Escrow Tip: HUD Homes

All Contracts ratified on or after 11/17/2013 will be subject to the “Buyer Select” closing agent program. The Buyer will now get to choose their own Title Company. HUD will no longer pay for the escrow fee, which now will be a Buyer expense. This is stated from BLB Resources “Buyer Select Closing Agent Addendum”. Item #5 of the HUD 9548/ Sales Contract form, has HUD either providing seller credits for financing and closing costs, or in some cases they do not pay anything, except recordation of the Deed.

As part of the contract process, HUD will have your Escrow Officer sign a “HUD-Closing Instructions and Certification” and sign and initial their “Attention Escrow” documents. These forms require a State License number and HUD ID # (or Title ID #). Contact your Title Security Agency Escrow Officer and they can provide you with both. A complete list of our Escrow Officers can be found here.