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News and Events: 03/23/11 |
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| | | Broker Bonus Sales Initiative for FL, GA, IL and IN | | | HUD is offering a broker bonus to selling brokers for properties that close within 30 calendar days of the date the Sales Contract is executed for properties in Georgia and Florida and within 40 calendar days of the date the Sales Contract is executed for properties in Illinois and Indiana.
The amount of the Broker Bonus will be based on the sales price:- $500 Bonus for Sales Price between $25,000 and $75,000
- $750 Bonus for Sales Price between $75,001 and $150,000
- $1,000 Bonus for Sales Price of $150,001 and above
The following conditions must be met in order for the selling broker to receive the applicable broker bonus:- The preliminary bid must be submitted on or after April 1, 2011
- A loan commitment letter from a lending institution must be received with the signed Sales Contract if the purchase is to be mortgaged; or, if paying cash, a certification letter must be received from a financial institution stating sufficient funds are available to complete the purchase. Either document must contain verbiage stating that the buyer's credit and income has been approved for a total loan amount of $__________.
- The words "Broker Bonus" must be written or typed at the top of the signed Sales Contract
- The selling broker must complete and sign the HUD Notification regarding the broker bonus sales initiative.
- For Georgia and Florida properties, the purchaser must close the sale within 30 calendar days of contract acceptance.
- For Illinois and Indiana properties, the purchaser must close the sale within 40 calendar days of contract execution.
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