HUGE changes to HUD coming up

[Mark Ferguson]

One of my HUD asset managers just sent me an email saying the bid periods are changing! Starting December 1st, they are reducing the owner occupant bid period on FHA insured homes from 30 days to 15 days. This will make it much easier for investors to bid on HUD.

[David Krulac]

@Bill Gulley

Even though HUD rules are national, the different asset managers have different rules for example:

1 asset manager wants the deposit check made out to the settlement company

another A/M wants the EMD made out to the listing broker

another A/M wants the EMD check made out to HUD

1 asset manger will accept a broker's escrow account check

Other A/M want certified checks only

1 A/M want the EMD check sent with the contract to the A/M

another A/M only wants a copy of the check sent with the contract

1 A/M want $500 min deposit up to $50,000 price then 1% of price as EMC

another A/M wants $500 EMD then above that $1,000

So most of the HUD rules are the same but not all, go figure.