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Brokers News & Announcements

3-4-2013: EARNEST MONEY DEPOSIT for Brokers Servicing New England, New York and New Jersey: The following information was supplied to Cityside/HHN by the Secretary of Housing and Urban Development (HUD) out of the Philadelphia Home Ownership Center. If a purchaser, owner occupant or investor, cancels a sale with HUD due to a title issue, the purchaser will forfeit/lose their Earnest Money deposit. HUD will grant and allow the AM to approve contract extensions for Title Issues. If HUD cancels the sale due to a title issue that cannot be remedied, the earnest money will be released back to the purchaser. Any questions or concerns on this announcement please call 1800-call FHA.

2-8-13: BUYER SELECT CLOSING AGENT PROGRAM Effective February 1, 2013, HUD will be implementing a “Buyer Select” closing agent program for the following New York Counties: Bronx, Kings, Queens, New York, Staten Island, Richmond, Nassau, & Suffolk. This means that buyers with a ratified contract on or after February 1st will be able to choose their own Closing Agent. Please note: HUD will pay the buyer’s settlement fee to the extent that closing cost assistance was requested on Line 5 at time of bid submission and there are sufficient funds remaining to pay the fee.

12-14-12: NEW CONTRACT CLOSING TIMEFRAME FOR INVESTOR SALES for Local Listing Brokers in New England, NY and NJ: All Investor purchaser types are to close within 30 days of contract execution. Closing extension requests for Investor purchasers who need more time for financing, liquidating assets or not being ready to close will not be approved. Investor purchasers that cannot close within 30 days will forfeit their earnest money to HUD. Bids should not be placed for Investor purchasers who are not qualified to close within 30 days. All Cityside Local Listing Brokers should be communicating and educating Investor purchasers, Non HUD Brokers/Agents and HUD NAID Brokers/Agents with this information. Thank you for your attention to this matter.

10-04-2011: ATTENTION HUD LISTING BROKERS FOR CITYSIDE/HHN, we need your support in the field in order to move HUD properties in New England, NY and NJ to closing. The below highlights areas we need you to be educating HUD and non-HUD agents, buyers and lenders on.

  • Educate agents, buyers and brokers on HUD policies, read the Broker Handbook
  • HUD homes are sold AS IS! Do not tell the buyer HUD will repair or credit, you must educate the lender.
  • Vandalism must be reported immediately upon finding.
  • Smoke Certificates, this is a buyer expense and responsibility to complete. If the property fails, that is to be presented to our office for handling.
  • Lead findings are to be forwarded IMMEDIATELY to the lender for processing.
  • Final utility reads, this is not the closing agents responsibility, it is the selling agent and if they can’t handle, the Listing Agent should support.
  • Extension filing, this is the SELLING AGENTS responsibility and not the Closing Agent. The extension form is to be completed and sent to the Closing Agent with the backup and/or funds included. Files in default will be canceled and buyers will forfeit earnest money. Investors will not be granted numerous extensions, they are to purchase AS IS and move to closing.
  • Change of financing is the Selling Agent/Broker responsibility. ALL CHANGES are to be reported immediately. Buyers will not be permitted to close if a last minute change is reported AT CLOSING! Remember FHA on a property built prior to 1978 requires lead inspection and possible stabilization. You MUST educate the field.
  • Listing Agents/Brokers are to be helpful and return calls. Our office is continuously fielding complaints about calls not being returned. All inquiries are to be returned within 24 hours. This is a HUD requirement.
  • We need you to be educated and educate the field in order to successfully sell HUD Homes! We value all of you and your hard work.

ATTENTION BROKERS in New England, New York & New Jersey: When a buyer cannot close within the time frame allotted on line 9 of the 9548, the HUD SELLING BROKER is responsible for filing a request for a Closing Extension. HUD Selling Brokers must comply with the guidelines set in the HUD Broker Handbook by filing a Closing Extension request with HUD’s designated Closing Agent. IF the HUD Selling Broker fails to comply, defaulted contracts will be canceled. Please refer to the Broker Handbook and Closing Extension Policy for directive. Call 603-657-1000, option 4, for help.

HUD registered brokers in New England, New York and New Jersey can obtain key codes for access to HUD homes by emailing jburden@citysidecorp.com. Please be sure to include your NAID number along the registered Broker’s information when making the request.

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