Saturday, March 26, 2011
Transitioning into M&M III has been tough...with three asset companies instead of one in the area, with a new nationwide website to locate and bid on HUD properties(http://www.hudhomestore.com/) and with many new local listing brokers learning the ropes and trying to get systems in place to get this thing off the ground. Finally, finally finally...things are starting to move in unison. New properties are coming on the market daily, and going under contract at the same speed. The prices are coming more in line with what is actually happening in the local markets. Buyers are coming out of the woodwork looking for a deal and they are finding plenty! Sadly though, many agents found themselves frustrated through the transition and threw in the towel. For those who didn't and for those willing to give it another shot....HUD wants to compensate you for your troubles. Beginning April 1, 2011, Pemco has announced the following sales incentives... SALES PRICE BROKER BONUS $25,000-$75,000 $500 $75,001-$150,000 $750 $150,001 and up $1,000 the fine print... 1. Only properties won on hud homestore after 4/1/2011 are eligible for the bonus 2. You must write or type "BROKER BONUS" on the top of your sales contract 3. "HUD notification of broker bonus" form found on the forms tab at http://www.hudpemco.com/ must be included with your contract package 4. Your contract must close within 30 days of contract execution. Now that #4 might sound like the kicker but past experience tells me that Pemco and Fearnley Calif will probably give "Special attention" to these files to make sure their end of the process doesnt hold up the file from closing ASAP. We saw this "special attention" before when the tax incentives were in place. Files flew through the title department at FCPW and closings happened in record time. We are hoping for the same cooperation with this incentive and I'm sure we wont be disappointed. I hope agents keep in mind the true intention behind the HUD program which is to put owner-occupying buyers into homes at affordable prices. The bonus is just that, "A Bonus" for doing what we are already passionate about. Happy Selling!