3b. Listing brokers and buyer agents
3c. Different buyer agency relationships
3d. How to find a quality agent
Read the full Chapter Three in one page
Before looking the HUD home buying process, it is important to understand the role of real estate agents in the process. Buyers must understand that they cannot submit bids on HUD homes on their own. A real estate agent that is registered with HUD and with a HUD NAID (name and address identifier) may place a bid on one of these properties. Although some brokers and real estate agents believe they can sell HUD homes, simply because these homes appear on local MLS (multiple listing services), this is not the case.
A registration package must be submitted by them to HUD if they are to be eligible to sell these properties and the registration must be updated on an annual basis. You can find local brokers and agents that are qualified to sell HUD homes right here on the members' area of RealtyStore.com.
The Job of Local Listing Brokers
In areas where HUD homes are located, Local Listing Brokers are hired to offer full listing services on local HUD owned properties. Several responsibilities are given to these Local Listing Brokers. First, their job is to make sure that HUD government foreclosures are listed on the MLS. These agents also ensure that routine reports and inspections are prepared. It is their job to ensure the property is prepared for showings and to provide keys or other devices for home entry to selling brokers in the area.
Local Listing Brokers also have the responsibility of holding open houses and of offering information resources and customer resources on listings they oversee. They work to offer the HUD properties wide exposure on the market as well. In some cases, certain states allow brokers to work as dual agents, which means that Local Listing Brokers in these areas can work with buyers as well.