Until NHMS (on behalf of HUD as the seller) has received, reviewed, and ratified the HUD-9548 Sales Contract package, which must be complete and correct for us to sign it, there is NO contract pending. It’s 1-2-3 to have an “In Contract” deal:
Have the HUD-9548 Contract Package filled out and signed by all parties.
Bid electronically according to what is authorized by the buyer on the signed documents prior to the bidding deadline for that property.
Deliver the signed docs in a correct and complete Contract Package after seeing in Bid Results on our website that yours is the winning bid.
Only when those documents have been signed by one of the persons at NHMS with delegated authority for HUD, is the transaction “In Contract” or “Sale Pending.”
Our LLBs are asked to change the status in MLS to “In Contract” after we notify them of the completion of the preceding steps. They receive notice usually once a week. This is why selling agents must always check www.NHMSI.com, rather than relying solely upon the MLS listings.
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