April 20, 2017
When you submit a bid on a HUD property and are completing the sales contract, you will have to tell Sage Acquisitions, HUD’s Asset Management Company, who your Buyer Select Closing Agent will be. This agent is in addition to your Realtor® and must be an attorney, Title Company or escrow company and follow applicable federal, state and local laws for your state. Buyer Select Closing Agents must be registered with Sage Acquisitions and complete the necessary training provided in order to receive access to the system’s portal.
The Buyer Select Closing Agent will support you through the closing process, explain the scheduling, document preparation and get your new deed for the property.
Once your bid is accepted by HUD your Buyer Select Closing Agent will receive a complete contract package that includes a signed sales contract with any addendums and amendments and information regarding the earnest money. The closing agent will request all HOA fees, taxes, utilities and any other demands, which are forwarded to Sage with supporting documentation no later than 10 days prior to closing.
Buyer Select Closing Agents process and handle any and all loan documents the lender requires for a closing. Closings are to be scheduled 5 business days prior to the requested closing date.
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