As we announced in August, Wilmoth Group was named a Local Listing Broker for HUD homes in areas that include Central and North Central Indiana, and Central, South Central, and South West Florida. In all of these areas we have existing offices but the expected increase in properties we will be valuing and marketing from each office is requiring more salespeople and staffing. We have been eagerly working to satisfy all the requirements of these contracts in order to start placing these homes on the market. That time is now.
First, just to answer the question of the day, HUD homes are not involved in the foreclosure issues currently in the news. It is a complicated discussion but the easiest explanation is that unlike the GSE sellers of foreclosed properties, HUD has actually purchased and owns the properties we are selling. The deed transfer to HUD is done outside of the process that today is under so much scrutiny. From HUD.gov:
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
So, HUD homes continue to be a part of our inventory for sale.
Our first HUD homes are now being listed and they can be found in two places. Our site WilmothGroup.com is adding HUD related content and easy to search tools for locating HUD properties we are offering for sale. Also, HUD has launched a new site for all HUD homes at HUDHomeStore.com. WilmothGroup.com will actually have more pictures available for a home, but the HUDHomeStore site will offer much more than in the past.
One of the important differences about making offers on HUD homes is that your offer must be submitted by a registered real estate broker or one of their agents. All Wilmoth Group agents are registered and have been trained in the process of working with HUD when making an offer. This is a good reason to consider allowing us to help you with your HUD purchase. If you are an agent with another company, make sure your Broker is registered with HUD and get registered yourself at HUDHomeStore.com. Wilmoth Group is about to start a regular series of trainings for agents to learn how to negotiate the HUD sales landscape. More will be announced at our website.
HUD prefers to sell these homes to people who will live in the home. There are preference periods for offers and information regarding repairs that could be completed to bring a home to FHA standards. If you are considering purchasing a foreclosure for your home, you need a knowledgeable agent and loan officer on your team. We can help you with both.
In the next few weeks I will be adding more posts on everything HUD. Today we are excited and proud to have this opportunity to provide a service that will help so many potential homeowners and repair so many communities.