Submitting the Bid & Contract

 

 

Complete the sales contract, addenda and collect EMD PRIOR to submitting a bid.

 

Click here to watch video for how to locate Properties, Addendum and Contracts.

 

Completing a HUD Sales Contract

 

 

Complete the sales contract, addenda and collect EMD PRIOR to submitting a bid.

 

Click here to watch video for how to locate Properties, Addendum and Contracts.

List of Items needed before submitting a BID.

 

 

If your offer is accepted, you will be notified via E-Mail.

 

•You have two (2) business days to submit the entire contract package, along with addenda Pre-qual letter, POF, and EMD to the Asset Manager.

 

You will receive an email notification from the Asset Manager providing specific instructions on how to successfully submit your contract and addendum for ratification. 

 

The listing broker will also reach out to the successful winning bidder agent to assist with contract submission

 

 

•The appropriate Asset Manager and Field Service Manager can be located on the“Agent Info” found in the information section of the property description at www.HUDhomestore.com

The information entered on the bid submission page will become the first page

of the sales contract.

 

•Closing costs-Line 5

HUD will allow up to 3% of the purchase price to go towards closing costs.

Enter the numeric figure, not a percentage. Click here to find the allowable 3% Closing Cost

 

•Commission-Line 6a

HUD will allow up to 3% of the purchase price to go to the selling agent; the

form will auto populate the listing agents commission.

 

•Note: Lines 5 and 6a will be deducted from the offer price and will affect the net

amount paid to HUD.

Closing Time Frames

Sage

• 45 days to close file from date of ratification when using Lender/Financing

 

• 30 days to close file from date of ratification when it is a CASH transaction (even if Owner Occupant, still 30 days for cash)

 

• Contract will automatically extend for (1) business day if contract expires over weekend or holiday. EXCEPTION: If one extension has already been approved, the one business day courtesy does not apply for a subsequent

extension. The file/contract may CANCEL over the weekend or holiday. AM reserves the right to cancel.

 

• Contract will automatically extend for (1) business day if contract expires over the weekend or holiday. If the extension is not submitted within 24 hrs(1 business day) of the actual expiration date, the file will be cancelled.

It will NOT be reinstated.

 

 

HUD HOMES ARE SOLD AS IS WHERE IS

 

•HUD makes no representation or warranty to the condition of the property

 

•HIGHLY recommended to have a Home Inspection.The purchaser is responsible for taking the necessary steps

to determine the condition of the property.

 

•Initial property condition reports (PCR) are conducted and may be found at www.HUDHomestore.com. These are preliminary and not meant to replace a traditional home inspection.

 

•Buyers do not acquire any liens or bills from previous owner.

EMD: Earnest Money Deposit

 

Sage

• Certified Funds Made Payable to Buyer Select Title Company/Attorney. EMD will be given to the Listing Broker.

• $50,000 or less $500.

• $50,001 or more $1000

• 50% down for vacant lots

 

© 2020 by Native American Group LLC t/a Better Homes and Gardens Real Estate Native American Group.

A licensed real estate firm in the states of VA/NC

 

 

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