Columbus HUD Homes - How Many Contracts NEVER Get Approved? Take a Guess!

Can You Guess How Many HUD Homes Contracts Never Get Approved?

A few weeks ago I attended a seminar for real estate agents specializing in selling Columbus HUD homes. I was told that 9 out of 10 contracts are submitted incorrectly, and that only 5 out of 10 contracts get approved (ratified) by HUD (due to errors).

Can you imagine the risk you take, if you work with an inexperienced agent? You have a 50% chance of losing a bid you already won online, because of clerical or administrative errors (or simple ignorance)! Wow!

Let's take a closer look of why HUD would not ratify a contract

When you work with the Federal Government you have to follow their rules one hundred percent. If they specify that the original contract needs to be filled in with blue ink, you have to use blue ink. If HUD must receive the documents within 48 hours you better FEDEX them the day your bid got approved. You simply have to dot your i's and cross your t's.

Here are some common mistakes realtors make that could cost you your contract:

• They don't check if they won the bid they submitted, the morning after the deadline. It's the realtor's responsibility to check. You won't get a notification from HUD.
• They don't have the original contract, earnest money check and all necessary forms ready to mail the morning after the deadline. If you try to put the package together after you won the contract, you will most likely miss the deadline.
• They don't overnight the originals to HUD within 48 hours. If you don't overnight your package the day after the midnight deadline, you already missed the 48 hours.

When it comes to HUD homes, it definitely pays to work with an experienced agent. Don't hire your brother in law or a friend's friend because they happen to have a real estate license! Work with a professional who deals with HUD contracts every day.

What's My Track Record with HUD Contracts?

Well, MY TRACK RECORD is 100% of contracts accepted on FIRST try! This means all bids we won on Columbus HUD homes were ratified the first time I submitted the full package!

Don't leave it up to chance! Call me at (614) 975-9650. I know how to get it done right!

Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650