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Keep your buyers happy and close in a timely manner by avoiding these pitfalls!  Here are the seven common mistakes we see when selling HUD homes.

 

Submitting an offer using a local purchase contract

All is done via www.HUDhomestore.com, and HUD has its contract and addendums.  Get registered on the site!

Asking a listing broker how many offers are on the table

The offers are submitted via www.HUDHomestore.com and received by the asset manager. a.k.a. We don’t see them and have no idea.  Pull the comps and take an appropriate swing!

Attorneys sending attorney review letters and requesting changes to the contract

The contract and addendums stand and are not up for negotiation.

Requesting HUD to make repairs after a home inspection or appraisal

With some sellers, “as is” does not mean that they will not make repairs. This is not the case with HUD-owned homes. They are sold strictly “as is”, and no exceptions to that rule.

Requesting to give a buyer who is under contract access to the property

Under no circumstance can a buyer access the property without a licensed real estate agent present.

Canceling a contract and stating issues that HUD has already disclosed

HUD discloses problems with the property via the Property Condition Report (PCR) or Property Disclosure & Repair Information. A buyer cannot cancel the contract and expect to receive their earnest money back if the issue(s) is already disclosed.

Using a title company that is not familiar with HUD’s closing process

These transactions are unique. If you want a smooth closing, help the buyer choose a title company (closing agent) that has experience.  Trust me on this one!