviewed on a daily basis after the initial ten days.
Owner-occupants will have a bidding priority of 5 days on properties NOT eligible for FHA insurance (Category UI) instead of the present ten days.
Bids from investors are considered when the property's owner-occupant priority period is over.
All information on properties nationwide will be on one website, hudhomestore.com
New listings may come out on any day of the week instead of one designated day.
There will be a procedure to allow open houses at HUD Homes.
Earnest money will be held by HUD's designated closing agents instead of the broker. And will be sent to the AM with the signed contract instead of being held by the Broker until contract is signed by HUD.
HUD will have multiple AM's (asset managers) and FSM's (field service managers) in each state. 3 of each will operate in Texas.
The field service managers will start implementing use of electronic lock boxes on HUD Homes.
Each field service manager will select the electronic lock box system that they will be using.
Some of these changes are expected to roll out as early as September 2010. Roll-out dates for Texas are September 13th,2010 and will vary by state.

The above notes were based on a webinar produced by HUD. There were many more question submitted than the time available to answer them. We expect that there will be further information made available in the next week or two. In the past, there have been variations in procedures by state. Asset managers will be given responsibilities for marketing/sales in their assigned states

Since I am just reporting some of the information that was presented in a webinar, questions would be best directed to HUD. They have given two ways to contact the FHA Resource Center: Call 1-800-225-5342 (I-800-CALLFHA) Monday thru Friday 8:00 am - 8:00 pm Eastern Time, or by email to info@fhaoutreach.com. In addition they have a Frequently Asked Questions section at U.S. Department of Housing and Urban Development (HUD)

Or if you have any additional questions please feel free to email them to me direct. We will be having many training classes in the Houston Area for both Real Estate Professionals and the Public. To get registered and notified about upcoming seminars please email me and I will add you to my list of people to notify about them.

Please indicate in the subject line "Training Seminar Request" and put either Broker / Agent or General Public on the subject line and include your contact information in the body of the message. I will then contact as we start the series of training classes. These will be on a first come first served basis and we expect them to fill up quickly.

You can also register for our classes by visiting our Training Class page here:

Carl Bradley Broker
carlb@eaglere.com

Eagle, Realtors ®
14450 T.C. Jester Blvd. Suite 240
Houston, Texas 77014
281-444-2199

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