Seminole County seeks real estate service providers
Thursday, July 18, 2013
Seminole County is currently searching for real estate professional services to assist it with the acquisition and sale of foreclosed properties through the Neighborhood Stabilization Program (NSP).
Questions? Contact Betsy J. Cohen at 407.665.7112 or email@example.com.
To apply, complete and submit this "Term Contract for Professional Real Estate Services" document by 2:00 p.m., Wednesday, July 31.
Description and Scope of Services
The Neighborhood Stabilization Program (NSP) is a federally funded program created to respond to rising residential foreclosures and property abandonment. The main purpose of the NSP is to stabilize neighborhoods negatively impacted by foreclosures. Seminole County will use NSP funds to acquire, renovate, and sell either vacant, foreclosed, or abandoned homes ataffordable prices to eligible families. Some short sales may be considered. NSP benefits individuals earning less than 120% of Area Median Income (AMI), and 25% of funds must be used to benefit families at or below 50% AMI;the funds spent are in areas designated by HUD guidelines.
The purpose of the scope of services description is to specify the services required of the contracted real estate professional (REP) to identify, acquire, and sell the rehabilitated properties located within the designated and approved NSP target areas.
1. REP will serve as the buyer’s agent for the acquisition of abandoned or foreclosedproperties located in Seminole County, excluding properties located within the city limits of Sanford, Fla. Note: The REP will be limited to the listing agent’s commission split for the acquisition ofabandoned or foreclosed properties, In other words, Seminole County will not pay an additional buyer’s agent commission.
2. REP will serve as the seller’s agent for the properties acquired through NSP.
3. REP will actively market acquired properties based upon post-rehabilitation appraisal value of the property.
4. REP will refer prospective purchasers to NSP second mortgage program and to any other programs that may offer downpayment and other financing assistance.
5. REP will receive offers from prospective buyers to purchase property and submit said offers to Seminole County.
6. REP will facilitate sales of NSP properties by during the term of the agreement. Activities include those expected by industry standard of a listing agent and will include but not be limited to:
- Marketing, including at least two open houses per property.
- Showing property to prospective homebuyers.
- Negotiating terms and conditions of sale of property.
- Serving as liaison between Seminole County and the homebuyer and homebuyer’s real estate broker/agent.
- Ensuring that negotiated sale successfully closes.
- Representing the county's interest prior to and through closing. Note: Seminole County will pay a commission of no more than 6% of the sales price oneach home. If another broker serves as the buyer’s agent, the aforementioned 6%commission will be split (3% each) equally by the brokers.
7. The REP will provide information on results of purchase/sale to the Seminole County NSP Project Manager after each transaction closes.
8. The REP will maintain files sufficient to document compliance with program policies andHUD regulations.
9. The REP will provide status reports and make files available to staff or HUDrepresentatives upon request.
10. The REP will ensure that the Seminole County NSP Project Manager has all original file content.
11. The REP will provide monthly reports to the Seminole County NSP Project Manager detailing the status of prospect properties and properties in some stage of sale.