HUD
FAQs
HUD Information and Publications
See below for several of the most commonly asked questions regarding HUD properties. This section is intended to provide a basic overview of buying, listing, and showing a HUD home. For complete guide and answers to further questions, please contact us or view HUD’s website, www.HUD.gov or view the HUD-published FAQs at http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm.
Marketing
Q. My listing was on HUD HomeStore and now it is no longer there?
A: That may mean a bid was accepted on this listing. If you have not received information on your listing please submit your question to info@mmrem.com and a representative will follow up with you.
Q: I receive notification that a listing is available in my area and when I log on to accept it, there is no listing. Is this a problem with the system?
A: No, this simply means that another broker in your area has accepted the listing before you. Please note that in some areas there is strong competition for listings and many brokers are accepting assets immediately as they are available. It is the goal of MMREM to involve all brokers in our network and as we proceed with the contract we plan to realize this goal and provide all our brokers with the opportunity to list HUD Homes.
Q: What is the role of AMRE?
A: AMRE is a subcontractor of MMREM. Through its subsidiaries AMRE, is a nationwide real estate company with the ability to provide oversight and quality control to the marketing activities performed by individual brokers and agents.
Q: Who is the Contact person's name and phone number for AMRE?
A: Asset Management Real Estate, AMRE, can be reached at 303‐740‐6110 or 877‐482‐3725
Q: Sometimes the address of a home is on the curb and nowhere else. It may not be possible to get the house and the number in view. Will that be acceptable?
A: You will need to make every effort to obtain this photo requirement. In the rare instances you cannot locate the address, please try to make sure the address if visible on the photo somewhere.
Q: Will AMRE be putting signs in the yards along with our signs?
A: No. The Listing broker will have the only sign in the yard of the property. A Matt Martin Real Estate Management rider will need to accompany signs. You can go on MMREM's website and find a copy of the approved Sign Rider. Call AMRE for information regarding a vendor that can provide these signs to you.
Q: Can the sign go out at the initial inspection as long as it is in ready to show condition?
A: No. For sale signs are not allowed until the assets are given a list date.
Q: Should the yard sign contain a HUD symbol or any other indication that it is a HUD home?
A: Signs do not need to contain any HUD logo however all signs must have the Fair Housing Act logo.
Q: Will you provide MMREM sign riders or will the broker have to purchase them? Who approves the yard signs?
A: You will be responsible for purchasing signs which include a rider sign that is on our website at discounted cost.
Q: Will we be receiving a listing contract from MMREM? Who will be signing the listing agreements?
A: MMREM will send out the listing agreements. Please contact AMRE if you have not received this.
Q: If we have two offices, can we have more than 60 zip codes?
A: The system is currently established to allow 60 zip code selections by NAID. Unless you have multiple NAIDs you will only be able to input up to 60 zip codes.
Q: What format will the BPO's need to be in? Is there a BPO template example available?
A: Yes, there is a BPO format on MMREM's website.
Q: We have a centralized showing service...can we use them to help us get optimal showing information?
A: Yes, if you feel that will be a benefit to your marketing activities.
Q: What happens if upon the inspection the property is not in "ready to be show condition"?
A: You will need to make note of this on your inspection report and advise AMRE once you have completed the inspection.
Q: Will tasks generally be posted during normal business hours or does the listing agent have to monitor their portal 24/7 in case a task gets posted?
A: The properties will be available during normal business hours, up to three times a day.
Q: Are licensed assistants able to participate in any of the tasks assigned, from inspections to Open Houses?
A: If you feel comfortable designating assignment to any assistants, that is your decision. Keep in mind that our contract is with the registered broker and that is whom is ultimately responsible.
Q: Very few people sign in like they are suppose to so how are we going to manage who has been in?
A: You will need to make sure this is a priority. We need to be sure that we are making every effort to selthe property.
Closing
Q: Will you be sending us the information on what lender is being used? Will we get copies of approved contracts and disclosures?
A: Yes, you will be advised once a bid is accepted and who the selling agent is. At that time we suggest you contact the selling agent to help him/her with the process. You will also be obtain copies of the signed contracts and HUD‐1 statements upon closing
Q: What website do we submit HUD offers to?
A: http://www.hudhomestore.com/HudHome/Index.aspx
Q: Who would notify us when its ready to close?
A: Being a listing broker you will be tasked with following up with the selling agent to ensure a timely close.
Q: What is the minimum fee paid as many homes are under $20,000?
A:This is a minimum commission of $2,500. The same %'s will apply as to the payment to the Listing and Selling Broker. Not all low value homes qualify for minimum commission, only those designated by the Asset Manager as “Hard to Sell” will be eligible for minimum commission.
Q: What will be the turnaround time on the ACH once a property closes?
A: The closing agent (per their contract with HUD) has 30 days to send out commission checks.
Q: How do we get the buyer's lender contact info? Due to disclosure laws, the lender is prohibited from providing any detailed information to either the LB or the selling broker, but the selling broker will generally have a better chance of getting details.
A:You would have to work with the selling agent on this to the best of your ability. If you find you are unable to attain this information, you will need to advise AMRE of this.
Assignments
Q: Will assignments be loaded daily on MMREM or one specific day, etc.?
A: Assignments will go out on a daily basis up to three times a day.
Q: After showing high performance, will the Listing Broker have an opportunity to receive direct assignments?
A: At this time we are not assigning assets directly to any brokers.
Q: If rated well, how do I benefit, if it is first come first served?
A:The ratings could affect the timing in which you are allowed to see the assets become available.
Q: Is an email or text sent to agents when new listings are available? Will we have to sign in to accept assets or will there be an accept key on the outgoing email like BPOs?
A An email is sent to the agent when the properties are ready to be accepted. You will need to accept the asset by clicking the link in the email and accepting the property in the Broker Portal from there.
Q: Providing that our scorecard is good, is there a limit on the number of listings that can be assigned to an individual LB?
A: A limit has been determined but could vary based on scorecard performance and is subject to change.
Q: For the assignments will you have a program to block the auto acceptance features some brokers use to capture all assignments?
A: While we are aware these programs do exist, firewalls are in place to prevent such a thing from affecting broker assignment. We also have caps placed on all brokers to ensure no one brokers is able to accept all assignments.
Q: Will we be able to have our email notification on availability of assignments sent to more than one email address so we will have a better chance of someone being able to receive it quickly?
A: All notifications will be sent to the email address that is listed within the registration briefcase.
Q: Will you send a Broadcast email once you start receiving properties to let us know to start monitoring the system for assignments?
A: No.
Q: What determines if 5 brokers with the same zip code get the bpo or listing?
A: Ultimately, the scorecard will determine how many properties you will be able to list. The better the scorecard, the better opportunity you will have to receive listings. If all brokers are rated the same, then the first to accept the assignment will get it.
Websites
Q: What is the website address for your Broker Portal?
A: Yes, http://www.mmrem.com/RWC‐web/login.jsf
Q: Will be provided a copy of the presentation for our records?
A: This can be found on the website.
Training
Q: Can you please provide clarification around the monthly training and how we are scored?
A: Scorecards are based on meeting the goals that were set forth in the training webinar you took. AMRE is responsible for scoring brokers based on timeframes of completing requested tasks. Those brokers that go above and beyond (i.e. holding open houses with attendance sheets) will have a score that reflects this. Those brokers that are unable to accept an asset will not be negatively scored until they have been given the opportunity to perform.
Q: How many brokers in an area?
A: We need brokers to cover our entire regions. For this reason, we have opened up the listing to many brokers. The scorecard will allow us to see who is meeting our needs and who is not. This will determine how many properties one may be able to receive at any given time.
Miscellaneous
Q: Please clarify your process for utilities if buyer or appraiser needs to see systems working for loan?
A: You will have to notify MMREM of this need so that we may contact the Field Service Manager and have the utilities turned on for the day and time of the appraisal.
Q: Can the LB turn on the utilities in their name?
A:The LB can turn the utilities on if they chose to, however they will not be reimbursed if they chose to do so and may be held responsible for any damages during the process.
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