Introducing E-Signatures on HUD Contracts. Sage Acquisitions 2017 All rights reserved. Rev all previous versions are obsolete.

Transcription

1 Introducing E-Signatures on HUD Contracts

2 Tips When an agent places a bid on the HUD Homestore, additional information is required that was not previously requested Make sure all information is accurate to avoid delays Read all the instructions and follow up timely Read all s from DocuSign, HUD Homestoreand Sage Acquisitions for a smooth process

3 The agent placing the bid must also make sure that the E-Signature Signer Information is accurate for who will sign for them as the Broker.

4 Next Step: BIDDING ON HUDHOMES WITH E-SIGNATURES

5 Adding the Buyer Select Closing Company As you type in the Buyer Selected Closing Company Name, a dropdown list of closing companies already established with a Title ID will appear.

6 Closing Companies with an Establish Title ID If the closing company name and location they want to use is listed, go ahead and choose it from the dropdown. Choosing from the dropdown will auto-populate the other corresponding information that HUD has on file for the company.

7 What if the closing company is not listed in the drop down? If the company location isnotlisted, continue typing and complete the fields with the company information.

8 Closing Companies without an Established Title ID The E-signature process cannot be used at this time if the closing company does not have an established Title ID. HUD must first obtain & verify the information necessary to create a Title ID. The bid can and shouldstill be submitted using a paper contract as before. Electronic signatures are allowed when submitting a paper contract.

9 Next Step: BID ACCEPTANCE

10 Bid Acceptance s Agents with bids awarded that are eligible to use the E-signature process will receive two s from #1: Selling Broker Bid Acceptance Notice #2: Bid Acceptance Final Verification

11 Review Submission & Upload Earnest Money Upon receipt of the Bid Acceptance Final Verification , the agent who placed the bid on the HUD Homestore should log back in to their account and review/edit/verify all information submitted. At this time, they MUST also upload a copy of earnest money check that they have delivered or will deliver to the listing broker s office before the Asset Manager (Sage Acquisitions) can take the next step.

12 Delivering Buyer s Loan Letter or Proof of Funds The actual certified funds EMD check, payable to closing agent company chosen, must still be delivered to the listing broker s office within 2 days of Bid Award. Along with the earnest money, the buyer s agent needs to provide to the listing broker a copy of the buyer s loan letter or proof of cash funds. Without the listing broker confirming receipt of a valid earnest money check, and without the loan letter or POF, Sage Acquisitions cannot generate the E-signature envelope.

13 Next Step: THE E-SIGNATURE ENVELOPE

14 Reviewing the Contract Package Once Sage Acquisitions is able to generate the E-signature envelope, the agent who placed the bid on the HUD Homestorewill receive an from review the contract package before signatures are requested. The agent WILL NOT sign anything at this time; they are reviewing the package for accuracy.

15 Approving the Contract Package for Signatures Once they click on Finish and confirm that the package is ready for signatures, s are sent from to the parties needing to sign in the following order: 1.Broker-Designated Signer 2.Buyer/s (simultaneous if multiple buyers) 3.Buyer selected closing company escrow officer 4.Sage Acquisitions

16 DATE: 8/4/2017 TO: REF: DIANA PIGG SELLING BROKER/AGENT FINAL BID VERIFICATION HUD Case#: Bid Accepted Date: 8/3/2017 The HUD Asset Manager has completed a preliminary review of the accepted bid. You are required to perform a final verification of the bid information within two (2) business days as part of the new E- Signature process. Once you log into HUDHomestore.com, click the Accepted Bids menu, then click the Checklist link for the bid you need to verify. ***Accurate information is needed to ensure that the sales process is not delayed and that all signers receive the Sales Package. The following areas are included in the final verification of the bid: PURCHASER VERIFICATION TITLE COMPANY/BUYERS SELECT CLOSING AGENT VERIFICATION Sincerely, SAGE ACQUISITIONS LLC

17 Next Step: Contract Execution Once Sage Acquisitions has signed the contract and executed the file, all parties who signed the package will receive another from a copy of the fully signed package.

18 Need Assistance? Office Customer Service Mailing Address Atlanta Parkway Place Suite 500 Marietta, GA Denver S Ulster Street Suite 500 Glendale CO Philadelphia philadelphia.customerservice@sageacq.com Market St. Suite 1800 Philadelphia PA 19102