The South NJ RE Info Blog

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View more HUD Owned homes on the market at NJ HUD Sales.

I just got off the phone with a customer with whom I was discussing their real estate goals.  During our conversation I brought up the fact that HUD owned homes can be very good bargains.  At this point they told me that a friend of theirs told them that they should contact the HUD Listing Agent if they were interested in purchasing a HUD owned home.  I asked the customer if their friend told them the reason that they should contact the HUD Listing Agent.  They told me that they didn't, that they were just told by their friend to contact the HUD Listing Agent. I then asked them if they knew what a HUD Listing Agent was.  They said that they believed that they were real estate agents were had some special knowledge or training to deal with HUD homes in representing HUD and marketing their homes.

Very tactfully I told them that they were wrong.  That HUD Listing Agents were nothing more then data entry clerks.  They have no special knowledge or training to do what they do. 

And what is it that a HUD Listing Agent does? 

All they do is input the property in the local Multiple Listing Service (MLS).  That's all they do.  They just enter the very basic information about the property.  They are given standard verbiage to put into the public remarks that everyone views.  The HUD Listing Agent does not even represent HUD.  But then who does?  A company called National Home Management Solutions (NHMS) has been contracted by HUD to market the homes they own and to represent HUD in those sales.  If any real estate agent gives you the impression that somehow they are closer to HUD, they are misleading you. 

• Stating that they are a listing agent denotes that all purchase offers must come through them (because they represent the seller, in this case HUD, which they are not).  I deal directly with NHMS. 
• Stating that they are a listing agent denotes that they have some exclusive marketing rights; they do not.  Anyone can market a HUD owned home and any company that has been approved by HUD can take prospective buyers through the property.  I do not have to call the listing agent to make an appointment.  All we have to do is agree to a time when you can view the property. 
• Stating that they are a listing agent denotes that they were instrumental in establishing the market price that the property will sell for.  Again, misleading.  The HUD Listing Agent just inputs into the MLS the price that NHMS tells them to.  The HUD Listing Agent has never had to compete with other agents in presenting their listing package because NHMS just send them the basic information and instructs them to input it into the MLS at a certain price.  When the market price is reduced, NHMS will notify the HUD Listing Agent to input the reduction.  NHMS has their own process, algorithms, and timetables for price reductions.  The HUD Listing Agent has nothing to say about it.

 NHMS is the official and only representative for HUD and they have contracted one broker (in this case the "HUD Listing Broker", or better known as the LLB, to enter the property into the MLS and maintain the correct status).  That's it.  If they mislead you in this, imagine what else they may mislead you about.  Buying a HUD owned home if different then purchasing a home from a private owner.  Touting yourself as the HUD Listing Agent does not automatically make you the expert.  All they are doing is trying to sell you the property.  I, however, take pride in my business and take great care not to mislead people in order to make a buck off of them.  As The HUD Expert I make sure that the HUD owned home is a good fit for you and meets your real estate goals.

I know the market intimately well.  I deal with market prices on a daily basis.  I do market evaluations daily so I know what the market is doing and where it is heading.  I also know the HUD purchase process  and the pitfalls associated with them.  I work with you throughout the process and when I put your offer to NHMS and they accept it, I can assure you that they will be ready to close in 45 days.  As The HUD Expert I make sure that you offer/transaction goes through with no errors that can cause the property to get put back on the market, where you could possibly end up losing it the second time around. 

So, what is a HUD Listing Agent?  Just an ordinary data entry clerk. 

If you are serious about finding a great bargain, check out the current inventory of HUD owned homes from The HUD Expert.

 

 

HUD has updated their list of homes available to purchase. You can view the current inventory of available HUD homes in the Southern NJ counties of Camden, Atlantic, Burlington, Gloucester, and Cumberland**. These properties are bank/lender foreclosures that HUD has acquired; HUD does NOT foreclose on properties. Please note that the priority of Owner Occupant means that the properties are not yet available to investors but are only available to purchasers planning on occupying the property (signed affidavit will be required). When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.

All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Call me if you need a referral to a mortgage lender.

ATTENTION: Home Buyers as is outlined in the policy for forfeiture of earnest money deposit, please be aware that contract cancellations as a result of loan denial due to "property condition" will result in the forfeiture of the earnest money deposit. THIS POLICY IS STRICTLY ENFORCED.

Confirm with your mortgage lender that the approved financing program can be used on an AS-IS sale prior to submitting your bid!

I represent home buyers and home sellers as their exclusive REALTOR in the Southern NJ counties of Camden, Gloucester, Atlantic, Cumberland, Salem, & Burlington. Full REO service for asset managers.

Sign up to receive free notifications into your e-mail of new and updated HUD owned homes that come onto the market. Don't accept second-best in your HUD purchase transactions, call The HUD Expert.

** The list of HUD owned homes are not able to be posted here because ActiveRain imposes a size limitation on posts on their sites; I have posted the list on my own blog site as of 03/26/2010.

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Get your own listing of HUD Owned homes directly into your e-mail in box by clicking here.

HUD has updated their list of homes available to purchase. You can view the current inventory of available HUD homes in the Southern NJ counties of Camden, Atlantic, Burlington, Gloucester, and Cumberland**. These properties are bank/lender foreclosures that HUD has acquired; HUD does NOT foreclose on properties. Please note that the priority of Owner Occupant means that the properties are not yet available to investors but are only available to purchasers planning on occupying the property (signed affidavit will be required). When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.

All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Call me if you need a referral to a mortgage lender.

ATTENTION: Home Buyers as is outlined in the policy for forfeiture of earnest money deposit, please be aware that contract cancellations as a result of loan denial due to "property condition" will result in the forfeiture of the earnest money deposit. THIS POLICY IS STRICTLY ENFORCED.

Confirm with your mortgage lender that the approved financing program can be used on an AS-IS sale prior to submitting your bid!

I represent home buyers and home sellers as their exclusive REALTOR in the Southern NJ counties of Camden, Gloucester, Atlantic, Cumberland, Salem, & Burlington. Full REO service for asset managers.

Sign up to receive free notifications into your e-mail of new and updated HUD owned homes that come onto the market. Don't accept second-best in your HUD purchase transactions, call The HUD Expert.

** The list of HUD owned homes are not able to be posted here because ActiveRain imposes a size limitation on posts on their sites; I have posted the list on my own blog site.

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