US Department of Housing & Urban Development (HUD) Launches Major Changes in the Sale of HUD Owned

Sept. 26, 2010 - PRLog -- BALTIMORE, Maryland, Sept 24, 2010 --- The United States Department of Housing and Urban Development is launching major changes in the way the properties it has acquired are sold.  The new system is intended to create an open marketplace for consumers to buy homes owned by HUD.  Marketing and Management (M&M) contractors formerly performed property management and sales duties until July 31, 2010.  Now those responsibilities are shared by four different vendors.  This new system now includes Field Service Managers who inspect, maintain and in some instances repair properties owned by HUD.  Asset Managers handle the marketing and sale of the properties while Mortgagee Compliance Managers oversee pre and post property conveyance activities. The fourth vendor is an Oversight Manager who audits the entire disposition process.
“We are excited to see changes that positively affect consumers interested in purchasing HUD homes,” stated Nishika Jones, Registered HUD Selling Broker and owner of Urban Living Realty.  “In harsh economic times, any processes that create a more fair and open marketplace for a home buyer is welcomed.  It takes a well-managed system to handle the sales of tens of thousands of homes each year.”
HUD has also made the following changes:
--Properties will be listed Daily instead of Weekly
--Earnest Money Deposits are made payable to HUD
--Listing Broker Commissions are now split equally with Selling Brokers
--Maximum Selling Broker Commission is 3% reduced from 5%
--HUD will use electronic lockboxes to monitor unauthorized entry
--Owner Occupant priority bidding extended to 30 days on FHA insured properties

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About Urban Living Realty
Founded in 2003, Urban Living Realty (http://www.urbanlivingrealty.com) offers owner occupant and real estate investors specialized services in the purchase of Real Estate Owned (REO) properties. Services include consultation, showing, negotiations and contract information as a HUD registered selling brokerage.