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US Department of Housing & Urban Development (HUD) Launches Major Changes in the Sale of HUD Owned
The United States Department of Housing and Urban Development is implementing major change to create a more open and fair environment for owner occupants and investors to purchase HUD owned properties.
By: Nishika Jones
“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.