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The Steps Between Bid Award and Ratified Contract

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Bid Award Email from HUD - the selling agent will receive an email from HUD letting them know the buyer’s bid has been awarded w/ instructions of what to do next. Follow the instructions to the T!

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Verification Required 

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• The selling agent will also get a verification email from HUD with instructions on how to review/verify the information they have submitted & to upload any document being requested at hudhomestore.com (EMD copy, Buyer's preapproval, proof of funds, any other docs). If anything is incorrect, especially email addresses, this WILL cause delays!!​​

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• To Verify Information (as stated in the Bid Award Acceptance Email): Go to HUDHomestore.com -->Login to your account --> click the Accepted Bids item on the menu bar -->then click the Checklist link under the Verify Bid label for the bid you need to verify.  The selling agent will also have to upload the documents HUD is requesting, i.e. preapproval letter, copy of the earnest money deposit.  

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• The selling agent must complete verification w/in 2 business days of bid acceptance. 

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Earnest Money Deposit - The selling agent must deliver the EMD in certified funds or cashier’s check & a copy of the preapproval letter/POF to the listing broker’s office w/in 2 business days of bid acceptance.

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Contract Signing

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• Once the selling agent has verified all info, HUD will prepare the contract for signatures for DocuSign.  It isn’t created instantaneously b/c HUD needs to review. The selling agent needs to tell the buyer, the broker authorized to sign for HUD, and the buyer’s selected settlement company to expect an email from DocuSign to sign the contract. 

 

• Signing Order:

 

1. Selling agent to review only; if no changes are needed, select finish

2. Selling agent’s broker authorized to sign for HUD

3. Buyer(s- simultaneously) 

4. BSCA  

5. HUD

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• If the selling agent doesn't receive this w/in 48 hours, go back to check your spam folder and check the information that was verified to make sure it is all correct… especially the email addresses. Each signer will receive the contract to be signed consecutively (one after another).

 

• All signatures must be obtained within 1 business day of the DocuSign start date.

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• Click here to see a quick reference document from HUD on the E-signature process.

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Ratified Contract

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• After everyone signs off, HUD will email all parties a link to the ratified contract. This could take about 48 hours to receive.

 

•  Listing Broker delivers EMD to BSCA.

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Time Sensitive Dates

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• Verification of information w/ uploading documentation - 2 business days of bid acceptance

• Delivery of EMD to listing firm - 2 business days of bid acceptance

• All parties to DocuSign contract - 1 business day from DocuSign Start Date

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