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HUD BROKER BONUS…NO MORE!

Discontinuation of the REO Sales Initiative FY 2015: 09/10/14
Effective October 1, 2014, the Atlanta Homeownership (HOC) will be discontinuing the use of the Broker Bonus Initiative in the following markets: Alabama, Florida, Georgia, Mississippi, Illinois, Indiana, Tennessee, and Kentucky.

HUD’s Asset Managers will continue to review those preliminary bids that are submitted through September 30, 2014, for the three-tier broker bonus that is currently being offered in the above referenced markets. However, all preliminary bids submitted to HUD on or after October 1, 2014, will not be eligible for a broker bonus. HUD will not entertain any exceptions to this change.

**NEW HUD GUIDELINES** No More Issued Appraisals **READ NOW!**

Did you know that HUD will no longer issue the appraisal if you are the winning bidder for one of their properties?  For those of you who have never purchased a HUD Foreclosure, you are probably saying, “I didn’t know they gave you a copy of the appraisal anyway.”  Well, they did in times past.  However, effective June 2014, Buyers will no longer receive a copy of the appraisal for the HUD property for which they are the winning bidder.  In turn, it will be at the buyer(s)’ sole expense to pay for an appraisal if their lender requires one based on the loan type they are using.  NOTE:  If you are using an FHA loan, please be sure the appraisal is completed during the time period that the utilities are on for the home inspection.  This will save you time, money and a headache.  A great lender & real estate professional will ensure that you are saving money and performing in accordance with HUD Guidelines.  For more information, feel free to contact us for more details!  Our best contact number is 678-892-6969.