Getting Started As A Real Estate Agent
While real estate is an intriguing profession there is ever so much work ahead once you get your certificate. Practically with all online or classroom real estate academy training courses there is little schooling applying to real world experiences that you will stumble upon. While each state has assorted requirements almost every real estate academy has the same basic knowledge. In reality, there are minimum courses nationwide that encompass even the basics of how to fill out your state mandated residential purchase agreement. Why is it that the Department of Real Estate expects new real estate agents to be able to successfully finish up a business deal when the basics aren't even covered? This doesn't have to be like that.
While each state has different contracts there is one legal purchase agreement that is the same throughout the US, no matter where you hang your license: the HUD-9548 contract agreement. And, that form seems to be the one that is the most disliked.
First, let me dispel a myth: HUD owned homes are not lower income housing. HUD homes are one to four unit housing that had an FHA insured loan. Simply put, HUD owned real estate can be a single family residence, a duplex, triplex or quadplex. The loan maximums for these homes in Los Angeles County California are as follows: single family residence-$729,750, two-family-$934,200, three-family-$1,129,250, four-family-$1,403,400. So, you can see that a nice property can be acquired in those price ranges. Many new agents discard HUD homes sales from consideration and that is not a well thought out decision. Many agents are overlooking profitable sales that could enhance their bottom line tremendously but simply don't take advantage of these sales because they don't fully understand the HUD process or, simply thing HUD owned homes are cheapies. By simply selling an additional four to eight HUD homes annually one can increase their revenue vastly. Nationwide, no real estate academy will educate you through the HUD 9548 contract or offer instruction on how to execute the contract.
While the HUD 9548 contract is the same throughout the United States few realtors take the time to appreciate how to properly execute these contracts as many are focused on short-sales or bank owned REO's. Never again make that mistake and exclude this opportunity of a life time.
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