Selling Agent Tips

1. Complete your Sales Package PRIOR to submitting a bid on the Internet. This includes obtaining a pre- qualification letter from a lender or documentation of available cash funds.
   
2. Please be extremely careful when completing the electronic bid submission. An error made when entering the sales amounts, purchaser’s Social Security number, or a company’s Federal Identification Number may result in the cancellation of a provisional bid acceptance.
   
3. Be sure to thoroughly explain the following policies to your purchaser:

• HUD’s “AS-IS” Policy: all HUD properties are sold strictly AS-IS.
  
• Disposition of the Earnest Money Deposit as stated on the first page of the Forfeiture and Extension Policy.
  
• Line 5 Closing Costs may only be used for certain HUD-approved items. Please review the second page of the Forfeiture and Extension Policy with your purchaser.
  
• Completion of a Home Inspection prior to closing to be done for the purchaser’s protection so they understand the nature and cost of any required repairs; HUD does not make any repairs to a property before or after closing
  
• Occupancy Prior to Closing is completely prohibited. Purchasers may not do any work whatsoever to a property prior to the completion of settlement. Purchasers may not occupy or store any items at the property prior to closing. Occupying or working on a HUD home prior to the close will be treated as trespassing.
  
• Be aware of all processing deadlines to avoid cancellation of a provisional bid acceptance or contract:
  • Bidding Deadline Dates on each listing indicates the deadline by which time a bid must be placed in order to be considered on the bid opening date.
  • Original Contract Package must be received within 2 business days after the bid is posted under “Bid Results”. Faxes are not acceptable.
  • Correction Requests have specific deadlines. Be sure to respond within the timeframe on any correction request to avoid cancellation.
  • Closing Date as stated on your Closing Agent Instructions. This will be 45 days (unless an incentive is available) from the date the contract was signed. If a purchaser cannot close by this date you must request an extension of time to close PRIOR to the expiration of the contract.
  • Earnest Money Forfeiture if a transaction has been cancelled and the EM deposit, you have 10 days to send a check or money order for the amount of the requested deposit.
  • Any other deadline as designated.
    
• Place the case number and property address on all material submitted by e-mail, fax, regular mail, or overnight mail. Also, have the case number and property address handy whenever you contact our representative for any type of inquiry or issue.