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Nottingham Realty

Fishers, Indiana
317-373-6020
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For Brokers: Successfully Selling HUD

Licensed Brokers of any company, come and have breakfast with us while learning to Successfully Sell HUD Homes! 

Our next class is being offered Tuesday Jan 16th From 9:00 AM to 1:00PM Includes FREE DONUTS AND COFFEE!! 

Location is our office building at 14074 Trade Center Dr Fishers IN 46038 in Conference Room #1. 

Reservations are required!! Email your reservation request to 
regina@nottinghamreo.com 


Tips for submitting offers on HUD owned properties: 
1. Please don’t be afraid to represent your buyer in purchasing a HUD home. The HUD process isn’t hard, it’s just different than a traditional offer or traditional bank owned properties. If you have questions, let us know. 

2. All offers/bids must be made on www.HUDhomestore.com. You, as buyer agent will need to set up an account, if you do not already have one. You will need your managing broker’s NAID number. If you have never bid on a HUD home, you may not know what a NAID number is. Ask your managing broker, they will know. Additional information at www.SageAcq.com as well. 

3. If you cannot pull up the property on the www.HUDhomestore.com with the HUD case number, please try pulling it up with the address. If the home is not showing up on www.HUDhomestore.com, it is not available to bid on. Please note there are some lag times between offer acceptance and communicating that to the list agent. 

4. If an insured escrow amount is listed, this is the seller’s best guess on how much extra the buyer will need to finance for repairs in order for the property condition to qualify for an FHA loan. The actual amount will be determined by buyer’s mortgage appraisal. HUD does not share their appraisal any longer. Seller is NOT giving the escrow amount to buyer. 

5. Please make sure to use your buyer’s legal name (name on driver’s license). The name on the actual contract must be the exact same as on the electronic bid. Please watch out for initials! 

6. You will need your buyer’s SS number to submit a bid. Or EIN number if buyer is a business or entity. 

7. Buyer agent may choose the BAC up to 3%.

8. All home inspections must be coordinated with the Field Service Manager. (PK Management). There may be a fee for de-winterizing and re-winterizing. You will be coordinating when the utilities can be turned on with the Field Service Manager. You and / or buyer’s lender will also need to coordinate the appraisal during the time that utilities are allowed to be on. Utilities will be at buyer’s cost. The inspections are a pass or fail, HUD will not do any repairs, homes are truly sold as-is. 

9. Once you have an accepted bid, you will have 48 hours to get ORIGINAL WET SIGNATURES to Sage/HUD. You will be overnighting your package. Some things you will need with your contract package: 
a. Buyer chooses Closing Agent (title company). Please know who you are going to use, as you will need their wet signature. Must use BLUE ink. 
b. Ernest Money must be a certified check or money order and is made out to the Closing Agent (title company). However, the EM must be delivered to the listing broker. The contract package goes to Sage Acquisitions. Once your bid is accepted, I will send this instruction again along with addresses. EM amounts are $500 for purchase price $50,000 and under. For purchase prices above $50,000 EM amount is $1000. 
c. Please get your contract forms at http://sageacq.com/atlanta-hoc-region. You will not need our Realtor contracts. You can fill them out online, please do this as it helps you through the forms and helps prevent mistakes. 
d. The mortgage approval letter or proof of funds will need to be in your contract package. Mortgage approvals must be on lender letterhead and include purchase price, the loan type, signature of the preparer, the property address and must be dated within the last 7 days. For Proof of Funds (cash offers) must be on bank letterhead, correct purchase price, current date (last 7 days), property address, buyer’s name and signature of the bank employee. 
e. If buyer is a business, corporation or entity you must submit supporting docs providing proof of your signor to sign on behalf of the entity. 

10. Bid open dates are listed on the www.HUDhomestore.com. You will be notified via your email listed in your HUDhomestore.com account. Please watch for your notification in your email. 

Happy selling!! 


My client’s bid was accepted by HUD, now what do I do?


All documents for contract execution can be found at: http://sageacq.com/atlanta-hoc-region/ .

Please note this home is located in the “Buyer Select Closing Agent” area. Also the procedures for submitting contracts and earnest money have changed**** Please read your acceptance email carefully! The contract package will go directly to Sage Acquisitions but the Earnest Money must come to listing agent’s office BUT made out to the “Buyer Select Closing Agent” only. *** I HAVE to receive the earnest money in my hand before they will approve or execute your contract. I will then forward the earnest money onto the Closing Agent. It must be certified funds or a money order. For homes priced at $50K and below, the earnest money amount is $500. For properties priced above $50K the earnest money must be $1000. 

Prepare all HUD contracts and applicable forms online at http://sageacq.com/atlanta-hoc-region/ 

Earnest money delivered or overnighted to Nottingham Realty 14074 Trade Center Dr Suite 205 Fishers IN 46038 for review within ***48 hours of acceptance*** Original contracts must be overnighted to Sage Acquisitions 1850 Parkway Place Suite 500 Marietta, GA 30067 within 48 hours of acceptance.

Be sure the Buyer Select Closing Agent form is completely filled out ***TYPED ONLY*** and the title company the buyer is choosing has signed in the appropriate areas. It also must be signed. 

Please use blue ink for signatures!! 

All time-lines/rules MUST be followed or they will cancel your contract without any extensions.

Let us know if you have any other questions or need anything!
 

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