| Earnest Money - Less than $50K property requires $500 earnest money; more than $50K property requires $1,000 earnest money in the form of a cashiers check or money order -- made payable to: "U.S. Dept. of HUD" at the time of placing the electronic bid.
Proof of Funds - Bank statement or pre-qualification letter. Must contain the buyer's name, purchase property address, "credit has been approved" and signature of the lender.
Electronic Bid - to place an electronic bid online, go to www.pyramidrealestate.com -- HUD PROPERTIES FOR SALE (scroll to the bottom of the main page of BID Select) -- under "My Buyer Center" click on "Join Now" to create a log in or log in with your BUYER CENTER ID and PASSWORD. You will need your license #, NAID # and FID # to create your account -- see your Broker for details. You must be registered to place an electronic bid on HUD acquired property.
Repair Escrow - Only applies to the FHA (203B) buyer. These funds are added to the loan amount -- not the offer amount. This money will be held in escrow in order for the buyer to make the outlined repairs with a 10% cushion added in case the repair cost is a little higher. (Conventional or cash buyers do not use these funds.) If you have any questions, pleae ask your lender for further clarification or reference the HUD GUIDE.
Acknowledged Bid - If your offer has been "Acknowledged" you will receive an email notification per your Buyers Center Account contact information. You can check "search offer results" as well. You will have 48 hours from the acknowledged bid hour for your package to be received by Pyramid. Please mail in your complete contract package, including the Lead Based Paint Addendum, to:
Pyramid Marketing Division
Attn: Contract Review
4500 S. Garnett Road, Ste. 250
Tulsa, OK 74146
DON'T FORGET TO SIGN ALL DOCUMENTS IN BLUE INK!
HUD Guide Book
www.pyramidrealestate.com/docs/pyramid_guidebook_10-24-06_english.pdf |