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Brokers FAQ

For additional FAQs and more information please visit the HUD Homestore FAQs
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/reobuyfaq

Q: My listing was on HUD HomeStore and now it is no longer visible?

Answer:

That may mean a bid was accepted on this listing. If you have not received information concerning the status of your listing please contact us.

Q: Can the For Sale sign be placed at the property during the initial inspection as long as it is in ready to show condition?

Answer:

No. For Sale signs are not allowed until the assets are given a list date.

Q: Should the For Sale sign contain a HUD symbol or any other indication that it is a HUD home?

Answer:

Signs do not need to contain any HUD logo. However, all signs must have the Fair Housing Act logo.

Q: Will the broker be receiving a listing contract or agreement from Cityside?

Answer:

Cityside will send out the broker agreement if we are in need of coverage in the broker’s area and it has been determined based on the application that the broker meets the necessary qualifications.

Q: Is there a BPO template example available for brokers to use?

Answer:

Yes, there is a BPO template on our website in the broker section, under “Forms” > “Contract Area” > “Broker/Lender Guides & Forms”. For New England, New York, and New Jersey, Click here (link to 3P form) for a copy of the form. For Michigan, Click here (link to 1P form) for a copy of the form.

Q: What steps should the broker take if the property is not in “Ready to Show Condition” upon inspection?

Answer:

You will need to make note of this on your inspection report and advise your local Cityside office once you have completed the inspection.

Q: Will Cityside be sending the broker information on the buyer’s agent? Will we get copies of approved contracts and disclosures?

Answer:

Yes, the broker will be advised once a bid is accepted and will be provided the contact information of the selling agent. Upon being advised of bid acceptance, we suggest you contact the selling agent to help him/her with the process.

Q: What website do HUD certified brokers/agents submit HUD offers to?

Answer:

http://www.hudhomestore.com/HudHome/Index.aspx

Q: What is the minimum commission paid, as many homes are under $20,000?

Answer:

There is a minimum commission of $2,500 to be split between the listing and selling agents. Not all low value homes qualify for minimum commission; only those designated by the Asset Manager as “Hard to Sell” will be eligible for minimum commission. A home’s designation of “Hard to Sell” can be found on HUD Homestore.

Q: How do I activate the utilities? Especially if I am a buyer or appraiser who needs to see systems working in order to obtain a loan?

Answer:

Brokers will have to notify the Field Service Manager (FSM) that they are requesting utilities be turned on and follow their policies and procedures for utility activation. The contact information for the FSM is provided in the contract package that is issued to listing brokers once a contract has been accepted.

Q: Can the Listing Broker turn on the utilities in their name?

Answer:

The listing broker must have approval from the FSM before activation and must follow all FSM policies and procedures; this may include a fee for activation.

Q: How do I check the status of my bid?

Answer:

You may check the status of your bid by logging in to your Bidder profile on HUDHomeStore.com Bid Results and clicking on Bidder Functions. You will need to enter at least one of the following to retrieve your offer information: Bid Confirmation Number, Property Case Number (aka FHA Case Number), Purchaser Last Name, or the Purchaser SSN/EIN. The “?” icon next to the bid status will explain what the bid status abbreviation stands for.

Q: What is the bid period?

Answer:

Each listing on www.HUDHomeStore.com has a Bid Submission Deadline. It is located directly beneath the Case Number and Eligible Bidders on the Property Details page of each property. Please be advised that the Bid Submission deadline is Central Standard Time (CST). The Bid Submission Deadline will change as it progresses through the various Listing Periods.

Q: I don’t have a NAID # and I need to submit a bid today! What do I do?

Answer:

You cannot submit an offer without an active NAID #. The purchaser(s) will need to contact a broker with an active NAID # to submit the bid. A list of active NAID brokers is listed on HUDHomeStore.com under the Find a Broker section.

Q: How do I activate the utilities? Especially if I am a buyer or appraiser who needs to see systems working in order to obtain a loan?

Answer:

Brokers will have to notify the Field Service Manager (FSM) that they are requesting utilities be turned on and follow their policies and procedures for utility activation. The contact information for the FSM is provided in the contract package that is issued to listing brokers once a contract has been accepted.

Q: I don’t have a NAID #. How do I submit a bid?

Answer:

You cannot submit an offer without an active NAID #. The purchaser(s) will need to contact a broker with an active NAID # to submit the bid. A list of active NAID brokers is listed on www.HUDHomeStore.com under the Find a Broker section.

Q: What is the difference between an Owner Occupant purchaser and an Investor purchaser?

Answer:

An Owner Occupant purchaser is a person who plans to live in the property as their primary residence for the first 12 months after the close of escrow and has not purchased another HUD Home as an Owner Occupant within the past 24 months.

An Investor purchaser is someone who buys the property as a second home or as an investment, or who does not qualify as an owner occupant.

Q: What is the Lottery Listing Period?

Answer:

Certain property eligibilities allow Good Neighbor Next Door participants, HUD registered nonprofit organizations, and/or government entities to bid on the property prior to becoming available to Owner Occupant bids. These properties, which are usually located in HUD designated revitalization areas or are determined to be uninsurable, are available in the Lottery period for seven (7) days. If there are no winning bids when the Lottery period ends, these properties then enter the Exclusive Listing Period for 5 or 30 days, depending on the insurability of the property.

Q: What is the Extended Listing Period?

Answer:

This is the listing period after the Exclusive Listing Period has ended. All bidders are eligible to place a bid in the Extended Listing Period.

Q: How can I modify and/or withdraw my electronic bid?

Answer:

Please be advised that bids can only be modified and/or withdrawn prior to the expiration of the current bid submission deadline you submitted your offer under.

You may modify and/or withdraw your bid by logging in to your Bidder profile on www.HUDHomeStore.com and clicking on Bidder Functions. You will need to enter at least one of the following pieces of information to retrieve your offer information: Bid Confirmation Number, Property Case Number (aka FHA Case Number), Purchaser Last Name, or the Purchaser SSN/EIN.

Select the Bid Confirmation Link of the offer you wish to modify/withdraw. The next screen will show you the details of the bid. Click on the Withdraw Bid or Modify Bid button at the bottom of the screen.

Please be advised that if you modify your offer your bid confirmation number will change!

Q: I have an accepted offer but I would like to renegotiate the amounts of my bid. Is this possible?

Answer:

No, HUD will not renegotiate the amounts in your offer after bid acceptance. Purchasers have the option to cancel their bid acceptance and submit a revised offer if and when the property is relisted. However, please be advised that there may be back up offers in place. Should you cancel your offer, the property will be offered to any back up offer purchasers prior to relisting it on the HUD Homestore. There is also no guarantee that a property will be relisted at all.

Q: If the sale is canceled, will the EMD be refunded?

Answer:

EMD refunds and forfeitures are reviewed on a case by case basis. Please review the HUD Forfeiture and Extension Policy for specific scenarios regarding EMD forfeitures/refunds.

Q: When can the buyer get a home inspection done?

Answer:

The buyer has a 15 day period after contract ratification (execution) to activate utilities and complete the home inspection. All inspections, tests, and risk assessments are performed at the purchaser’s expense.

Q: What will be the turnaround time on payment once a property closes?

Answer:

The closing agent (per their contract with HUD) has 30 days to send out commission checks.

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