Buyer Select closing agent program is now expanded to other counties:
- Los Angeles
- Santa Barbara
- San Bernardini
HUD properties located in these counties will no require that buyers choose their own escrow company – “BUYER SELECT”
With the buyer Select closing agent program all buyers whose contracts are executed on or after March 8, 2013 will be able to choose their own escrow company. Please note escrow fees for the Buyer Select program will now be a buyer expense.
Addendum: At the time of contract submission, the selling agent is required to complete an addendum providing PEMCO with the name and contact information of the selected escrow company.
Sales Contract Line 5: HUD will only pay a portion of the closing fees, if the buyer includes closing costs on line 5 at the time of bid submission and there are sufficient funds remaining to allow for this fee to be paid. If there are no closing costs included in the bid, the buyer will be required to pay all escrow and closing fees.
Earnest Money Checks: Earnest Money (certified funds) checks should be made payable to both the “Escrow Company or Name of Buyer” (see Earnest Money guidelines).