Investing In Real State – Gary Eldred

In the event such practices are discovered, they will be referred to the Office of Inspector General for investigation. An example of such practice is the submission by one person of several offers under different names (usually names of other family members) to purchase the same property at different bid amounts. Broker’s Role It is the broker’s role throughout the preclosing process to assist in overcoming difficulties encountered between HUD and the buyer, with the intention of expediting the sale by date of closing.

Submis- sion of information from the buyer should be prompt so as to avoid unnecessary delays. Contact with the HUD sales staff to resolve any problems should be made by the broker, not the buyer. All telephone calls to HUD from the buyer will be referred to the broker. Buyer Other than the down payment, the buyer is required to pay at closing: prorated taxes, mortgage insurance premium, prepaid interest, home- owner fees, and any other costs above those which HUD has agreed to pay.

It is imperative that the broker fully apprise the buyer of all financial requirements regarding home ownership at the time of ini- tial application. Earnest Money Deposit Forfeiture On properties eligible for insured mortgage financing, deposit forfei- ture will not occur when either HUD or the lender fails to approve the buyer’s credit. After credit has been approved on these properties, forfeiture will occur if the sale is not closed within 45 days.

On properties sold as-is, all cash transaction, deposit forfeiture will occur if closing does not take place within 30 days from HUD accep- tance of the buyer’s executed sales contract. Requests for refund of the earnest money deposit must be transmitted by the buyer through the broker who originally submitted the offer. All earnest money deposits are applied to the purchase price at closing.

Extensions HUD will consider a request for extension of closing date which does not exceed 15 days. An extension fee of $13.50 per day is charged and payable at time of request. This amount is made payable to the respec- tive title company and must be certified funds. Obtaining Financing It is solely the buyer’s responsibility to obtain financing for all sales.

Time to Close Sales closing of an as-is, all cash transaction, must be accomplished within 30 calendar days of HUD’s acceptance of the sales contract. Sales closing of an as-is, with insured financing transaction, must be accomplished within 45 days of HUD’s acceptance of the sales contract. Closing Agent HUD will assign a closing agent to conduct each sale. The assigned closing agent will notify the broker and inform him of the location, date, and time of closing.

The FHA has several programs available to finance property listed under the Insured Sale Program. A buyer can obtain an FHA loan from an institutional lender and use the loan proceeds to buy property from HUD.

Copyright © 1988 by John Wiley & Sons, Inc. All rights reserved. Published simultaneously in Canada. Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without the permission of the copyright owner is unlawful. Requests for permission or further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service.

If legal advice or other expert assistance is required, the services of a competent professional person should be sought. From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers. Library of Congress Cataloging in Publication Date: McLean, Andrew James. Investing in real estate / Andrew McLean, p. cm.

Bibliography: p. Includes index. 1. Real estate investment—United States. I. Title. HD1382.5.M318 1988 332.63’24—dc 19 ISBN 0-471-60921-8 (cloth) ISBN 0-471-60115-2 (pbk) Printed in the United States of America 10 9876543 My thanks to Steve Trebbin and Vivian and Paul Schneider. A special thanks to Mike Hamilton whose idea gave this work inspiration. PREFACE Unlike other books on real estate, this text provides you with a broad, yet complete, topical guide to investing in real estate.

It is concise, yet thorough, spanning a wide range of topics. I hope the reader will find it informative and interesting. Everything from what to look for, how to buy it, what to do with it once you’ve got it, and how to sell it are included. Along the way you will be directed to specific techniques and meth- ods, such as how to buy foreclosures and HUD property and the interesting, and best of all concepts, of lease option. This text is unique because it features a simple and complete look at the latest changes in tax laws regarding real estate.

It will teach you to be tax wise and dollar smart.

This is a short excerpt from the opening of “” by Unknown, quoted for review and introduction purposes. All rights belong to the copyright holders.

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