Rural/HUD properties have strict federal guidelines. Blue Dot has agents readily available to navigate the regulations and stay in compliance, while keeping our eyes on the end goal: maximizing profitability. We understand the requirement by the USDA/RD to perform property inspections every 30 days or more, but Blue Dot is committed to attending to this task no fewer than every 7-10 days, depending on the requirements by the client. As we use RIO Genesis, it makes it easy for us to present and/or share inspection results on demand, as they are well documented. Your Blue Dot agent’s attention to these details reduces your stress load at meeting requirements. We do the leg work for you.
Additional sensitivity and diplomacy is required when a property is occupied, This does not change the fact that eviction proceedings will be initiated immediately. We will assist, as required, that all activity will comply with the requirements of PTFA. We always hope that a voluntary vacate can be secured via relocation assistance during the eviction proceedings, and with care and respect to the occupant, do our best to secure and peaceful resolution for our client.
Property Disposition Plan (“PDP”) Submission
Since our transactions are in RIO Genesis, a copy of each PDP document will be uploaded into the RIO Genesis system and is accessible by our clients on demand. Upon direction, the completed PDP to USDA/RD will be documented with approval date and submission date and added to the property record in RIO Genesis.
Property Disposition Plan (“PDP”) Approval
We realize the USDA/RD does not always respond. If no response is received within five business days after submission, the plan will most likely be implemented and approved. We count on the client to confirm on the sixth day after submission to ensure that no request for clarification or additional information have been received by either party from the USDA/RD. Hopefully this can be wrapped up, including any requests for clarification or additional documentation, within two business days. We understand sometimes additional values, inspection and other actions may push the timeline further. When it is finally approved, the approval date will be documented in RIO Genesis before proceeding to the next step in the marketing process.
Revisions to Property Disposition Plan (“PDP”)
All copies of revised documents will be uploaded into RIO Genesis as approved and available to our clients on demand. Our clients can check the status of their property at any time during the process, on any device. No phone tag necessary.
USDA/RD Properties & Claims and MI Properties
Rhe RD determines list price after the PDP is sent to them. They will email the approval letter, advising us on the list price, as well as if they will approve repairs or pay concessions. We view this as our listing approval. They typically will not approve concessions or make repairs unless it is safety issue, broken windows, plumbing or heating repairs. If we get an offer with concessions, we will send it to them for approval. If during the six month period we advise a price reduction, or want to encourage them to accept an offer below the floor, we will send an email to USDA requesting approval.
We understand that typically, once the six month marketing period has expired, RD will no longer advise on the list price or offers. Price reductions and offers from this point become CHFA’s decision.
If a property goes Under Contract close to the end of the six month marketing period, we will strive to get approval from RD to extend the Claim File Date until after the REO Closing.
If a property sells within the 6 month marketing period, we know the claim is due within 30 days of the REO Sale Date.
We also understand that all management fees, homeowners’ assistance down payment programs, RD Guarantee Fees, and gift funds are not reimbursable on the loss claim. If the property has a sump pump, we will ensure it is in good working condition. We will also ensure that steps are taken to preserve and protect the property as necessary.