Congratulations getting an accepted bid ! As the listing agent for this property, we are here to guide you through the closing process. Our goal is to make the process as smooth as possible, so we have provided some helpful reminders below.
The next step is to assemble a complete, correct contract package. Please click on the following links to download the Owner Occupant, Investor, or Good Neighbor Next Door (GNND) Sales Package from BLB Resources’ website.
These packages contain a handy checklist to help ensure your package is accurate. In addition, BLB Resources has created a step-by-step guide and sample packages to assist you in completing your package. These items are available under the “Instructions and Samples” section of BLB’s Washington Resources page.
Please note: HUD requires the broker whose NAID was used to bid, to sign the contract and addenda. If the broker is out of town or there is another circumstance that prevents the broker from signing, please include a case-specific authorization letter stating the situation and identifying who is authorized to sign that particular contract. It cannot be a blanket authorization letter.
Remember that there is no longer a HUD Designated Closing Agent in Washington; therefore the buyer(s) must select their own closing agent/escrow company on the Buyer Select Closing Agent Addendum.
Please deliver the Earnest Money Deposit (EMD) check to our office within 2 business days of bid acceptance (the specific date is in your bid acceptance email). The EMD check will be held by our office until the contract is ratified, and then we will forward it to the buyer’s selected escrow company. EMD checks must NOT be sent directly to the escrow company or to BLB Resources.
The EMD must be made payable to “buyer’s selected escrow company or buyer’s name” (for example, if John Doe is the buyer and he selected ABC Escrow, the check is made out to “ABC Escrow or John Doe”). It cannot be made out to HUD, just to the buyer, to “ABC Escrow and buyer’s name” or just to the closing agent. Incorrect checks prevent BLB Resources from ratifying the sales contract, and could result in cancellation of your contract.
HUD no longer provides a copy of the appraisal. For financed purchase, lenders determine if they must obtain an appraisal, including reviewing Mortgage Letter 2015-17. All appraisals obtained by the lender are at the purchaser’s expense, and the purchaser must pay in cash the difference between the bid amount and the appraised value or the maximum FHA insurable amount.
We recommend reviewing “Important Reminders about Bidding and Lending on HUD Homes”. Other BLB Resources documents available include: Selling Broker Handbook, Most Common Selling Agent Questions, and Most Common Sales Contract Package Errors. If you have any questions regarding any information you find in those documents, please contact our office.
BLB Resources must receive your completed contract package and COPY of the Earnest Money Deposit (EMD) within 2 business days of bid acceptance, at the following address:
BLB Resources, Inc.
16845 Von Karman Avenue, Suite 100
Irvine, CA 92606
When your contract has been ratified, you will periodically receive emails from BLB Resources that may include executed documents (e.g., contracts, change requests, extensions, etc.), closing updates, and other information. If any questions arise from any of these emails, please contact our office. A few reminders for the closing process:
The buyer is encouraged to have a professional home inspection performed with the utilities activated within 15 days AFTER the contract has been executed. All inspections, tests, and risk assessments are done at the buyer’s expense. Please note that the buyer must request permission to activate the utilities from the FSM assigned to the property, which may require a non-refundable deposit. The buyer is responsible for any damage that occurs as a result of utility activation and for rewinterizing the property, if necessary. Please note that the utility activation requests must be sent directly to the FSM, even though BLB Resources includes the utility activation form with the executed contract.
No repairs may be done to the property at any time prior to close of escrow. Properties are sold “as is” and if any repairs (including rekeying) are done before the close of escrow, it may result in cancellation of your contract.
Please note that the buyer and/or their inspectors, appraisers, or other contractors visiting the property must be always accompanied by you prior to close of escrow.
Time is of the essence as to closing. If the property will not close escrow within the allotted time period, please submit an extension request ASAP. All extension requests must be submitted with proof of payment even if the extension fee is going to be waived. The fee will be refunded to the buyer at closing if it is waived. There can be no exceptions to this rule (it is a HUD requirement). Please note that submission of an extension request does not guarantee it will be granted, even if prior extensions have been approved.
Please remember that the buyer is responsible for rekeying the property after close of escrow, which we strongly encourage for the buyer’s safety. We may provide initial access to the home after close of escrow, but may not give keys, copies of the keys, or key codes to you and/or the buyer at any time.