Completing a Form HUD9548 (HUD Contract)

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SALES CONTRACT INFORMATION

LINE 1: Print purchaser’s full, legal name and property address (address found on HUDHOMESTORE.COM)

Line 2: Print buyer’s full, legal name along with vesting.

Line 3: Offered Sales price of property (1st line) and earnest money amount (2nd line) to be held by Designated Closing Agent/PEMCO (3rd line)

Earnest Money Deposit: Price under $50,000 =$500; Property Price $50,001 & up = $1,000. Certified funds (cashier’s check or Postal Money Order ONLY) to be made payable to HUD or Buyer (both names on check). If more than one buyer is listed on check, all full names must be separated by the word "OR".

Line 4: Check financing type. If FHA, be sure to check FHA Box plus the FHA type box ( i.e. 203B, 203B repair escrow). If using FHA 203B repair escrow, list repair escrow amount on line (repair escrow info found on HUDHOMESTORE.COM)

If cash or conventional, check appropriate box. Repair escrow does NOT apply!

Line 5: Closing Costs: HUD will pay up to 3% towards closing costs except Lottery & GNND programs

Line 6a: Commission: HUD will pay Selling Agent commission up to 3% of bid price

Line 6b: HUD will pay broad local listing agent 3% of bid price.

Line 7: NET to HUD (offered sales price minus closing costs & commissions). Winning bid is always determined by NET to HUD.

Line 8: Purchasing Type: Select appropriate type of purchaser (i.e. owner occupant, investor)

Line 9: 45 days in escrow EXCEPT if using 203K financing, then it will be 60 days

Line 10: Choose "may" so that buyer may be a possible back up bidder if award was not made to him/her.

Line 11: LBP: If property was built prior to 1978, LBP addendum must be attached to contract. If buyer uses FHA financing, HUD will pay up to $4,000 to stabilize LBP issues.

Line 12: Purchaser MUST initial on the line provided for purchaser. Both initials on the same line or above line if more than one buyer. DO NOT initial on the line provided for seller (this is for HUD).

Line 13: Purchaser must print full, legal name and sign full, legal name and include complete address of existing residence and phone number (not property to be purchased). Use BLUE ink! Be sure name(s) on lines 1, 2, &13 all match! Same legal name(s), same spelling, same individual(s).

 

Line 13 (cont): Purchaser’s social security number needs to be listed. If incorrect, we will request a copy of identification (i.e. driver’s license and social security card).

Line 13 (cont): Include date contract is signed in designated area.

Line 13 (cont): DO NOT sign on line for seller (this is reserved for HUD’s signature)

Line 14: Broker’s business name and address. This must be the principal broker who is registered with HUD. If agent is signing on behalf of principal broker, provide a letter from principal broker on business letterhead authorizing agent to sign on his/her behalf. This letter must be included with contract!

Line 14 (cont): EIN number or SS# in space provided

Line 14 (cont): broker’s NAID number

Line 14 (cont): broker’s or authorized agent’s phone number

Line 14 (cont): broker’s signature (principal broker’s or authorized agent’s signature)