HUD had a National “Real Estate Broker Webinar” this past week. In this webinar, they announced some significant changes to the way they will be doing business going forward and the plans for implementation.
Changes included:
• Longer period for owner occupants to bid on homes before investors may bid. 10 days to 30 days.
• Ability to list on any day of the week.
• A single national site for searching for HUD homes, that allows all consumers to see what all agents will see.
• Additional listing brokers creating additional marketing for many properties.
• Earnest money to be submitted with the contracts and made out to HUD.
• Changes to agent compensation.
These are overall thought to be good changes and many are long overdue. Unfortunately the announced time frame is already not being met, at least not in our area. This may cause some short term confusion, so make sure your agent (ALL HUD BIDS, MUST BE MADE BY A HUD REGISTERED AGENT WORKING FOR A HUD REGISTERED BROKER) is on top of the changes and their implentation.
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