|Effective Friday, November 25, 2011, the current broker bonus in the states of Indiana, Illinois, Georgia and Florida will be suspended. Any offers received between Nov. 26 thru Nov. 30 are not eligible for the broker bonus.
The HUD Atlanta Homeownership Center announces, effective December 1, 2011, a new Broker Bonus Sales Initiative in eight market areas: Georgia, Florida, Mississippi, Alabama, Illinois, Indiana, Tennessee, and Kentucky. 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 December 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.
- The words "Broker Bonus" must be written or typed at the top of the signed
- The selling broker must complete and sign the HUD Notification regarding the broker bonus sales initiative.
- For all properties that close up to 34 days of contract acceptance, the selling broker will be eligible for a $600 bonus.
- For all properties that close within 35 to 39 days of contract acceptance, the selling broker will be eligible for a $450 bonus.
- For all properties that close within 40 to 43 days of contract acceptance, the selling broker will be eligible for a $300 bonus.
- The Asset Manager (AM) will notify HUD\'s closing agent in writing of the amount of the broker bonus, if any, that will be deducted from the Seller\'s proceeds on the HUD-1 Settlement Statement. The AM will be responsible for verifying the amount of the broker bonus during their review of the preliminary HUD-1.
The following exclusions apply:
- Hard-to-sell properties: The selling broker will not be eligible to receive a bonus for any property advertised by the Asset Manager (AM) as hard-to-sell.
Please note that the HUD Atlanta Homeownership Center will not consider any appeals submitted by the selling broker for properties that fail to close within the aforementioned timeframes. No exceptions.