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#240938 - 07/29/08 11:40 AM HUD key
Newton Offline
Member

Registered: 04/04/07
Posts: 461
Loc: Ohio, USA
Sorry if this isn't the right catagory for this but I figured you people would know.
Can I get my own HUD key to access these houses and how?
I'm an agent and yes my broker has one but it's inconvenient to go pick it up and drop it off, plus it's out of the office a lot. Of course I have two investors who want to see HUD houses. All the frecking bank owned houses out there and they want to see these. I was ready to tell them to call the list agent but thought I'd post here first. Thanks for any help!

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#240942 - 07/29/08 11:48 AM Re: HUD key [Re: Newton]
RecoveringREAgnt Offline
Veteran Member

Registered: 03/26/08
Posts: 999
Loc: Los Angelesl
For what I understand there is only one key and that is your office one. HUD is very jealous of agents carrying these keys around, this is according to my broker's agreement with them.

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#240948 - 07/29/08 12:05 PM Re: HUD key [Re: RecoveringREAgnt]
Highest&Best Offline
Veteran Member

Registered: 08/17/07
Posts: 815
Loc: Houston, TX
Interesting. My husband used to work for the HUD broad listing broker in our area and any agent could get a key from them. The agent had to come to the broad listing broker's office and purchase it from them (like $2 I think). That's it. I think HUD wants these houses sold, I think the listing broker wants them sold...I can't imagine anyone squashing the ability to do so. Unless someone who considers you competition doesn't want you to sell it.

Buyer's agent gets 5% too.
_________________________
MBA, Realtor since 2004
Co-owner of two brokerages

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#240949 - 07/29/08 12:05 PM Re: HUD key [Re: RecoveringREAgnt]
OHAgent Offline
Major Contributor

Registered: 02/08/05
Posts: 2783
Loc: Ohio
Maybe it's different in each area. In mine, an agent can buy a HUD key from a HUD broker. It costs like $5 or something.

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#240964 - 07/29/08 01:41 PM Re: HUD key [Re: Newton]
texasgal Offline
Veteran Member

Registered: 05/25/07
Posts: 596
Loc: Texas
My old office got a whole bunch of HUD keys from whoever handles the HUD properties here locally. Then the agent services coordinator would sell them to any agent who wanted one for like $2. I think the HUD properties management company's website even lists the location where an agent can go on their own to buy one. Our office just did it for us so we wouldn't have to go over there. I have never heard of a real estate agent having any difficulty getting a HUD key.

Edited to add: Newton you do realize that HUD gives strong priority to owner-occupant buyers over investors, right? They look at the owner-occupant bids first before they will even consider the bids from investors. In my market, most (not all but most) of the HUD properties do go to owner-occupants. Once you explain this to your investors they may prefer to go see the bank-owned listings instead. It might be time consuming on your part and theirs to try to pursue the HUD listings, unless there is such a glut of them in your area that investors are actually successful in getting them.

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#240984 - 07/29/08 02:49 PM Re: HUD key [Re: texasgal]
AliceInReoLand Offline
Veteran Member

Registered: 09/28/07
Posts: 1168
Loc: Michigan
Around here it would be easier to get the Hope Diamond than get the HUD key.
_________________________
Warning: Heavy Saracasm MAY be present. Proceed with caution.

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#241036 - 07/29/08 05:54 PM Re: HUD key [Re: AliceInReoLand]
CALL TODAY SMILE TOMORROW Offline
Veteran Member

Registered: 06/08/06
Posts: 615
Loc: DETROIT
Originally Posted By: MadHatter
Around here it would be easier to get the Hope Diamond than get the HUD key.


In my area even the thieves (buggy bandits ) have a HUD key
_________________________
NOT JUST A JOB IT'S A LIFESTYLE
JEFFREY SACK
J&S Properties of Metro Detroit

OFFICE (313) 779-1817
Fax (313)865-7406

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#241044 - 07/29/08 07:29 PM Re: HUD key [Re: CALL TODAY SMILE TOMORROW]
Illinois Agent Offline
Veteran Member

Registered: 01/29/08
Posts: 583
Loc: Illinois
I borrowed one from a office I know and made a copy at Home Depot.

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#241049 - 07/29/08 07:38 PM Re: HUD key [Re: Illinois Agent]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
Hud usually assigns a contractor every few years to cover a certain amount of states. They very rarely use the same contractor again back to back and assign to a different one to prevent collusion and fraud.

A broad listing broker is someone who puts the listing in the mls and sign riders. For this they get 1 percent when it sells or more if the buyer is not represented.

Usually they make NEW keys when the new contract is issued to the new contractor. They key only costs a few bucks and is given out by the contractor at a location in your state. The key is a master key that will open all hud properties.

Hope this helps. This is how it goes down in my area.To submit offers your broker all has to be HUD certified and submit documentation.

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#241054 - 07/29/08 08:06 PM Re: HUD key [Re: super realtor]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
The M&M (Maintenance and Marketing) contractor is a level between HUD and the BLB (Broad Listing Broker). The M&M contractor, not the BLB, signs any documents. The M&M contractor also reviews and authorizes brokers that apply to be HUD brokers (and therefore eligible to have a key). Keys have been distributed to brokers who have applied and been accepted to be HUD brokers.

I have not seen HUD change key codes in many years even though they have changed both M&M contractors and BLBs. Probably too many properties to rekey (a second time) before they sell.

New York is 1 of 4 states (Florida, New Jersey and Ohio are the others) currently handled by National Home Managemenrt Solutions as the M&M contractor; New York was formerly handled by First Preston. With in the state there are multiple BLBs who have been contracted to place properties in MLS. Unfortunately some of the BLBs cover areas for which they do not have local MLS access and the properties wind up being listed in some other part of the state.

BLB selection is basically done by bid and administered by the M&M contractor. It is my understanding that in applying to be the BLB for an area you must agree to service a minimum of 4 counties.

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