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Step-by-Step Instructions:
The HUD Sales Contract form HUD-9548 (1/99) is available on our website, see forms. Please use whole dollar amounts only, no cents, round down when placing your bid. Electronic bidding does not accept cents. The Sales Contract must match the Electronic Bid.
Step-by-Step Instructions for Completing the Sales Contract
• HUD CASE NUMBER - Type or print the corresponding case number from the property list in the box on the top right. The FHA Case Number is a 9 digit number, example: 141-123456.
• Line 1 - After the words I/we - type or print legible ALL purchasers' names. Type or print the complete property address including unit numbers, city, county, state and zip code.
• Line 2 - Type or print how the purchasers want to take title (legal style, i.e. John & Sherry Doe, husband and wife joint tenants or Sherry Doe, single woman or "Vesting". Please note that all of the purchaser's names listed on lines 1 & 13 must be included on line 2. Because this line is not very long, use appropriate sized writing. Be sure to write the names exactly as your buyer's wishes them to appear. DO NOT LEAVE THIS LINE BLANK AT ANY TIME.
• Line 3 - First, type or print the bid price. The amount must match the amount submitted on the electronic bid (use whole dollars, no cents, round down).
Second, type or print the amount of earnest money. Deposit checks must be written out to BOTH HUD or Buyer's Name and must be in the selling broker's possession PRIOR to placing a bid. Earnest money must be in the form of a certified check, cashier's check, or a money order.
Minimum earnest money deposit:
*Sales price up to $49,999 earnest money deposit = $1,000
*Sales price $50,000 and up earnest money = $2,000
*For vacant lots, the earnest money is 50% of the purchase price.
• Line 4 - Financing Type
If your purchaser is applying for FHA Financing
1. Property listed IN: 203(b)
2. Property listed IE: 203(b) with Repair Escrow
Add the repair escrow amount where the contract states: "Said Mortgage involves a repair escrow amounting to $__________"
* ONLY IF THE PURCHASER IS OBTAINING AN FHA 203(b) REPAIR ESCROW LOAN - do not fill in an escrow amount if the purchaser is paying cash or getting a loan not involving FHA.
3. Property listed UI: 203(k)
• If the property qualifies for 203(k) financing.
4. Non-FHA financing
• Purchaser is paying cash or applying for conventional or other financing not involving FHA.
• If purchaser is paying cash please circle the word cash and be sure to include in your package a verification of funds.
Please leave all other mortgage information BLANK
• down payment, mortgage amount, and months
• Line 5 - Type or print the amount of the purchaser's closing costs (HUD will pay up to 3% of the bid amount from Line 3 of the contract). Please refer to the Forfeiture and Extension Addendum for a list of HUD's allowable closing costs.
• Line 6a - Type or print an amount which can be up to 5% of the bid amount from line 3 of the contract, for the broker's commission (use whole dollars, no cents, round down).
• Line 6b - No longer applies and should be left blank.
• Line 7 - Net to HUD. Subtract lines 5 and 6a from line 3 and type or print the amount on the blank line. Remember, the highest acceptable net to HUD within HUD's guidelines will be the accepted bid (use whole dollars, no cents, round down).
• Line 8 - Mark the appropriate box.
• Line 9 - Type or print 45 in the blank. Properties may close in less than 45 days but 45 days MUST be written on the contract. If closing does not occur by 45 days then extension fees will apply.
• Line 10 - All electronic bids are automatically placed in back-up positions, if received on the same day (up to four places).
• Line 11 - Lead Based Paint Addendum (case-specific) must be attached to the bid if the home was built prior to 1978. The lead based paint addendum for the property being purchased can be found on the Listing Details section of this website if the home was built prior to 1978.
• Line 12 - ALL PURCHASERS MUST INITIAL HERE. All purchasers listed on Line 1 of the contract must place their initials on the blank line.
• Line 13 - Purchaser Information. Please ensure that all information is written in the correct boxes.
Buyer Signature Blocks - Must be Signed in BLUE INK!
Type or print all purchaser(s) name and have them sign below their name.
Type or print a current address for the purchaser(s).
Type or print the social security number of each purchaser.
Type or print a current phone number for the purchaser.
Date the contract the day the Purchaser signs the contract.
Broker Signature Blocks - Must be Signed in BLUE INK!
Type or print the Broker's company name and address.
Type or print the Broker's Social Security Number or Tax ID number.
Type or print the Brokers current SAMS NAID number (if the broker does not have a NAID number he/she is not allowed to bid).
The Broker must sign the contract. Agents cannot sign the contract but may sign all other addendums.
The purchaser must sign the addendums where indicated.
Type or print the Broker's phone number.
Type or print the Sales Agent's name and phone number.
List of Addendums
Please refer to the Electronic Bidding Procedures & Instructions for a list of addendums that must accompany the Sales Contract.
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