Selling HUD Homes

HUD will pay up to 3% of the purchase price in closing costs that are considered to be reasonable and customary in the jurisdiction where the property is located. Closing costs should be entered on Line 5 of the Sales Contract. HUD will pay the lesser of the amount requested on either Line 5, or the actual closing costs. Any funds remaining after the allowable closing costs have been paid will not be credited to the buyer at closing. Review the Forfeiture and Extension Policy addendum to the sales contract package for the list of closing costs that will be paid by HUD. HUD also allows and will pay, up to 3% of the purchase price (or $1,250, whichever is greater) for the selling agent’s commission, which should be entered on Line 6a of the Sales Contract. Line 6b denotes the Local Listing Broker’s commission, which is 3% of the purchase price or $1,250, whichever is greater. 

Note that higher closing costs and commissions will reduce the net to HUD, and may affect the competitive bidding ratio. Only the selling agent may choose to reduce his/her commission; the LLB commission may not be reduced. HUD does not pay any closing costs or commissions on Good Neighbor Next Door (GNND) properties. Please note that even though GNND participants are required to utilize a real estate agent to submit their bids, HUD will not pay the selling agent commission; however, if FHA financing is used, the purchaser may add closing costs and commissions to their loan.

BLB Resources is a woman-owned small business, with its corporate office in Irvine, California. BLB Resources’ principals, Rod and Susie Gaston, each have over 28 years of successful HUD REO sales and marketing experience, with over 5,600 personal HUD Home sales, and have overseen more than 93,000 HUD Home listings and 10,000 Bank Owned listings. This depth of experience and knowledge enables us to better understand your HUD selling opportunities and challenges. We care about your success, appreciate your business, and strive to simplify the HUD Home buying process. HUD awarded BLB Resources three separate contracts to provide Asset Management (AM) services for HUD Homes throughout the country, in the following areas:

• Michigan
• Arizona, Nevada, and Idaho
• California, Oregon, Washington, Alaska, Hawaii, Guam, Northern Mariana Islands and American Samoa

Please also note that an active NAID is not required to show HUD homes, but is required to submit bids on HUD Homes.