Spring has sprung!

Time to spring your clocks forward, do your spring cleaning and get that house on the market!

Wow!  The real estate market is wide open.   There are not enough houses on the market to support the number of buyers looking.   Buyers are competing so strongly that I am getting calls to submit blind offers on "Coming Soon" properties!   CRAZY!!!  If you are on the fence about listing your home or an investment home, now is the time.  Sellers are receiving top dollar and all the negotiation power is in their hands.  Typically Spring and Summer are the hot market seasons for real estate so we are on the cusp of a record year for sales...don't miss the boat! 

2015 was filled with changes to prepare for 2016!

2015, where to start...Okay so we launched our new company Southern Home Management Solutions!  Holy Cow! That's huge.  Candy Bowen and I partnered in this venture and took the leap of faith.  It was an awesome decision as HUD was also in transition and we needed to align ourselves for the upcoming contract.  Being a "woman owned, small business" we were able to get our foot in the door and were contracted with Pemco to be local listing brokers under our new formed company. 

So, with that said, we are super excited about what 2016 will bring.   Pemco partnered with Rain, inc and formed Sage Acquisitions which is the NEW ONE AND ONLY HUD ASSET MANAGER FOR GEORGIA.   hopefully in the new year we will see Sage Acq. inventory begin to flow into the system and we will see Pemco, HomeTelos and Ofori phase out.  The HUD process will be so much simpler with only having one AM to deal with instead of three. 

Another new for 2016 is the GRAND OPENING of our office at 6790 w. Broad St, Douglasville GA 30134.   We look forward to our company, SOUTHERN HOME MANAGEMENT SOLUTIONS, bursting at the seams and booming in business in 2016.   Thank you to all who believed in us, stood behind us and supported our decision to make this change.  We couldn't have done it without you.

I pray God blesses you in 2016!

Windy

Attention Brokers / Agents:  Changes to the bid opening guidelines (effective December 2, 2013):
Here’s what has changed:

- Exclusive listing period for FHA-insurable homes is 15 days instead of 30.

- Bids coming in on Friday, Saturday, or Sunday will be grouped together for the Asset Manager’s consideration on Monday.

- The 10-day bid-accumulation period at the beginning of the Exclusive period for FHA-insurable homes will be extended up to three days depending on whether the 10th day falls on a Friday, Saturday, or Sunday, and if there’s a Monday Federal holiday.
Note: This does not apply to the 5-day Exclusive bid-accumulation period for FHA-uninsurable homes since day 6 falls in the Extended listing period.

- Bids coming in on a Federal holiday will be grouped with the previous days’ bids.

 

Happy Selling!!!

BUYER SELECT CLOSING AGENT FOR HUD

YAY!   Finally, the buyer can choose their own closing attorney on HUD transactions without having to go through all the rigmarole that we have been put through when attempting a 3rd party closing through the HUD Designated Closing Attorney.    The process has already begun and here's what you need to know as a buyer or selling agent to make your HUD transaction smooth.  

1.  Closing agents (attorney's) must register for a Closing Agent ID # through HUD.  The process to do this is as simple as being the closing attorney on a HUD contract.   The closing attorney will need to provide a copy of their $1 Mill E/O Insurance and a copy of their state Bar License to the selling agent to include with the contract package.   NOTE:  This will only have to be done once.   HUD will issue a BSCA ID# to a firm after receiving their E/O ins and License and from that point forward, you will only need that ID# on the contract package. 

2.  Buyers and their agents will be responsible for choosing competent attorney/Closers to get the closing done prior to contract expiration date.  Extensions will not be granted due to Attorney delays.  Be clear to your buyer and to their attorney that HUD works on deadlines and will not compromise those deadlines to accommodate them.   (ex: HOA and other bill payments must be requested 10 days ahead of closing,  HUD-1 Settlement statements have to be sent to the Asset Manager for approval 5 days before closing for seller approval,  If no clear title, HUD will not reimburse the cost of the title exam)

3.  Without a designated closing agent, there will be some changes to the handling of money associated with HUD transactions.   Each Asset Manager has their own procedure for Earnest money so pay close attention to who the AM is on each deal!
        PEMCO - E/M payable to CLOSING ATTORNEY but delivered to LISTING AGENT
        HOME TELOS-  E/M payable to CLOSING ATTORNEY but delivered to LISTING AGENT
        OFORI-  E/M payable to the LISTING AGENT and delivered to LISTING AGENT

BE SURE THE E/M IS PAYABLE TO THE *** LEGAL, REGISTERED NAME*** OF THE HOLDER AND DELIVERED TO THE CORRECT LISTING COMPANY!!!


This process is in effect NOW!   If you or your buyer is unsure of how to proceed with their contract package, DONT GUESS!!! CONTACT THE LISTING AGENT FOR ASSISTANCE!

2013 HUD Changes

It seems like there is always something changing when it comes to HUD owned property.  Thats okay though because the system is continuously evolving to deal with the current market conditions.   So here's the latest!

EARNEST MONEY CHANGES:
Coming soon HUD will begin a new process for handling earnest money on HUD contracts. 

HUD bids won during the Buyer Select Program  will remit the sales contract to the specific asset manager that has the contract for the property.  You will not send the Earnest Money to the Asset Manager any longer from that date forward.

Earnest money will be made payable to the closing attorney's office (no longer payable to HUD). The selling agent will have 48 hours to remit their contract package to HUD's asset mananger and the earnest money to the listing broker.   To keep confusion down, I suggest including a copy of the bid confirmation sheet with the earnest money check.  This will help insure that the money is credited to the correct file.   Once your contract has been signed off by HUD and a copy is delivered to the listing agent,  we will then transfer the money to the closing agent.   Failure to remit the earnest money payable to the closing attorney and delivered to the listing broker is grounds for cancelling your contract by HUD so make sure you follow these instructions.  

Here is why...  HUD is moving towards a "Buyer Select" closing attorney instead of insisting that all closings be handled through one contract attorney's office.   In order to do this most efficiently, Earnest money will be transmitted to whomever the buyer chooses to close the deal.    At this time, Georgia is not participating in the "Buyer Select" program but we are moving in that direction.  This will mean that until the program is in full force in Georgia, you may still choose your own attorney to close the transaction but it will be considered a  third party transaction and your buyer will be responsible for the attorney fees charged by the 3rd party attorney.   Once we are in full swing of the "Buyer Select" program,  the buyer will be able to use their seller paid closing costs towards attorney fees just as they would on other real estate transactions.

To RECAP:  EFFECTIVE Soon  you will send your certified earnest money check payable to the closing attorney to Re/Max United Attn: HUD Department 1000 Bankhead Hwy, Carrollton GA 30117.  Remember to include your bid confirmatin sheet to confirm that the check is credited to the correct file.   Also,   include the address and contact number of the closing attorney if it is one other than Fearnley Calif  (HUD's Current contract attorney)



FIELD SERVICE MANAGEMENT CHANGES:
Effective this year HUD has one Field Service Manager for the state of Georgia.   No more having to scroll through the listing to find who the FSM is to decide what to do about activating utilities fo inspections or reporting property condition issues.   It's now a one stop shop!   Our new Field Service Manager for Georgia is 
A2Z FIELD SERVICES
704-943-3970
www.a2zfieldservices.com

HAPPY SELLING!

NEW BROKER INCENTIVES

 Attention Brokers: (Effective on bids submitted on or after 12/01/2011)
A broker bonus is being offered in eight market areas:  Georgia, Florida, Mississippi, Alabama, Illinois, Indiana, Tennessee, and Kentucky.  The following conditions must be met in order for the selling broker to receive the applicable broker bonus.

• The preliminary bid must be submitted on or after December 1, 2011.
• A loan commitment letter from a lending institution must be received with the signed Sales Contract if the purchase is to be mortgaged; or, if paying cash, a certification letter must be received from a financial institution stating sufficient funds are available to complete the purchase.
• The words “Broker Bonus” must be written or typed at the top of the signed Sales Contract.
• The selling broker must complete and sign the HUD Notification regarding the broker bonus sales initiative.
• For all properties that close up to 34 days of contract acceptance, the selling broker will be eligible for a $600 bonus*.
• For all properties that close within 35 to 39 days of contract acceptance, the selling broker will be eligible for a $450 bonus*.
• For all properties that close within 40 to 43 days of contract acceptance, the selling broker will be eligible for a $300 bonus*.

*Exclusions apply
Excludes:  Hard-to-sell properties
The selling broker will not be eligible to receive a bonus for any property advertised by the Asset Manager (AM) as hard-to-sell.
Note:  The Atlanta Homeownership Center will not consider any appeals submitted by the selling broker for properties that fail to close within the aforementioned timeframes.  No exceptions.

Aged Inventory

Good Morning!  Yesterday, news came in from Pemco that they want their aged inventory moved ASAP.  At Remax United, we strive to sell all of our HUD properties as quickly as possible but occasionally a property does tend to go stale on the market.   With that said,  We have two properties that I would like our followers to keep fresh in their mind when considering property for yourself or clients.  

1. 199 Courthouse Road, Temple GA (Paulding Co)  priced to sell at $64,000!!!  Originally appraised in March of 2011 at $80,000.  This is an FHA INSURED property (Move in ready!!!)  Check out the link...
199 Courthouse Rd Flyer
This ranch style home offers three bedrooms, two baths, privacy fenced back yard all on a level .46 acre lot.  This home was built in 2005 so all major systems are still within their useful lifespan.  It has maintenance free vinyl siding and vinyl windows.  The double entry garage  has an automatic opener and leads directly to the kitchen.   BEST OF ALL, HUD IS OFFERING A $500 BROKER BONUS ON THIS PROPERTY IF WE CAN GET IT SOLD IN UNDER 30 DAYS! 

2. 85 Pine Hill Drive, Carrollton GA (Carroll Co) Priced to sell at $56,000!!!  Originally appraised in March of 2011 at $70,000.  This home is an FHA INSURED WITH ESCROW PROPERTY (repair escrow is $4,400).  Check out the link...
85 Pine Hill Dr Flyer
This property is a three bedroom, two bath split level on a partial basement with vinyl siding.  The home was constructed in 1975 and built to last!  The double carport is kitchen level entry. A huge selling feature on this property is the detached 2 car garage that sits out back.   Dont miss your chance at this steal of a deal!  THIS PROPERTY ALSO QUALIFIES FOR THE $500 HUD BROKER BONUS IF WE CAN GET IT SOLD IN UNDER 30 DAYS!

If you have any questions,  as always, we are here to help!
HAPPY SELLING!
West GA Team
Remax United ~ REO Benchmark