HUD Sales Incentives are Making a COMEBACK!

By
Services for Real Estate Pros with PEMCO Ltd.

Whether you are a selling agent or a Local Listing Broker, your wallet will like the return of the HUD Sales Incentives that took affect April 1st. The new three tiered structure is sales price based, giving you the opportunity to make anywhere between $500 to $1,000 in addition to the standard commission you receive as a selling agent! 

**Helpful Tips**

- You must complete the Broker Incentive Notification found on PEMCO's website

- The preliminary bid must be submitted on or after April 1, 2011

- A loan commitment letter from a lending institution must be received with the signed Sales Contract if the purchase is to be mortgaged. If paying cash, a certification letter must be received from a financial institution stating sufficient funds are available to complete the purchase.

- The words "Broker Bonus" must be written or typed at the top of the signed Sales Contract

- This is only effective in Georgia, Florida, Illinois and Indiana

- For GA and FL properties, the purchase must close the sale within 30 calendar days of contract acceptance

- For Illinois and Indiana properties, the purchaser must close the sale within 40 calendar days of contract execution

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Theresa Berenger 05/25/2012 01:20 PM
Topic:
ActiveRain Community
Tags:
mm iii
commission
hud sales contract
sales contract
pemco
money
bonus
selling agents
hud home store
hud homes
hud contract

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Rainmaker
238,973
Susan Jackson
America's Network Realty Group, Inc - Sandy Springs, GA

Glad to hear it.  The last training session I went to with Pemco, they told us the incentives were gone.

Apr 05, 2011 03:27 PM #1
Rainer
14,646
Kristin Nakama
PEMCO Ltd. - Atlanta, GA

This is new effective April 1st!

Apr 05, 2011 03:28 PM #2
Rainmaker
96,476
Debbie Baldes
Executive Properties - Citrus Heights, CA
ABR, SFR, CDPE, e-PRO, CHS

AH man.....where are the CA incentives???

Apr 12, 2011 01:52 AM #3
Anonymous
Trudie

This is great!! But what sales under $25,000?

Apr 14, 2011 11:47 AM #4
Anonymous
Glenn McKinley

All incentives are tied to getting deal closed within a certain time period.  According to what I've read, the deal must be closed within 30 days for Florida and Georgia and 40 days for Indiana and Illinois.

So the pressure will be on the lender.  Anyone here ever been able to close an FHA loan within 30 days. I know I haven't and rarely under 45 days.  Are Indiana lenders just slow or does anyone else have this problem.

 

 

Apr 19, 2011 04:03 PM #5
Rainmaker
218,137
Erin Newington
(916) 548-9198 Real Estate Masters - Elk Grove, CA
Elk Grove Realtor

Great info Kristin! I am in California... I will wait for it to come to my area!

Apr 27, 2011 09:04 PM #6
Rainer
14,646
Kristin Nakama
PEMCO Ltd. - Atlanta, GA

Thanks for the response everyone! CA hasn't been approved for any incentives as of yet. Sales under $25,000 will not receive a bonus, but they will receive the traditional commission paid by HUD.

May 05, 2011 06:06 PM #7
Anonymous
Leeza Morris

what about TX?

May 24, 2011 07:50 AM #8
Rainer
14,646
Kristin Nakama
PEMCO Ltd. - Atlanta, GA

Texas has not been awarded any incentives. These are specific to Florida, Georgia, Illinois, and Indiana. 

May 24, 2011 01:02 PM #9
Rainer
11,383
Mitze McCurry
Real Estate Resource Services, Inc. - Corona, CA
Real Estate Resource Svcs 800/274-2129

Any update on possible sales incentives for Califorina?

Sep 21, 2011 08:06 PM #10
Rainer
244,888
Donald Reich
Prudential Centennial - New Rochelle, NY

This sounds AWESOME! When will we have these incentices here in New York? It would definitely help.

May 25, 2012 01:34 PM #11
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Rainer
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Kristin Nakama

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