HUD properties

HUD home is when a government-insured loan (FHA) gets foreclosed and the Federal Housing and Urban Development pays the defaulted loan off and then puts the home on the market. Many people are interested in buying HUD owned houses because of a possible low market value of the home.

HUD properties on the MLS:

1) The Broker has a master listing agreement and the list agent only receives a summary sheet when a HUD listing is assigned to them.  Because of this, we do not require a listing agreement to be uploaded to a HUD listing.  However, the list agent should upload a LA Compliance Certification (unsigned) with the dates, etc. and a note that the master agreement is available if need be.

2) No FOR SALE signs are allowed on the property before it is listed on the MLS.  They are required, however, to post a small sign in the window of who to contact in case of an emergency.  This is acceptable from a compliance perspective.

3) The date the property is to begin being advertised should be used for the List Date.

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