About Joe Auzenne

Auzenne serves as the Managing Broker of the Chesapeake office of The Real Estate Group and also instructs classes in contract interpretation and writing; agent sales development; and agent marketing systems and utilization. Auzenne is a qualified instructor/teacher having earned the designation of “Master Instructor” while a member of the armed forces.

Recent Changes to The HUD Bidding Process

As of February 1st, 2014 there have been minor changes and one significant change to the HUD bidding process.

Unfortunately, all the changes, but one, have been promulgated by the three asset managers that service Virginia: Matt Martin, Ofori, and Hometelos.  I will address the changes by asset manager.

Matt Martin: (1) The earnest money deposit will be made payable to the buyer’s settlement agent; (2) Buyer has the right to choose their own settlement provider; (3) Settlement provider must be registered with HUD (Landmark Title is a registered settlement agent).

Ofori:  (1) The earnest money deposit will be made payable to the listing broker; (2) After contract acceptance by HUD the paper contract must be sent to the listing broker within 24 hours. The listing broker then reviews the contract for inaccuracies; notifies selling agent of corrections needed; listing broker sends finished contract to the asset manager.  The time frame to reach the asset manager is still 48 hours from acceptance; (3) buyer has the right to choose their own settlement provider; (4) settlement provider must be registered with HUD (Landmark Title is a registered settlement agent).

Hometelos: (1) The earnest money deposit will be made payable to the buyer’s settlement agent; (2) Buyer has the right to choose their own settlement provider; (3) Settlement provider must be registered with HUD (Landmark Title is a registered settlement agent); (4) black ink can be used to sign contracts (note: The other two asset managers still require blue ink. My humble advice: don’t get confused use blue for everyone.)

An addition to the FAQ’s is the inclusion of two great resources: (1) Submitting a Bid on HUDHomestore.com   https://www.hudp260.com/Documents/HUDHomestoreBidSubmission.pdf

And Registering to Place Bids on HUDHomestore.com  https://www.hudp260.com/Documents/HUDHomestoreBidderRegistration.pdf

I hope this posting has been helpful.

Joe Auzenne

 

About Joe Auzenne

Auzenne serves as the Managing Broker of the Chesapeake office of The Real Estate Group and also instructs classes in contract interpretation and writing; agent sales development; and agent marketing systems and utilization. Auzenne is a qualified instructor/teacher having earned the designation of “Master Instructor” while a member of the armed forces.