Broker Information

*Participating Brokers may receive a commission up to 5%. IF YOU ARE NOT REGISTERED OR DO NOT WISH TO BE, PLEASE CALL US AT 1-800-454-3422. Of course, we are always happy to help you register to sell HUD-owned properties should you elect to do so. Below are some quick facts taken from the Broker Handbook: “Guidance Manual for Brokers Selling HUD REO Properties”. You may read the handbook in its entirety at www.hudpemco.com.

For immediate assistance with your referral, you may contact our offices 24 hours a day, 7 days a week. Monday through Friday 8:30am to 5:00pm EST you may call us directly at 1-800-454-3422 or e-mail at llb@100percentflorida.com. Nights & weekends you may call 407-299-1641 or e-mail at rcs@100percentflorida.com.

NOTICE: For broker registration or renewal, allow at least 3 to 6 weeks for processing prior to showing HUD homes; allow 30 days for renewal. Please use the SAMS 1111 and SAMS 1111-A forms.

Closing Date Extension Policy:
Automatic cancellation will occur on the closing date that is written on the Sales Contract, unless an approved extension has been granted. The Marketing & Management Contractors will grant contract extensions on a case-by-case basis if the facts indicate that there is a necessary delay to settlement and closing. Requests must be made through HUD's closing agent and ALL extension fees must be paid at the time of the request. The HUD closing agent is responsible for submitting the requested extension request to the local NHMS office within three (3) business days prior to the closing date set on the Sales Contract.

Obtaining a PRE-QUALIFICATION Letter for the Purchaser:
Brokers are responsible to see that prospective buyers have been pre-qualified for a loan by a lender who has issued a letter on the lender’s letterhead to the purchaser. Letters from mortgage brokers who do not actually lend funds are not acceptable. The pre-qualification letter must be included in the Contract Package, or your bid may be cancelled and the back-up bidder’s Contract Package accepted. For purposes of this program, “pre-qualification” means a loan application has been made, and a preliminary loan commitment has been obtained from a recognized mortgage lender who states that a preliminary Credit Report has been performed, reviewed, and approved. Furthermore, the letter must state that on the basis of this review, the mortgage financing for a specified dollar amount sufficient to purchase the property should be available to this Purchaser. Letters must be current, that is, dated and signed within 60 days or less prior to the bid date.

DEADLINE to DELIVER DOCUMENTS:
When your bid is acknowledged, there is a 48-hour deadline to submit the complete and correct Sales Contract package to the Marketing & Management Contractor office for your state. The package must include the required addenda, attachments, a copy of earnest money check, a copy of a prequalification letter and/or evidence of cash must be delivered to the appropriate Marketing & Management Contractor office NO LATER than 48 hours after the winning bidder is notified. Be sure to use a delivery service that provides you with a tracking receipt for your files.

Pre-Qualification Letter from a Mortgage Lender:
”Pre-qualification” occurs when the Buyer makes a loan application and a preliminary loan commitment has been obtained from a mortgage lender. The letter is printed on the lender’s letterhead and states that a Credit Report has been performed and reviewed. On the basis of this review, the lender states that mortgage financing for a dollar amount that is equal to or more than the amount necessary for the Buyer to purchase the property should be available at the time of settlement and closing. The letter should be dated no earlier than 30 days before the Sales Contract is signed.