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c. Marketing Tools (09/30/2016)
i. Standard
In marketing HUD REO Properties, listing brokers are expected to use those contemporary industry marketing tools used in marketing non-REO Properties in that area, which may include, but are not limited to:
• utilizing yard signage and online advertising;
• encouraging pre-qualification or pre-approval of potential buyers;
• holding open houses or holding webinars, seminars, or workshops on HUD property sales; and
• requesting limited repair of Properties, with approval by HUD.
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IV. CLAIMS AND DISPOSITION B. Title II Disposition
2. REO Property Disposition
Listing brokers must ensure that all written advertising includes the Equal Housing Opportunity logo, statement, or slogan.
HUD, at its discretion, may offer bonuses or other sales incentives to real estate brokers.
ii. HUD Home Store
(A) Definition
HUD Home Store is the listing site for HUD REO Single Family Properties.
(B) Standard
HUD will post its inventory of HUD REO Properties for sale on HUD Home Store.
iii. Local Real Estate Agent Associations and Listing Sites
HUD expects listing brokers to work with their local National Association of Realtors
(NAR) boards and similar organizations and use a local Multiple Listing Service (MLS) and other industry standard listing sites to market HUD REO Properties.
iv. Online Marketing Tools
Listing brokers are expected to use such contemporary online marketing tools as the following:
• full application of internet tools to present houses in multimedia formats with MLS, with extensive photographs, video, and documentation;
• search engine optimization;
• Quick Response (QR) codes or other technology to assist buyers in accessing property information; and
• marketing blogs or other tailored social media.
v. Hard-to-Sell Properties
(A) Definition
A Hard-to-Sell Property is a HUD REO Property located in a specific market area characterized by such sales conditions as large numbers of non-HUD vacant Properties, declining neighborhoods, or severely depressed local economy.
(B) Standard
The AM is responsible for designating hard-to-sell Properties under HUD guidance.
HUD offers a minimum sales commission for Properties designated as hard-to-sell on HUD Home Store and, at its discretion, may offer bonuses or other sales incentives to real estate brokers.
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IV. CLAIMS AND DISPOSITION B. Title II Disposition
2. REO Property Disposition
HUD will prescribe the time frame and conditions under which bonuses or other sales incentives will be offered.
vi. Revitalization Areas
(A) Definition
Revitalization Areas are designated geographic areas in which HUD identifies Properties eligible for disposition through discount sales programs.
(B) Standard
HUD will designate Revitalization Areas based on the following criteria:
• very low income areas;
• high concentration of HUD REO Properties; and
• low homeownership rate.
State, local, or tribal governments or HUD-approved Nonprofits may request that HUD designate a geographic area as a Revitalization Area by sending a written request to the Director of the Homeownership Center (HOC) for the area.