Buying A HUD Home

• Realizing the American Dream of

Home-Ownership and a Presentation on how you BID on a

HUD HOME• Contact us at

• Colin.rosenthal@carringtonres.com• http://www.carringtondfw.com

• http://dfwmetrohousing.com/203K.htm

Interactive Question and answer session after presentation

•

This Presentation on buying a HUD Home is presented to you

by Carrington Real Estate Services

Presented by Colin Rosenthal TEL 214-704-4005 C 972-625-2612 O

FAX 214-666-3227Colin.rosenthal@carringtonres.com

http://wwwdfwmetrohousing.com &

Your Client has the opportunity of Realizing their dream of home-

ownership when buying a HUD Home

•

Looking for a HUD home

• Make sure Your Client is Pre-Approved and you have the lender letter or proof of funding available before bidding.

• HUD Will allow a maximum of 3% towards closing costs. HUD does not pay Title Insurance

• Now is the Time to Look for a HUD Home and help you buyer save money

You Broker must have a NAID number and you must be

Registered under Their NAID number

• You cannot bid without being registered….You must have a user id on

• www.hudhomestore .com

http://www.hudhomestore.com

•

• Mortgage Service

Registering on hudhomestore.com

• •

Carrington Real Estate Servicies

• Is a registered HUD Listing Agent with Matt Martin Real Estate Management one of 3 Management companies in the DFW Metro-Plex

HUD Will only assist with 3% Max in closing cost assistance and does not pay for the

Title Policy• You can bid whatever you wish to but

please remember that HUD will only allow a maximum of 3% in closing cost assistance.

• If bidding higher than asking price please add that amount to the 3.5% down payment required for FHA laon.

•

Please go to the http://www.hudhomestore.com/

Enter State City, Zip orProperty Case Number

Today there is only one home available in Little ELM .click the

case number to proceed

Here you can tell when the bidding starts

Bidding time period daily at midnight in this instance

Bidding Period

Available only to Owner Occupants and 7 days to BID

The listing information and the insurability

This home is insured with $550 in escrow

Insurability

• All homes purchased with an FHA loan must pass the appraisal and be 100% FHA Insured. In this instance the home is insurable with $4840 in escrow repairs. This mean you would add $4840 to the loan which will be held in escrow for the needed repairs to close the loan

•

HUD will only allow a maximum of $5000 in repairs for FHA 203B

• This is with a normal FHA loan called a 203B plus repair loan

• If more than $5000 is needed than we would go with a FHA 203K loan which will allow up to $30000 in repairs and escrow

•

Here is an example of the online addendum and links available

on each listing•

What repairs are needed and where can you find the list?

Addendums

Disclosure addendum (TOP)

Property Condition Report

When will I know if my client has the home?

• Normally you will

know by lunch-time on the day after the bidding ends if you have won the bid on the home…It takes 45 days to close on a regular 203B and 60 days to close on a 203K

•

Investors and Programs

You have received your acceptance E-mail

Here you will find everything you need

Here is the management information

You will receive an E-mail with a link to the self populating

contract and addendum form• • .

• Please go directly to http://www.mmrem.com/hud/

• All necessary forms and amendments are available at this web-site for Matt martin properties

• Hud Pemco and Hud Hometelos are the other 2 management companies

You need your brokers signature

• Have your broker co-sign or have a letter giving you permission to sign on his behalf.

•

Starting January 27th • • “BUYERS CHOICE”

• Buyer has option of Title Company• Buyer pays for everything• Make sure you get the closing costs

HUD makes available to buyers

•

Selling Agent Responibility

• •

Listing Agent Responsibilities

Title Company Requirements

You have 2 days • To generate the

contract and addendum (Populates automatically)

• Have the buyer sign in blue

• Get the Earnest money in the form of a cashiers check

• Either overnight or personally hand in the complete package

This is all new Information

• Please E-mail me at colin.rosenthal@carringtonres.com and I will send you more information on “Buyer Select” once it comes in and an invitation to our presentation when we had it put together.

•

To Recap

• The buyer will have to pay all the Title company expenses including the Title Policy so asking for closing cost assistance in absolutely necessary.

• Up to now the allowable closing cost was always 3% (It may now be higher I don’t know?)

• The buyers (Selling) agent will have to deliver the EM check to the listing agent within 48 hours.

• The Buyers agent will have to fill in the closing company addendum …

• Make sure you call the listing agent before submitting and ask for help.

•

Please feel free to contact me 7 days a week

http://carringtondfw.com