The ABC's Of Selling HUD Owned Properties

On February 7th I blogged about HUD and what it actually was and how to go about selling HUD owned properties. Since that blog I have learned even more with every HUD deal I am involved with. The last offer was almost lost because of the wording in the preapproval letter. The bank had to revise three times. Once because their address was not on the letterhead, next time because their phone number was missing. When I finally think it is going to go through, I have to get the bank to change their verbage. The original letter basically said there credit rating was good for the loan, but ohhhh nooo, it has to actually say that there was a credit report done and the preapproval is based on that fact.

When you are submitting offers on a HUD owned property, make sure everything is dated the same, the buyer(s) name is signed the same throughout the paperwork, your broker has to sign the 9548 form and the LBP, you as the agent have certain places to sign also. Look closely for a couple of places to insert dates and for the buyer(s) to initial.

Don't loose a HUD deal over not dotting your i's and crossing your t's! I look over the HUD paperwork at least 5 or more times. You might be surprised that you skipped over an important section.

By the way, if you are in the Central Kentucky area, my expertise with HUD owned properties could help you get the deal. Let me handle the paperwork and specifics for you!