I get panic calls from agents often after they receive the morning email from BLB Resources, a HUD Asset Management Company, telling them that their client’s bid was accepted. But really the next part of this process is the easiest, as long as you’ve prepared the list of all of the documents needed to be signed and submitted, within the 48 hr. deadline to the asset management company for HUD. There are approximately 13 documents (depending upon the buyers financing) that must accompany the contract when submitted and they are:
- Owner occupant disclosure
- Home inspection disclosure
- Mold and radon gas disclosure
- C.A.R. Agency disclosure
- Prequalification or verification of funds if purchasing with cash
- The contract addendum disclosure
- Forfeiture and extension policy
- Lead based paint disclosure if the property is older than 1978
- Home inspection suggestion
- Carbon monoxide detector addendum
- Request for pest inspection if buyer is using FHA financing
- Appraisal request form if buyer is using FHA financing
- Earnest money deposit
BLB Resources’ bid acceptance email is quite thorough in explaining what documents are needed, and when, so just make sure that your broker, if you’re not the broker, and client are in town when the bid is due for acceptance, otherwise you may have a problem as the documents must be originals, “wet” signatures, not copies. That’s why it’s best if you can have most, if not all, of the documents signed prior to the bid acceptance, and that can be done by going to BLB Resources as they have the forms mentioned above on their website at www.blbresources.com, under the link “Forms”.
It’s important to get all the signed forms ready for mailing the day the acceptance email comes in, because unless you live near the asset management company, it will take a FedEx overnight delivery to get to them in on-time, which means you really only have 24 hrs. to get all documents together, and a check for the earnest money deposit, signed before heading out to mail them.
The HUD website at www.HUDHomestore.com and BLB Resources has a plethora of helpful information, as well as, a local listing broker, so don’t panic, just give one of us a call, we’re here to help.