Choosing whether or not you wish to work with a real estate agent when buying a home is an optional choice with most forms of real estate. HUD homes on the other hand, require a realtor to assist you throughout the process. In addition to this requirement, the realtor must be HUD-approved. Buyers of HUD homes can begin the process themselves, and even view HUD homes they find on their own. However, the HUD-approved real estate agent is the only one who can place a bid on a HUD Home.
When choosing a real estate agent, you will need to ensure they are registered with what’s known as a HUD NAID. NAID stands for “Name and Address Identifier” and helps HUD recognize agents. Agents must resubmit their information packets annually and pay regular fees in order to maintain their status as HUD-approved realtors. (more…)