Our Team is proud to announce that U.S Department of Housing and Urban Development, otherwise known as HUD 3.7 in partnership with it’s Asset Management Provider has awarded the opportunity to list and market HUD Homes. We value this partnership. This page has a lot of details for buyers, real-estate agents, non-profits, owner occupants and investors. Please read this entire page.
PLEASE READ THIS ENTIRE PAGE.
If you are a HUD registered broker your firm is able to submit your offer directly to HUD by clicking here.
HUD Brokers: Please Note, we will NOT be using HUD Keys any-longer. Please contact ShowingTime Appointment Center to request your lockbox. All showings are tracked.
Call ShowingTime at 888-627-2775
Non-HUD Registered Brokers or Agents can submit their offer my clicking above under the ” submit offer” link.
*** PLEASE NOTE: If you are not a HUD Registered Office/Broker we strongly encourage you to fill out the application by clicking here.
Please be advised that if you do not have your NAID Number or your office is not an approved HUD Registered Broker then you can either find a HUD Registered Broker by clicking here or agree to receive a referral fee from our office. We are required by HUD to be involved in the transaction as if it was our own. If our office submits a bid on behalf of an unregistered agent, then the buyer would need with a member of our team and fulfill the required requests: A) Complete Agency Disclosure B) Complete Referral Agreement with unregistered broker and required HUD Forms/Contracts. Please email [email protected] if you have any questions.
If you have questions regarding submitting offer, please contact our office anytime at 508-677-3233 or
Toll Free 866-732-6139 . We are always happy to help.
All HUD FORMS in terms of contract extensions, release of deposit and other important HUD forms can be found by [email protected]
or you can download the needed forms directly by clicking here.
To schedule a showing on a HUD Home: PLEASE FOLLOW MLS INSTRUCTIONS; Buyers can contact our office.
HUD Customer Service Number: Monday – Friday 7am to 7pm; 508-677-3233
HUD Customer Service Number: Nights, Weekends and Holidays: 508-567-8604.
24-7 Customer Support Toll Free: 866-732-6139 or 508-567-8604
Our area is BUYER SELECT. Which means the buyer is able to pick their own Closing Attorney. Going forward, the Buyer Select Closing Attorney will be holding the deposit.
On behalf of HUD, Thank-you for your interest in purchasing HUD Homes in MA and RI. If you or your real-estate agent of choice has an interest or would like assistance with your HUD home search, offer to purchase and if your questions are not answered below you are able to contact me and my HUD team by emailing us [email protected]
- Work with HUD to accurately and competitively value the property.
- Work to achieve the Highest net return.
- Minimize the holding time for each case. ( Usually costs HUD 40.00 per day, per property.)
- Create Owner-Occupant opportunities.
Our office is considered to be a LLB ( Local Listing Broker) representing HUD. This page online is here to help both buyers agents and HUD Registered bidders. Please read before emailing.
ALL HUD Property is to be sold in as-is condition. Property is sold “AS IS AS SEEN”. HUD enforces and administers equal access to housing and guarantees equal opportunity in all HUD programs. HUD properties are offered for sale to qualified purchasers without regard to the prospective purchaser’s race, color, religion, sex, disability, familial status, or national origin. EQUAL HOUSING OPPORTUNITY.
What is a HUD Home? A HUD Home is a property with an FHA insured mortgage that has gone into default. The lender acquires the property, submits FHA insurance claim, and then conveys ownership to the U.S. Department of Housing and Urban Development (HUD). HUD will then sell the home through their Asset Manager (AM). A HUD Home can be a single family residence (SFR), townhouse, condominium, mobile home or multiple family attached home up to 4 units.
Who can buy a HUD Home? HUD Homes may be purchased by any individual, company, HUD-approved non-profit organization, or government entity that can secure financing or pay cash for the property. Interested buyers must submit bids through a HUD-registered real estate agent.
There are two main types of HUD Home purchasers: Owner Occupants and Investors. An owner occupant buyer is a person who will live in the property as their primary residence for at least one year and has not purchased another HUD Home as an Owner Occupant within the past two years. Investor buyers are people who purchase the property as an investment or as a second home, or who do not qualify as an Owner Occupant.
How can I buy a HUD Home? If the buyer is financing the purchase of a HUD Home, HUD first requires the buyer to be pre-approved for a mortgage in an amount sufficient to purchase the property. If the buyer is paying cash, the buyer must provide verification of funds. Once the buyer has obtained a pre-approval or verification of funds, the buyer should find a HUD Registered Agent, who can help the buyer find an appropriate property and submit a bid on it. All buyers must submit their bids online through a registered real estate agent.
HUD Homes are initially offered for owner occupant purchasers. Following the owner occupant priority period, unsold properties are available for all buyers, including investors. Bids can be submitted any day of the week, including weekends and holidays, and are opened for review the next business day following the bid deadline.
What is the Exclusive Listing Period for HUD Homes? When a HUD Home is first listed for sale, priority is given to owner occupants, non-profit organizations and government entities. The duration of this Exclusive Listing Period will vary depending on the property’s FHA in-surability.
If the property is being sold as Insured (IN) or Insured with Escrow (IE), the Exclusive Listing Period is 30 days for owner-occupant buyers, non-profit organizations, and government entities. Bids received during the first 10 days are considered to be received simultaneously, and the initial bid review is on the 11th day of the Exclusive Listing Period. If there is no winning bid, bids continue to be reviewed on a daily basis until the 30-day period ends.
If the property is Uninsured (UI) or Uninsured 203(k) eligible (UK), the Exclusive Listing Period is 5 days for owner-occupant buyers, non-profit organizations, and government entities. Bids received during these 5 days are considered as though they are received simultaneously, and are not opened until the 6th day of the Exclusive Listing Period.
When can investors submit bids? After the Exclusive Listing Period has expired, unsold properties enter the Extended Listing Period. These properties are available for all purchasers, including investors, on a daily basis until an acceptable bid is submitted. Bids are opened and reviewed the following business day.
What is the Lottery period? Certain property eligibility allow Good Neighbor Next Door participants, HUD registered non-profit organizations, and government entities to bid on the property prior to becoming available to Owner Occupant bids. These properties, which are usually located in HUD designated revitalization areas, or are in areas determined to be un-insurable, are available in the Lottery period for 7 days prior to being listed in the Exclusive Listing Period.
How can I find a HUD Home? HUD Homes are featured on HUDHomestore.com They are also featured in MLS. NEW HUD HOMES EVERYDAY!
Can I submit more than one bid for different properties? If an Owner Occupant submits multiple bids for different properties, HUD will select and award the bid in the best interest of HUD. Investors may bid on and purchase multiple properties, provided they can obtain adequate financing or pay cash.
How can I finance the purchase of a HUD Home? The buyer may pay cash, obtain FHA financing from a HUD approved lender or secure conventional financing. Please contact a mortgage company of your choice for information on common mortgage programs, qualifying guidelines and how to obtain a mortgage appropriate for you.
What is FHA Financing? HUD Homes may always be purchased using cash, conventional, or other special financing. However, FHA offers financing options that are tailored to HUD Homes. There are many variables that are taken into consideration when the disposition of a property is created. The condition of the property as reflected in the FHA-approved appraisal and the Property Condition Report (PCR) weigh heavily in determining its insurability. Once the disposition of the property has been established, the property is initially listed at the as-is appraised value and will reflect the financing acronym that is appropriate. It is vital that real estate agents have a clear understanding of the FHA financing types, and the corresponding acronyms.
(IN) Insurable, FHA 203 (b) – Properties listed as Insurable (IN) qualify for FHA 203(b) financing. This disposition represents properties that do not have obvious Minimum Property Standard (MPS) repairs. Please note that properties with MPS repairs totaling $250 or less will be listed as IN and will not include those MPS repairs.
(IE) Insurable with Escrow, FHA 203(b) with Repair Escrow – Properties listed as Insurable with Escrow (IE) qualify for FHA 203(b) with Repair Escrow. This disposition represents properties that have MPS repairs which must be addressed post closing. The MPS repairs cannot total more than $5,000, except in cases where the 10% contingency causes the increase in escrow, and is the financial responsibility of the buyer. The repair escrow is never a credit to the buyer. The purchaser must finance the repair escrow with the lender writing the FHA loan. The lender holds the money for repairs in an escrow account until they are completed. FHA allows up to 90 days after closing for MPS repairs to be completed. Once the repairs have been completed for the property, the lender will inspect the contractor’s work and disburse the funds to the appropriate parties.The repair escrow only applies to FHA 203(b) financing. The repair escrow does not apply to financing outside of 203(b) or to cash purchases.
(UI) Uninsurable – Properties listed as Uninsurable (UI) do not qualify for FHA 203(b) financing. Typically, these properties have MPS repairs exceeding $5,000 or may not meet the guidelines for FHA financing for other reasons. Non-FHA financing and cash purchases are most often used for properties with the disposition of UI.
(UK) Uninsurable, 203(k) Eligible – Properties listed as Uninsurable – 203(k) Eligible (UK) also do not qualify for FHA 203(b) financing. However, these properties may qualify for FHA 203(k) financing. The 203(k) option is a rehabilitation loan for owner-occupants only. Most lenders offer both the standard FHA 203(k) and the 203(k) streamlined loan. Please contact any mortgage company familiar with FHA guidelines for more information on the various FHA financing programs.
Will HUD pay for any closing costs and the selling agent’s commission? HUD will pay up to 3% of the purchase price in closing costs that are considered to be reasonable and customary in the jurisdiction where the property is located. Closing costs should be entered on Line 5 of the Sales Contract. HUD will pay the lesser of the amount requested on either Line 5, or the actual closing costs. Any funds remaining after the allowable closing costs have been paid will not be credited to the buyer at closing. Review the Forfeiture and Extension Policy addendum to the sales contract package for the list of closing costs that will be paid by HUD. Note: A common mistake when submitting BID/OFFER is for the seller to credit buyer a fixed amount ( ie, 5,000 in closing costs) we will not be able to do that. HUD also allows, and will pay, up to 3% of the purchase price for the selling agent’s commission, which should be entered on Line 6a of the Sales Contract. Line 6b denotes the Local Listing Broker’s commission, which is 3% of the purchase price. Selling and Listing Brokers are eligible to receive a $1,250 commission on select HUD Homes; these properties are identified on www.HUDHomestore.com and in the MLS listing. The submitted bid is the final determination of the selling agent commission amount, and may not be modified after bid acceptance under any circumstances.
Note that higher closing costs and commissions will reduce the net to HUD, and may affect the competitive bidding ratio. Only the selling agent may choose to reduce his/her commission; the LLB commission may not be reduced.
When can I get a home inspection done? All HUD Homes are sold “As Is.” HUD does not make any repairs to the property. Therefore, it is important that the buyer do a visual inspection prior to submitting a bid. The buyer is also encouraged to have a professional home inspection performed with the utilities activated after the contract has been accepted and signed by HUD. The buyer has a 15 day period after contract acceptance to activate utilities and complete the home inspection, which must be coordinated with the Field Service Manager (FSM) assigned to the property. Please contact the assigned FSM directly with any questions regarding the utility activation process. Contact information for the assigned FSM may be found on the “Agent Info” tab of the Property Details on HUDHomestore.com
Fair Housing Law/ Equal Housing Opportunity:
All parties who purchase, view or contract with HUD understands that it is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status or national origin. This pertains to:
- The sale or rental of housing or residential lots.
- Advertising the sale or rental of housing
- The Financing of Housing.
- The provision of real- estate brokerage.
- The appraisal of housing.
- Blockbusting and Steering are also illegal.
PLEASE SEE HUD FORMS THAT YOU WILL NEED; HUD BROKERS CAN DOWNLOAD DIRECT AND SEND TO CONTACT ASSIGNED; ALL OTHER REQUESTS NEED TO BE SENT TO [email protected]
You can obtain the HUD Forms, Extension Requests, Cancellation Requests and etc by CLICKING HERE
UTILITY ACTIVATION FORM CAN BE FILLED OUT BY CLICKING THIS LINK. PLEASE ALLOW 48 HOURS FOR PROCESSING. This form can only be submitted electronically. Upon submission you will receive a confirmation email to the notification email address that you designate below. Please check your spam settings to ensure that you receive the submission confirmation. Allow 48hrs. for processing
Call us Toll Free at 866-732-6139 . Century 21 Associates Realty LLC promotes Equal Housing Opportunity. Our HUD Team is always ready to help, email us today at [email protected] call our office 508-.677.3233.
Contracts are due in our office within 24 hours. The Buyers Deposit needs to be made payable to the BUYERS SELECT CLOSING ATTORNEY ( and must be a BANK or CERTIFIED Check) and returned to our office within 24 hours. Failure to follow these guidelines may result in your bid being cancelled.