Anyone looking into getting approved with HUD? I'm doing this because without being HUD approved, I can't submit offers on HUD properties. Anyone know if the FHA defaults that is on the rise will go through HUD or their contractors?
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Hey Johnny,
Here are two links that will help.(https://www.bidselect.com & http://hudpemco.com) If you register with bidselect you will be able to submit you HUD bids through them. Also, be sure to get HUD keys That the only way to show HUD properties. All HUD listing Brokers sell HUD keys.
Good Luck!!
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HUD has contracts with different copanies, usually the contract goes for 3 to 5 years, MCB like Angelica mentioned usually always have the contracts for several states. when a new company comes they sore of change the rules and used their buddies, in Maryland there are two agents who get all the listings, they don't have to do anything but just put them on the MLS, but they only get pay $150 per listing. The marketing company in Maryland takes care of the preservation, contract, etc.
I recomend to go to HUD and complete the application for the NAID HUD number that will make you an approved broker for purchases, and hopefully if you keep an eye one day you might become the listing agent in your area, but remember it is who you know.
If you are looking to submit offers on HUD owned homes, your broker has to file with the management company for your area. In Geotgia and several other states it's PEMCO. It's a fairly simple application for the broker to complete, but an agent cannot register. Once the Broker has registered, then each agent who wants to submit offers must register (which is even easier).
There are sometimes a few really good deals, but you have to do your homework before submitting an offer. And your paperwork must be correct the first time or it's a major pain to make changes of any type. The offer process is pretty simple, a one-page on-line form. But read the rules closely as they have some very tight deadlines if you win the bid.
Johnny Huang > Steve AdkinsOctober 10, 2009 at 7:40pm
I am the broker and have already started compiling the information needed for PEMCO. Nothing too hard, I wonder how the pick listing agents though...Seems to be only one agent for 5 counties in my area.
Mark Vela > Johnny HuangOctober 11, 2009 at 1:02pm
HUD has an opening bidding period every few years for listing agents. The # of agents is based on the # of listings in an area. For example in my area in Austin TX there is broker for North Travis County & 1 for South Travis County. I think they only get a 1% listing fee but they get alot of listings in my area and I know they also help alot of buyers. I sell alot of HUDs and always charge the 5% selling agent fee since they take more work. Your best chance of getting selected is to get as many small business certifications. Minority owned offices especially female owned have a great shot. Other things they look at are if the office is in a HUB Zone, VA Owned, etc.. All the information is in the application. Good Luck!
What I can tell you for sure is that at the County level (CO is a non-judicial state) we have seen that when a property goes into foreclosure and the HO has a FHA loan, the certificate of purchase is issued to Michaelson, Connor & Boul which is the company/contractor that handles the HUD homes here in CO.
Hope that helps. It's always good to sign up with HUD. You never know!
Replies
Here are two links that will help.(https://www.bidselect.com & http://hudpemco.com) If you register with bidselect you will be able to submit you HUD bids through them. Also, be sure to get HUD keys That the only way to show HUD properties. All HUD listing Brokers sell HUD keys.
Good Luck!!
I recomend to go to HUD and complete the application for the NAID HUD number that will make you an approved broker for purchases, and hopefully if you keep an eye one day you might become the listing agent in your area, but remember it is who you know.
There are sometimes a few really good deals, but you have to do your homework before submitting an offer. And your paperwork must be correct the first time or it's a major pain to make changes of any type. The offer process is pretty simple, a one-page on-line form. But read the rules closely as they have some very tight deadlines if you win the bid.
What I can tell you for sure is that at the County level (CO is a non-judicial state) we have seen that when a property goes into foreclosure and the HO has a FHA loan, the certificate of purchase is issued to Michaelson, Connor & Boul which is the company/contractor that handles the HUD homes here in CO.
Hope that helps. It's always good to sign up with HUD. You never know!
Enjoy the weekend.