Great news! In order to “jump start” the spring selling season, HUD has approved bonuses for selling agents in Indiana and Illinois. This new incentive program is designed to encourage HUD-registered real estate professionals to sell HUD homes quickly.
Forecasters predict a rise slight rise in home prices in Indiana, with Illinois home prices decreasing at about the same as the rest of the nation. The fact that prices are lower at the present time makes this incentive from HUD even more attractive. With affordability at an all-time high, now is a great time to urge buyers to spring into action.
Agents are eligible for the bonuses on properties that close within 40 calendar days of contract execution. The properties must be located in Illinois or Indiana. In addition, the preliminary bid must be submitted on or after April 1, 2011 and a loan commitment letter from a lending institution must be received with the contract if the purchase is to be mortgaged. If the buyer is paying cash, a certification letter stating sufficient funds are available must be received with the contract. At the top of the signed sales contract, the words “Broker Bonus” must be written or typed and the selling broker must complete and sign the HUD Notification regarding the broker bonus sales initiative.
Selling agents in Illinois and Indiana are eligible for a $500 bonus if the sales price of the property is between $25,000 and $75,000. For properties with values between $75,001 and $150,000, brokers will receive a $750 bonus. A bonus of $1,000 will be awarded to agents who sell HUD properties valued at $150,001 and above.
Visit our website to learn more about buying and selling HUD homes.