HUD Frequently Asked Questions
Q. Where can I find more information on HUD-owned homes
in my area?
A. A listing of properties and real estate agents who
specialize in the sale of this type of real estate can be found at www.hooksvanholm.com.
Q. Once I bid on a property, how do I know that I was
awarded the bid?
A. All bids are to be submitted electronically by a HUD
certified selling broker. Winning bids are posted daily on the Internet at www.hooksvanholm.com.
This is the only notification of bid results; no letter or fax will be sent to the
Realtor ®.
Q. What role does United One Resources have in transactions
involving HUD-owned homes?
A. United One Resources' involvement is two-fold. In every
transaction, United One Resources acts as the closing agent on behalf of the United
States Department of Housing and Urban Development as they sell their foreclosed real
estate. As part of our contract, we perform tasks such as a limited title search and
deed preparation, as well as attending settlement. At the discretion of the buyer,
United One Resources can also provide title insurance on any transaction involving
a HUD-owned property. United One Resources' role varies, depending on whether or not
a third-party title company is involved in the transaction.
Q. What title insurance company can I use during the
transaction?
A. The buyer of the property has the legal right to choose
their own title insurance company. In an effort to close quickly, many Realtors® and
consumers find it easier to use United One Resources for their title insurance needs
on transactions involving HUD-owned homes.
Q. What are the roles and responsibilities of a third-party
title insurance company in these transactions?
A. A third-party title insurance company has very specific
responsibilities that must be followed to ensure the closing goes smoothly. This includes,
among other things, providing a final settlement statement to United One Resources
for approval at least 24 hours in advance of closing and ensuring United One Resources
is provided with certified funds at closing.
Q. How do I schedule a closing?
A. All scheduling is coordinated through our HUD Servicing
Team by calling (570) 270-0366 or 1-800-WE-CLOSE, ext. 2710. The Realtor® involved
in the transaction should contact our office to request settlement, and should also
coordinate with the third-party title company, if applicable.
Q. Where can I close my transaction?
A. United One Resources prefers to close all transactions
in one of our convenient settlement offices. We can also close transactions in the
office of a third-party title insurance company, depending upon scheduling circumstances.
Q. How far in advance of contract expiration can I schedule
a closing?
A. United One Resources requires a ten-day notice to close
transactions involving HUD transactions. To ensure the transaction proceeds smoothly,
please contact our office as soon as possible to schedule a closing. If a title issue
exists with a particular property, scheduling of settlement may be delayed.
Q. What is a Use and Occupancy Permit and who will order
it on a HUD transaction?
A. Certain municipalities require a Use and Occupancy
(U & O) Certificate on properties when they are sold. It is the responsibility
for the real estate agent and purchaser to coordinate obtaining this certificate. It
is imperative for a Use and Occupancy Certificate (when required by local ordinance)
to be obtained prior to settlement to ensure compliance with local ordinances and
to facilitate prompt settlement.
Q. Who is responsible for obtaining the utility meter
reading prior to closing?
A. The Realtor® obtains the meter reading.
Q. Where do I send the completed Utility Activation
Form?
A. This form and the activation process must be coordinated
with Hooks Van Holm, Inc.
Q. How do I file an extension?
A. An extension request must be completed by the Realtor ® and
faxed to United One Resources’ HUD Servicing Team at 800-982-8010 prior to the expiration
date listed on the executed sales contract. For more information on requesting an
extension, or to download an Extension Request form, please
click here 
.
Q. How do I make changes to the contract?
A. The Realtor® must submit a revised contract
to Hooks Van Holm, Inc. United One Resources is unable to alter the sales contract.
Please note the title to the property must be the same as stated on the sales contract.
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