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Can buyers select their own settlement agent when purchasing a HUD-owned property?

On January 22, 2013, HUD launched a "Buyer Select" pilot program for closing HUD-owned properties allowing buyers to select their own settlement agent rather than requiring the use of HUD-contracted settlement agents.

Given its success, the program has been implemented for closing all HUD-owned properties in all States and HUD-contracted settlement agents will be phased out.
All Buyers of HUD-owned properties now select their own settlement agent which is consistent with standard industry practice.

Please note that Listing Brokers may not refer buyers or agents to specific settlement agents, unless they are acting as dual agents, as this would be a conflict of interest.

For additional questions, please contact the Management & Marketing (M&M) Asset Manager with jurisdiction over the property. To locate contact information go to the HUD Homes web site at http://www.HUDHomestore.com
Click on the appropriate state and locate the property
Click on the Property Case Number
Select the Agent Info Tab



REFERENCE

HUD Policy


REFERRAL LOCATION


DISCLAIMER

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.