What is the correct way to list and search for HUD-owned properties?
With the influx of foreclosed properties and more and more HUD-owned properties being listed, MFR thought it would be prudent to share with you the proper way to enter your HUD-owned listings in MLXchange.
When entering HUD-owned properties, please choose “Bank Owned/REO” in the “Special Sale Provision.” MFR has taken the position that when HUD becomes a receiver for the property after the foreclosure action is completed, and the property is conveyed to HUD in exchange for the payment of the claim, this constitutes an REO (Real Estate Owned). This is the most accurate way to describe the property so that cooperating agents and the general buying public are aware. You may also choose to enter into the public remarks that the property is a HUD-owned listing.
Remember, if you are a buyer’s agent and are looking for these types of listings, please use the “Special Sale Provision” field, and then choose “Bank Owned/REO.”
Please feel free to contact one of our Compliance Specialists in MFR’s Administration Department at 1-800-686-7451, Option #3, should you have any questions about how to enter your HUD listings in MLXchange.