STEP 1 – Earnest Money Deposit
The Original Earnest Money Deposit in the amount of $_______ (made out to buyers selected title company) must be delivered to the Local Listing Broker – Chase Real Estate by (Due Date) at the address below. Upon receipt, the Listing Broker will complete the Earnest Money Receipt Confirmation for Sales Contract Package Submission. See below for earnest money requirements.
Chase Real Estate LLC
1903 Springbrook Square Dr.
Naperville, IL 60564
We have a secure after-hours drop box at our Naperville office.
Chase Real Estate will send a copy of earnest money receipt and a copy of earnest money to your email.
STEP 2 – E-Signature HUD Sales Contract Package
Please use Google Chrome when completing below.
A. To receive the E-Signature DocuSign HUD Sales Contract Package please log into HUDHomeStore.com, click ‘Accepted Bids’ on the menu, than select the ‘Checklist’ link for this offer.
B. On the E-Signature Checklist screen review the purchaser information and then check the ‘Verify Purchaser’ checkbox.
C. Review the Buyer Select Closing Agent information and check the ‘Verify Title/Buyers Select’ checkbox
D. Complete the ‘Conflict of Interest’ section. (If Applicable)
E. Please make sure each purchaser has a unique email address so their identity can be verified.
F. If the ‘Verify Closing Agent’ checkbox cannot be checked then the selected Title Company/Buyer Select Closing Agent requires additional documents for registration. Please obtain the companies State License and E&O Insurance then upload the documents into the Title Company/Buyers Select Closing Agent Info section of the Bid Checklist.
- Click Here For HUD Registered Title Companies
G. Upload the completed Earnest Money Receipt Confirmation and a copy of the EMD check in the Earnest Money Deposit section. See Step 1
H. Upload the purchasers Pre-Approval/Pre-Qualification letter from a lender or proof of funds for cash sales in the appropriate section. Following completion of the verification, a DocuSign HUD Contract Package will be sent via email. Please Click Here for additional instructions.
STEP 3 – Contract Signing
An email will be sent from the Department of Housing and Urban Development (HUD) via DocuSign <dse.docusign.net>
All parties will be sent a DocuSign email requiring initials and signatures.
a. You will sign as the Agent
b. Your Broker will sign as Broker
c. Your Client(s) will sign as Buyer(s)
STEP 4 – Contract Execution
You will receive via email from dse.docusign.net labeled HUD Sales Package a copy of the executed contract signed by all parties including the seller. Local Listing Broker – Chase Real Estate will deliver the original earnest money to the buyer’s selected title company.
APPROVAL LETTER & PROOF OF FUNDS REQUIREMENTS
Pre-Approval Letter (required on contracts being submitted with FHA or conventional financing)
• Must be printed on the Lender’s letterhead and signed by the Lender
• Must have Property Address
• Must have HUD Case #
• Must have Purchaser’s Name
• Must be dated within 30 days of the bid acceptance date
• Must confirm the type of financing and terms Purchaser has applied for
• Finance type must match the finance type on the contract
• Must confirm the amount the Purchaser has been approved for
• Must confirm the Purchaser’s credit has been obtained and reviewed
• Approved loan amount must meet or exceed the gross purchase price
• If for some reason the loan amount does not cover the purchase price a
Verification of Funds letter from the Broker will also be required for the difference.
Proof of “cash” funds available
• Copy of bank statement verifying funds are available
• The account number may be “blacked out” on bank statements or other related documents
• Purchaser’s name must be on the statement, regardless of document type
• The statement must be dated within 30 days of bid acceptance date
• Available account balance must meet or be greater than the gross purchase price
Earnest Money Requirements
|The Earnest Money Deposit must be in the form of a certified check or money order and delivered to the Listing Agent/Broker listed above. The EMD must be made payable to “Title Company of Buyer’s Choice” (for example, if John Doe is the buyer, and chooses to use “ABC Title” the check would be made out to “ABC Title”). The Local Listing Broker will deliver the EMD to the Title Company after the contract has been ratified.
-Once you get executed contract the 30/45/60 days to close time frame begins.