New HUD Listing Brokers---Any Update?

Posted by: RichardDD

New HUD Listing Brokers---Any Update? - 08/07/10 10:20 AM

Those of us who signed up in late June early July said we should hear something in early August and have all new brokers advertised on PEMCO site in mid-August. Anyone receive approval/denial yet?
Posted by: BaddestCross

Re: New HUD Listing Brokers---Any Update? - 08/07/10 07:10 PM

Pissed that I kept putting off getting my NAID. I was told there was no way I'd get one before the deadline was up for application. They were right because I still haven't received it and it's been over a month since I sent in the necessary paperwork! Lost opportunity. I hope they will open it up again.
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 08/07/10 09:44 PM

We haven't heard from any of the M&M contractors yet on LLBs. I asked our contractors when they expect to make decisions and they wouldn't give a time. So who knows.

Those NAID numbers can take 6-8 weeks to get to you. Gotta love government efficiency.
Posted by: RichardDD

Re: New HUD Listing Brokers---Any Update? - 08/10/10 04:03 PM

Bumping-
Posted by: Geekmom

Re: New HUD Listing Brokers---Any Update? - 08/10/10 10:16 PM

I signed up too and am keeping my fingers crossed :0) good luck to you - wish they would post soon!
Posted by: jdharpe

Re: New HUD Listing Brokers---Any Update? - 08/11/10 07:55 PM

they say they will post on their site in mid august...
Posted by: relady4u

Re: New HUD Listing Brokers---Any Update? - 08/12/10 06:11 PM

The names are posted to their site under, S. California local listing broker.
Posted by: papa lou

Re: New HUD Listing Brokers---Any Update? - 08/12/10 09:57 PM

relady4u:

Those are the same listing brokers who were listed prior to the deadline of 7/2. No new listing brokers have been added. Unless you are talking about some other website besides hudpemco.com. There is still hope.
Posted by: relady4u

Re: New HUD Listing Brokers---Any Update? - 08/13/10 12:27 AM

Whew!! thanks for the correction, and there is still hope!
Posted by: MINDSUB

Re: New HUD Listing Brokers---Any Update? - 08/13/10 07:19 AM

Have you heard that Pemco is only giving $500 to the listing agent. I just heard this from two local agents.
Posted by: super realtor

Re: New HUD Listing Brokers---Any Update? - 08/13/10 07:50 AM

It's a volume business. LLB's generally get paid 1 percent or less whichever is customary for the area.

You can pick up some buyers too and make more.

I looked at the model years and years ago and decided not to pursue it.
Posted by: MINDSUB

Re: New HUD Listing Brokers---Any Update? - 08/13/10 09:09 AM

Ya.. I guess you have to consider your area.. if the majoity of homes in your area are now selling for under 100k... is it worth it.. My business partner and i didnt think so, but maybe many on this forum think different.. best of luck to you.. wink
Posted by: MICHAEL BENNETT

Re: New HUD Listing Brokers---Any Update? - 08/13/10 09:16 AM

No. I was told it was 2.5% for each side.
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 08/13/10 09:56 AM

Originally Posted By: MINDSUB
Have you heard that Pemco is only giving $500 to the listing agent. I just heard this from two local agents.

Originally Posted By: super realtor
It's a volume business. LLB's generally get paid 1 percent or less whichever is customary for the area.

You can pick up some buyers too and make more.

I looked at the model years and years ago and decided not to pursue it.


Model changed with M&M 3. All HUD contractors are paying 2.5% -- 3.0% to the listing agent now.
Posted by: JaxDiana

Re: New HUD Listing Brokers---Any Update? - 08/13/10 12:30 PM

Any update on how to find the new Florida choices?
Posted by: JaxDiana

Re: New HUD Listing Brokers---Any Update? - 08/16/10 08:29 AM

Has anyone heard about the agents selected for Florida from PEMCO or anyone who knows how to find the agents selected?
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 08/16/10 11:14 AM

They're supposed to post the list on their website.

I just got an congratulatory e-mail saying we've been selected.
(Yes, I'm excited!)
Posted by: super realtor

Re: New HUD Listing Brokers---Any Update? - 08/16/10 11:58 AM

congrats!
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 08/16/10 12:24 PM

I just got my letter too; we have been selected, but don't know the territory yet.
Posted by: The Beeson Group

Re: New HUD Listing Brokers---Any Update? - 08/16/10 01:55 PM

Conratulations Barb and KY! smile
Posted by: DesertAgent

Re: New HUD Listing Brokers---Any Update? - 08/16/10 03:24 PM

Ca and GA are not up yet, this is a link to those areas that have been assigned. Good luck

http://www.hudpemco.com/LLB%20Awards%20for%201D%202D%201A%2081610.pdf
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 08/16/10 05:36 PM

We didn't make it, and it is very disappointing. There were 12 brokers who were awarded contracts in our area. 4 of them have NEVER sold a property in their careers. One sold 5 properties last year (about 50 total in her career) and another one has not sold anything since 2006 (with a whopping total of 78 sales in her career). They are all women. Very, very disappointed in the decision making process. I don't mind being beaten out in a fair and open competition, but I do mind being beaten out by individuals with no qualifications but they have the correct genitalia. Probably just me venting at the moment.
Posted by: SB Cardinal

Re: New HUD Listing Brokers---Any Update? - 08/16/10 06:17 PM

Vent away Killer Kermit, you have a legitimate argument.
Posted by: Cool guy

Re: New HUD Listing Brokers---Any Update? - 08/16/10 06:41 PM

I guess us CA and GA agents have to wait until tomorrow. Congrats to those that got in.
Posted by: RichardDD

Re: New HUD Listing Brokers---Any Update? - 08/16/10 07:33 PM

What about us Florida agents? We are not even mentioned on the home page where it announces all the others.....
Posted by: jdharpe

Re: New HUD Listing Brokers---Any Update? - 08/16/10 09:21 PM

the suspense is killing me. I didn't know they weighted the minority status so high. hope they show results for
WA soon!
Posted by: The Beeson Group

Re: New HUD Listing Brokers---Any Update? - 08/17/10 12:40 AM

Originally Posted By: northtxbroker
We didn't make it, and it is very disappointing. There were 12 brokers who were awarded contracts in our area. 4 of them have NEVER sold a property in their careers. One sold 5 properties last year (about 50 total in her career) and another one has not sold anything since 2006 (with a whopping total of 78 sales in her career). They are all women. Very, very disappointed in the decision making process. I don't mind being beaten out in a fair and open competition, but I do mind being beaten out by individuals with no qualifications but they have the correct genitalia. Probably just me venting at the moment.


Overall, it looks fairly even in regard to gender. If anything, they might have picked a few more men than women.
Posted by: MICHAEL BENNETT

Re: New HUD Listing Brokers---Any Update? - 08/17/10 08:27 AM

Yes, in my area(Texas) it was even as well. After a little researching all of the winner had one thing in common, it was not gender but EXPERIENCE. I was upset yesterday as well but do not be BITTER. Just move on and GOD will bless you with another opportunity.
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 08/17/10 09:42 AM

Originally Posted By: The Beeson Group
Overall, it looks fairly even in regard to gender. If anything, they might have picked a few more men than women.

Definitely not the case in my area. 5 of the 6 brokers that were picked with experience were previous HUD brokers. One was added who sold about 50-60 homes last year so he has good experience. Of those 6, 3 are men and 3 are women. I don't have a problem with them. What I do have a problem with are the new agents who were selected. All of them had two things in common--lack of experience and women. I don't see how you can select an agent who has never sold a home to be a HUD LLB. Much less 4, a 5th who hasn't sold anything since 2007, and a 6th who sold 5 homes last year. It does not make sense. It seems that there are apparently other criteria that were involved in the selection of agents.

Originally Posted By: MICHAEL BENNETT
Yes, in my area(Texas) it was even as well. After a little researching all of the winner had one thing in common, it was not gender but EXPERIENCE. I was upset yesterday as well but do not be BITTER. Just move on and GOD will bless you with another opportunity.

You must be in a different part of Texas. It was not even at all here. If you re-read my post, you'll see that half of the agents selected do not have any experience at all in selling properties of any kind, much less REO. By the way, I never said I was bitter. I'm frustrated--there is a difference.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 08/17/10 10:03 AM

I looked at the lists. The person named on the list is not necessarily the owner/broker. Some of the persons named on the list were female, and the companies are not woman-owned. One in particular that was named is an office person, and not an agent. So they must be using the contact person.
Posted by: superagent

Re: New HUD Listing Brokers---Any Update? - 08/17/10 11:15 AM

Anyone in California hear yet? My chances are slim, but still anxiously waiting...
Posted by: R. Danneskjold

Re: New HUD Listing Brokers---Any Update? - 08/17/10 11:50 AM

Quote:

I don't mind being beaten out in a fair and open competition, but I do mind being beaten out by individuals with no qualifications but they have the correct genitalia. Probably just me venting at the moment.


I don't know who is handling Texas but here we had this caveat in the application process:

Quote:

encourages small, small disadvantaged, disabled, veteran-owned, minority-owned and woman-owned businesses to register for potential listing assignments.


Those who had no qualifications qualified in two or three categories. They were women, probably small, and they were the small disadvantaged. Goverment doesn't change it's policy to favoring top performers in business just like it doesn't favor top individual performers in our society either. They're just not doling out welfare checks to the poor and disadvantaged individuals, they're doling them out to the poor and disadvantaged businesses. Glorified welfare but welfare nonetheless.
Posted by: Grampa

Re: New HUD Listing Brokers---Any Update? - 08/17/10 03:26 PM

Anyone in FL heard anything yet?
Posted by: 2good4u

Re: New HUD Listing Brokers---Any Update? - 08/17/10 10:37 PM

WoW that is funny I just talked to an agent who has been handling them in the Stanislaus county area which is one of the hardest hit areas. He said he gets $500 per deal and that is it. So he is working with a listing agent who gives him a referral on each property he sells. He said it wasn't worth it otherwise.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 08/19/10 12:27 AM

They are paying 3% list, 3% sale
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 08/19/10 09:24 PM

FYI, just found out today during the training that there will be three AM companies working all areas. So, if you didn't sign up with all three, (which I didn't), you may get 1/3 of the listings if you get accepted. Crazy way of doing business.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 08/19/10 10:17 PM

Being new to the HUD business, we didn't know we "should" have signed up with all 3!

Will be really interesting to see how this all shakes out.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 08/19/10 10:33 PM

Originally Posted By: barb43
Being new to the HUD business, we didn't know we "should" have signed up with all 3!

Will be really interesting to see how this all shakes out.



Oklahoma:
Area 2D (AR, KS, LA, MO, OK, So. TX) FSM Contractors: A2Z Field Services, Asset Management Specialists, and Cityside Management. AM Contractors: HomeTelos, Matt Martin Real Estate, and PEMCO.

you might check to see if the other two are still accepting applications.
Posted by: Point South

Re: New HUD Listing Brokers---Any Update? - 08/20/10 04:12 PM

PEMCO has already announced the choices in South Carolina. I found out this week.
Posted by: dial1010

Re: New HUD Listing Brokers---Any Update? - 08/20/10 08:37 PM

I'm with Telos already, does that mean i have chances too?
Posted by: 2good4u

Re: New HUD Listing Brokers---Any Update? - 08/22/10 05:22 AM

look it isn't worth it
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 08/22/10 03:33 PM

Originally Posted By: 2good4u
look it isn't worth it


Think that if you want, but we're gonna try it out and see. Pemco says they're paying 3% for the listing side and up to 3% for the selling side.

BTW, Matt Martin RE called me on Friday and asked that we put in a packet with them. Yahoo! Yes, we're getting it to them tomorrow morning.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 08/22/10 05:50 PM

Did anyone with a HomeTelos login that applied NOT get a packet?
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 08/23/10 07:20 PM

We got an email today from Matt Martin Real Estate Managment stating "Congratulations! Your LLB application has been approved by MMREM!"
What does this mean? Are we now a HUD listing broker???
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 08/23/10 08:25 PM

Please tell me that you are joking. Please.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 08/23/10 08:32 PM

Not joking, Was not sure if there was more to the process or not. Do they approve many brokers first then select one? In our area their has always been just 1 HUD listing broker.
That statement was all we got in the email from them....weird
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 08/23/10 09:52 PM

First round went out last week from HomeTelos and now I assume MMREM. Congrats!
Posted by: dial1010

Re: New HUD Listing Brokers---Any Update? - 08/23/10 11:12 PM

I found out today that Telos was not for CA.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 08/24/10 05:32 AM

I think PEMCO is dial1010
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 08/24/10 07:54 AM

The new M&M III contract went away from allowing the M&M contract now the AM contractor to use only 1 listing broker. AM contractors have to use what is called LLBs (local listing broker) with what HUD defines as "extensive neighborhood listing experience" So in my area 2 of the AM companies are using 10 to 14 agents for the state and the other company is only allowing an agent to list in 1 to 3 zip codes - what sense does that make. This is not an open enrollment. These companies will use the LLBs as long as they perform and not pull in any new agents. If they lose an agent or fire one they then may pull up apps and reconsider. I confirmed that with all 3 companies in my area. In my area, 2 of the companies have stopped taking apps and one is still open. I hope this helps.
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 08/24/10 08:53 AM

Originally Posted By: dsekunda
Not joking, Was not sure if there was more to the process or not. Do they approve many brokers first then select one? In our area their has always been just 1 HUD listing broker.
That statement was all we got in the email from them....weird

I guess I don't understand how you apply for something and then not understand the process for it. It seemed pretty obvious to me. Congrats, though, and good luck.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 08/24/10 08:58 AM

I am just not sure if we actually got it, All they said was contratulations your LLB Application has been approved. I guess I am waiting for someone at MMREM to say "You have been awarded the LLB contract for HUD homes" before I get to excited.
In my local market we have had about 300 HUD listings in the last year, so this would be huge for us if they are only using one broker.
I also hear that only the new LLB will be allowed to market HUD homes. Has anyone heard the same??
Posted by: RebREO

Re: New HUD Listing Brokers---Any Update? - 08/24/10 03:58 PM

From what I understand on a Linked In Group I'm following, all Telos applicants, who were selected, should of received their new vendor packets, with the exception of CA. As of last night, they had still not been announed. I've been with Home Telos/First Preston for years and was quite surprised that we were not selected. Especially considering that we met some of their diversity criteria and have been in business locally since 1973. Guess I'm confused on what they are looking for. I'm still waiting to hear from another AM contractor...so fingers are crossed for that one. Good luck to all who are waiting to hear and congrats to the lucky few who are already in!
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 08/25/10 04:14 AM

Hang in there RebREO..me too! Sold about 20 of their worst in SE DC no less and made platinum this quarter, was called by the CEO of HomeTelos to make sure that my app was in and I didn't get a packet. At first I was stung, then curious & determined as to why not me? I called a few people then I called them on Monday morning. This was just the first round and I'm sure it's for the ones that never signed up with FP/HT and went through the long insurance requirements and questions as to why you have to name them as additional insured. I was assured that I am still in the running and that there would be a second round chosen. CALL them!
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 08/25/10 05:45 PM

I currently list with HomeTelos/First Preston and received the packet which is totally different from the packet I received when I initially signed up.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 08/25/10 09:53 PM

I received Home Telos package last week. They also followed up with a phone call to be sure I received it. I've already been listing with FP for some time, though, through HomeTracker. I'm not sure how the Telos deal plays into that...
Posted by: RebREO

Re: New HUD Listing Brokers---Any Update? - 08/26/10 01:06 PM

I've been with FP for a few years and am not sure what's going on over there right now. My favorite AM left suddenly last month. They have not issued any word yet on the new FMAE/Equator training yet...luckily I took it through another vendor. Has anyone else noticed a decline in new assignments lately? They are my favorite, so I'm hoping things get back to "business as usual" soon. Thanks.
Posted by: jdharpe

Re: New HUD Listing Brokers---Any Update? - 08/28/10 01:04 AM

ok now the suspense is killing me, when are they going to announce the rest?
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 08/28/10 07:22 AM

JD..I'm thinking as soon as they weed out the ones who can't or don't fill out the packet correctly and return on time.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 08/28/10 12:57 PM

Packages are supposed to be turned in by EOM, I believe.
Posted by: papa lou

Re: New HUD Listing Brokers---Any Update? - 08/28/10 01:06 PM

TO Lizl:

what is EOM? End of month?

The deadline for packages was July 2nd and then extended to July 9th.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 08/28/10 02:47 PM

Yes: End of Month

I was specifically referring to the return of the package sent out by Home Telos, not the application itself. The application was due some time ago.
Posted by: jdharpe

Re: New HUD Listing Brokers---Any Update? - 08/28/10 08:18 PM

PEMCO is the one handling HUD in my state, i keep checking their website, but it does not show it yet.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 09/02/10 10:33 AM

jdharpe, there should be more than one asset manager handling HUD in every state - so you should have more than just PEMCO there, once it's all announced. I didn't know this until we were selected by PEMCO and I went through the first module of training. So hang in there!
Posted by: jdharpe

Re: New HUD Listing Brokers---Any Update? - 09/02/10 10:15 PM

i checked all the other ones that people listed in this forum, and none of them listed Washington state as an area they cover. Anyone else know one that covers WA?
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 09/03/10 07:04 AM

BLB Resources out of CA is the 2nd AM company for the state of Washington.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/03/10 07:30 AM

Looks like we did get selected by MMREM and we completed the first part of training. They have not released any details about any other broker that may have been selected or if HUD listings can still be advertised by everyone....waiting on more info.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 09/03/10 05:44 PM

Just got my acceptance by MMREM...do they request you to take the training?
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/05/10 08:06 AM

Yes, they send you a email for the MMREM training and here is the link to it: http://www.mmrem.com/hud/training.html

We still don't know our service area, number of listings expected or when the transfer will take place or if they picked another broker in our area as well. Lots of questions that training did not cover.
Posted by: Cool guy

Re: New HUD Listing Brokers---Any Update? - 09/05/10 12:24 PM

I wonder whats taking so long to announce the other states
Posted by: papa lou

Re: New HUD Listing Brokers---Any Update? - 09/05/10 02:14 PM

Politics! Politics! Politics!
Posted by: Bobbing4REOs

Re: New HUD Listing Brokers---Any Update? - 09/08/10 01:39 PM

I attended a HUD webinar today and it looks like HUD is making some contractual changes to the AMs in M&M III which is causing a delay in announcing LLBs in Georgia and California. The name of the webinar is: How M&MIII will Impact the Real Estate Community.

I'm sharing what I remember from the webinar in no particular order:

1. For contract area 2A (which includes GA, MS, AL, FL) the new contractors (for PP & AM) have not been determined yet. The presentation says that it should be finalized by September 27th. This is also true for California. My guess is that LLBs won't be announced until after they complete the transition to the new AMs.

2. It looks like there will now be separate contractors responsible for property maintenance and then for sales/marketing.

3. New with HUD, Field Asset Managers will now be resonsible for installing and removing "electric" lockboxes on all HUD listings. Not sure if that means SUPRA or something else. It was unclear whether the generic "HUD key" will still be around. The question was asked during the webinar, but the answer given was unclear.

4. HUD has a new site where all bid submission and property listings will be maintained. I took this to mean that BidSelect is no more! If you're currently registered on BidSelect, you'll need to register on the new site to be able to submit bids on HUD homes. Just as before, your broker has to have a NAID before affiliated agents to register on the new site.


See if you can access the webinar materials using the following link: http://www.visualwebcaster.com/imageSlides/72037/Broker%20Webinar.pdf


I hope you find this information useful!
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 09/09/10 05:19 PM

I don't see how the electronic lockboxes could work. Aren't they programmed specific to a particular MLS?
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 09/09/10 09:15 PM

Got accepted by one of the AM's in my area...guess I should start buying up sentrilock boxes
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 09/09/10 11:30 PM

Originally Posted By: NoVA Home Savers
Got accepted by one of the AM's in my area...guess I should start buying up sentrilock boxes

At the training, they specifically said that property preservation would be placing the e-boxes. I guess that could change, but hold off on stocking up...
Posted by: PA Roadkill

Re: New HUD Listing Brokers---Any Update? - 09/10/10 04:46 AM

I read that Freddie is requiring Supra boxes after Sept. 1, We have MLS's here that still use combo and most agents don't have Supra key pads.

That'll help unload that REO quick.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 09/10/10 05:22 AM

I think what it will do is add the security we have been lacking over the past few years. Some companies will still require the combos for preservation teams and we will have to provide both.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 09/11/10 02:56 PM

Originally Posted By: dsekunda
Yes, they send you a email for the MMREM training and here is the link to it: http://www.mmrem.com/hud/training.html

We still don't know our service area, number of listings expected or when the transfer will take place or if they picked another broker in our area as well. Lots of questions that training did not cover.


We were selected too. How long does the training take - 1 hour, 4 hours, 30 minutes . . . Need to figure out where to put it in my schedule.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 09/11/10 09:19 PM

I got it done in about 3 hours at the office with all the interruptions. With none it should take half that time. If you have ever done Fannie Mae or dealt with a lot of FHA you should do fine. There was a great deal of stuff I didn't know.
Posted by: SB Cardinal

Re: New HUD Listing Brokers---Any Update? - 09/14/10 03:16 PM

Looks like some results were updated a few minutes ago. Anybody get lucky?
Posted by: The Beeson Group

Re: New HUD Listing Brokers---Any Update? - 09/14/10 04:52 PM

I believe they announced Georgia... waiting to hear on CA.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 09/14/10 05:06 PM

Originally Posted By: SB Cardinal
Looks like some results were updated a few minutes ago. Anybody get lucky?
Which website? I applied to Telos and MM. Other than them bugging me to finish the application, I have not heard from either.
Posted by: RichardDD

Re: New HUD Listing Brokers---Any Update? - 09/14/10 05:16 PM

Yes yes---I made it!! Waiting for initial webinar coming up in a couple days!!
Posted by: The Beeson Group

Re: New HUD Listing Brokers---Any Update? - 09/14/10 05:29 PM

Congrats DD! smile
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 09/14/10 06:06 PM

how did they notify you?
Posted by: The Beeson Group

Re: New HUD Listing Brokers---Any Update? - 09/14/10 06:12 PM

Hallelujah... we made the cut! smile
Posted by: RichardDD

Re: New HUD Listing Brokers---Any Update? - 09/14/10 07:42 PM

email earlier today---
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 09/15/10 06:06 PM

Thanks, NoVa! I have MM's webinex in the morning . . .
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 09/15/10 06:16 PM

We have been the listing agents here in VA for HUD for years and we are not hearing a word. I dont know if my broker is keeping quiet because he doesnt want us to know we are out or if there has been no decision or announcement. Limbo sucks.
Posted by: jdharpe

Re: New HUD Listing Brokers---Any Update? - 09/15/10 11:14 PM

in my state 10 listing brokers made it, 8 have never listed an REO before. Go figure...
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 09/16/10 12:30 AM

Originally Posted By: jdharpe
in my state 10 listing brokers made it, 8 have never listed an REO before. Go figure...
Well THEY are in for an awakening! Right now, I have over $6,000 out in CFK and I have three CFKs to do this weekend. That doesn't count any of the other expenses.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/16/10 07:32 AM

Did anyone listen to the MMREM webinar yesterday? any opinions?
Posted by: RockHome

Re: New HUD Listing Brokers---Any Update? - 09/16/10 02:17 PM

Yes I listened in. I hung up with a big WOW! The idea that you could get the assignment to perform the work but not get the listing was a hard swallow. Score card and requirements will have a lot of firms going crazy. It's a whole new ball game and standards are set very high. Will be interesting to see how the frenzy settles out.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/16/10 02:34 PM

I don't understand why they dropped the listing fee to 2% and added a ton of work, some things they requested were a little out there.
Posted by: Cool guy

Re: New HUD Listing Brokers---Any Update? - 09/16/10 04:02 PM

Didn't get in, but no one else did either. They currently have someone that is over 2 hours away from my area. Oh well, not a big deal since the avg price of their properties is 55k in my area and with all the extra work at 2 percent...
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 09/16/10 04:23 PM

Originally Posted By: RockHome
Yes I listened in. I hung up with a big WOW! The idea that you could get the assignment to perform the work but not get the listing was a hard swallow.

That's pretty much across the board if the home sells to a NSP. I don't believe that is specific to them.

Originally Posted By: RockHome
Score card and requirements will have a lot of firms going crazy. It's a whole new ball game and standards are set very high. Will be interesting to see how the frenzy settles out.

Most every REO company has a score card--that's nothing new.

The changing of the commissions really sucks. Also, having to report on the amount of advertising spent on each specific property, requests to hold open houses when utilites aren't on, etc. are some of the stranger requests.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/16/10 04:27 PM

You would think they would release a list of approved brokers so you knew what to expect in your own market area. I thought the 200 "Just Listed" post cards was odd for each listing.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 09/16/10 09:47 PM

I listened to it and came away with a run-over-by-a-truck feel. PEMCO is much more positive, uplifting, & cheerleading (in my opinion), tho' their reqts are at least similar (less some of the kooky marketing stuff). The presenter kept cutting out too - sounded like she was driving through dead spots while talking on a cell phone. Can you tell I was frustrated & disgusted? Yeh, I was.

Now don't forget to take your generator with you when you hold those open houses this winter so you have heat, after all, the utilities will be off. *rolls eyes*
Posted by: The Beeson Group

Re: New HUD Listing Brokers---Any Update? - 09/16/10 10:23 PM

No generators needed in So Cal... smile
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 09/16/10 11:30 PM

Originally Posted By: The Beeson Group
No generators needed in So Cal... smile


That's a good one, Cory! smile But wouldn't you like to have a fan? Actually, I think the utility I would most like to have turned on is the water wink.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/17/10 06:16 AM

I was shocked by some of MMREM's really odd requests, many of us came away from it thinking that maybe nobody in their group has ever been on the street selling real estate, They also don't seem to be ready for the transition yet and may lack the experienced staff they need in place for it to start. This will be interesting to say the least...
So far I give them a "D" for communication skills and content, another "D" for adding more work to the SOW and reducing listing fees, and an "F" not having brokers fully trained and ready yet. *Wink*

I just can't see anyone loading up a 200 lb generator into their car to haul over to a $80,000 HUD home, that is heated with natural gas..LOL, REALLY? Do they really want agents playing with a homes electrical system to hook a generator into it?

Will we also be graded on the generator thing? *Wink*

Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 09/17/10 08:05 AM

this is all really crazy - another example of the new regime deal in government (and I dont even mean obama) whoever takes over wants to revamp everything with no institutional memory of what has been and abysmal failure in the past. open houses and post cards are not going to help when the plumbing is gone. renovation loans, incentive programs, and an overhaul of the escrow thing would REALLY make a difference ---
Posted by: super realtor

Re: New HUD Listing Brokers---Any Update? - 09/17/10 08:52 AM

Just another BRAINFART from the governmental powers that be. They are trying cutesy programs they dub "INNOVATIVE IDEAS".

You can't put a rose on a turd.Market the properties for what they are and the market will tell you the price.

We need to get rid of all these magic politicians in office creating these "HOCUS POCUS" ideas.

Our government is a sad and epic failure right now.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 09/17/10 09:08 AM

Originally Posted By: BrokerMo
I don't understand why they dropped the listing fee to 2% and added a ton of work, some things they requested were a little out there.


The LLB contract I signed with Pemco said 3% list, 3% sell; so, the different companies have different commissions? I don't understand.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/17/10 10:04 AM

How can MMREM tell their brokers they get 2% while all the other LLB's through Pemco and the other market managers are getting 2.5%-3% and doing really the same work as the MMREM LLB's.

I am just waiting to see if they change the minimum HUD advised brokers they would get in the HUD webinar. $1250.00
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 09/17/10 10:06 AM

Originally Posted By: BrokerMo
How can MMREM tell their brokers they get 2% while all the other LLB's through Pemco and the other market managers are getting 2.5%-3% and doing really the same work as the MMREM LLB's.

I am just waiting to see if they change the minimum HUD advised brokers they would get in the HUD webinar. $1250.00



my guess is that they are keeping part of it, and that, well really--sucks!
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 09/17/10 02:26 PM

When the M&M III sent out revisions (before HUD made their final decision) they asked each possible contractor to make a decision between 5% and 6% but 4% was not a choice. It was part of the proposal mandated by HUD.
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 09/17/10 02:42 PM

Under the new M&M III, no AM can keep any part of the commission. They are getting (1) a flat rate to manage the property i.e., $2500 per property or (2) a percentage i.e., 3.15% of the sales price to manage the property.

What HUD found out what the companies in M&M II were paying absolute bottom prices to LLBs ($50, $100, $250 a property) and keeping the rest this also included the property preservation companies.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 09/17/10 04:33 PM

Hud, like FEMA, Homeland Security, etc., (and some of the other asset management co's) gets lost in it's beauracracy and red tape and forgets about the main task at hand, which is to sell these houses. Leave me alone and I sell them. Keep me in front of a computer doing reports and out doing training, and that takes me away from selling, which should be what this is all about.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/18/10 07:36 AM

MMREM stands for "Morons Making Realtors Extreamly Mad" or
"Monkeys Making Real Estate Madness"

MMREM is on the fast track to quickly becomming a REO industry joke and will likley be terminated by HUD in a year or less for poor performance in my opinion.
By their release of information yesterday and to date it is easy to see that they are clueless about the reality of selling real estate and what they are asking of the local listing brokers.

1. Paying their local listing brokers 2% with NO minimum while others through Pemco etc are getting 2.5% - 3 % with a $1250.00 listing side minimum.

2. Demanding a Exclusive Agency and wanting to collect through their reports buyer lead contact information. Demanding thier name and contact information in the property features section of the MLS(Which violates all IDX agreements) and their name featured on property yard signs (Matt Martin Real Estate Management- Can anyone see tons of calls from people who want to rent?)..Can anyone see "lead generation for Keller Williams".

3. Property BPO's and condiition reports on properties we may not get the listing.

4. Multiple brokers getting listings in the same market reducing the HUD marketshare to a fraction of the whole.

5. What broker will pay to have open office hours 6 days a week from 8am to 5pm, do HUD open houses on the 7th day with generators because we are graded on this, While tripping over all the other brokers who are also required to put on monthly training for board agents, public training events and awarness campaigns that sell your compititions HUD listings as well,Provide the resources to keep up with all thier paperwork deadlines while being graded, pay to mail out 200 post cards on each listing (about $150.00ea)..lol, turn over lead contact info in reports...lol, exclusive agency, 2% listing fee with no minimum pay....and so much more

I believe MMREM is trying to take advantage of the "disadvantaged" brokers they have in each market and will pay the price for micro manageing, providing little pay resources to complete the SOW and fractionalizing the marketshare with multiples.

We will not lose money to sell for MMREM, won't happen...

I hope they change their tune soon or we are gone.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/18/10 10:05 AM

This is DIRECTLY from the MMREM release yesterday:

Commissions-(NOTICE NO MINIMUM)
The commissions for MMREM’s HUD M&M III will be as follows:
Total 6% Commission
�� Selling Broker = Up to 3% of Final Sales Price
�� CLB = Fixed 2% of Final Sales Price
�� BLB = Fixed 1% of Final Sales Price
Payment of Commissions:
�� BLB will be paid 3% at closing. BLB will ACH 2% commission to CLB.
�� The reason this is being done, is because in the past brokers had to wait a
few weeks sometimes to get a commission check. Through this process,
the BLB can get the CLB paid faster ☺

Suggest Listing Assignments
NOTES
�� Note 1: It is the CLB’s responsibility to check this site regularly for
job assignments in their coverage area.
�� Note 2: Listing assignments are on a first come first serve basis.
�� Note 3: CLB login is the same login as used for the registration.
�� Note 4: An inspection assignment or BPO assignment does NOT
guarantee a Listing Assignment.
�� For Example: Properties may be sold as a Direct Sale as part of an
Asset Control Area (ACA), NSP, or Good Neighbor Next Door
Programs (GNND)
The reason inspections and BPO’s do not guarantee listings is due to the
special incentive properties above. These listings are sold off the
market at a special discount; however, we still need and appreciate your
help with these ☺ ☺

Step 1: Signage
Go to the subject property and place a sign in the yard. All signs must be approved in
advance and must include the Fair Housing Logo. A rider identifying Matt Martin
Real Estate Management as the Asset Manager must be attached to the sign. (LOL- Lots of renter calls coming! and we will pay for these riders with our 2%!)

Step 4: Input into MLS
Input the subject property into the appropriate MLS that will provide the maximum exposure for the
property. Make sure the listing price is the approved listing price of $________. In the remarks
section, make sure the CLB advertises the selling points of the property.
Also, make sure the CLB displays MMREM’s contact information.
( IDX VIOLATION AND WHY WOULD THEY WANT BUYER CALLS? )
Make sure the CLB lists the property as “Exclusive
Agency” and NOT “Exclusive Right to Sell.” The CLB is the only Broker besides the BLB allowed to put the property in the MLS and a sign in the yard. In the event the CLB’s local MLS will not
allow the CLB to input the listing as an Exclusive Agency, the CLB may advertise as Exclusive right to sell as long as the CLB includes in the remarks that ALL Agents may advertise this listing.
The CLB SHOULD NOT advertise the property as a Foreclosure, Repo, or Re-Conveyance.
Acceptable terminology is HUD owned or HUD acquired. Always offer 3% to the buyer’s agent
commission.

CLB Marketing Tasks
Hold an Open House
The CLB may hold an Open House for the subject property at their discretion until
property is under contract. When complete, upload a copy of the attendance sheet as
a PDF in the MMREM Portal. The attendance sheet is located in the “shared
documents” section of the Broker Share Point. CLBs are graded by the number of
open houses, number of visitors, marketing dollars spent and presentation.
CLBs are NOT required to hold open houses. ( BUT WE ARE GRADED ON IT)
�� The open house must be advertised in local publications, websites, and, when available, through the local MLS. The CLB will need to take attendance and instruct all visitors to sign in and provide contact information. For agents, the CLB will need
to obtain their name, their company name, email, and phone number. For nonagents,the CLB will need to obtain their name, email, and phone number. (REALLY?)
After the open house, the CLB needs to clean up the house and leave it in the same condition
as before. Please take all trash out with the CLB including any food and lock the
door.
“We realize that the properties will not have utilities on, so if you decide to hold an open house, take a generator for some heat or A/C fans. Be Prepared!!” (LOL..LET ME LOAD UP THE 300 LB GENERATOR INTO MY CAR THAT IT WON'T FIT IN SO I CAN FIGURE OUT HOW TO HOOK IT INTO THE HOMES ELECTRICAL BOX FOR POWER ON A $65,000 HUD HOME THAT RUNS ON NATURAL GAS FOR A FEW HOURS!)

Marketing and Social Networking
�� CLB will be required to develop and utilize the following marketing
techniques:
�� Just Listed Cards (200 / Property)
�� Property Information Packages (PIPs) – Template on Share Point
�� Additional Web Marketing (ie. Craiglist, Realtor.com, Facebook, Twitter)
�� Virtual Tours (as applicable) – the BLB will have some templates on
their website, but if you have a virtual tour you would like to use, submit
a request to your BLB; who knows, you might create a best practice!
�� Homebuyer Seminars

CLB Marketing Tasks
Broker Training (Monthly)
The CLB has three (3) weeks to complete this task. The CLB should schedule this task
in their calendar once a month for the rest of the CLB’s tenure as an MMREM HUD
Broker. On a monthly basis, the CLB will be tasked to upload a copy of their
attendance sheet as a PDF. The CLB will be scored based on how many people
attend the training. The CLB will be graded on the number of attendees and
feedback from the attendee’s.
�� The CLB is instructed to conduct training and outreach to their local broker/agent
community. Training and Outreach activities are essential to successfully operating
as a HUD Broker. MMREM is committed to providing individual brokers/agents with a
variety of training programs to educate them on HUD initiatives and selling
processes.
�� MMREM provides a list of online trainings to assist in understanding of HUD sales
processes, obtaining a NAID number, 203b and 203k loans, and other pertinent
information as it relates to selling HUD homes. The CLB will be scored on the
number of attendees and feedback from the attendees.

Call Buyers Lender (As Needed)
The CLB has 48 hours to complete this task. When complete, fill out the buyer’s lender
form and submit. Please use complete sentences. The CLB will be scored on the
their response.
�� The CLB is instructed to call the buyer’s lender once written approval is attained from
the bank. This is done to expedite the process, and ensure a timely closing.
�� It is the CLB’s responsibility to advise BLB if there are any issues that would prohibit
the property from closing.
�� Continued communication with the buyer’s lender is paramount in insuring a
successful close

CLB Marketing Tasks
Number of Showings
The CLB has 24 hours to complete this task. Please complete the showing information
on the MMREM portal.
�� The CLB is instructed to let us know the number of showings on the subject property
as well as other sales in the market place. Please make any suggestions to MMREM
for price reductions to enhance the likelihood of an offer. We would like to know who
has been by the property specifically so please provide the name, number and email
of the agent or prospective purchasers the CLB take through.
“All this information helps us on our 30 day marketing review in terms of getting price
reductions, and in the market we are in (2010), price is a big determinant when selling homes.” (THANKS FOR LETTING ME KNOW PRICE IS IMPORTANT MMREM, NOW I KNOW WHAT I HAVE BEEN DOING WRONG ALL THESE YEARS.)

I just thought I would post some of the silly things they put out yesterday.
Have fun with it fellow REO Agents.
Posted by: super realtor

Re: New HUD Listing Brokers---Any Update? - 09/18/10 10:49 AM

WOW I told me business partner the other day what they are requesting on the residential side for REO and he had to pull off the road he was laughing so hard.

Not at the brokers/agents but the insanity of some of these companies.

I can see it now on the news.Local broker blows up house using generator while trying to bake cookies for buyers to look at the home.LOL

Many of these HUD properties are going to be bought by an investor.They don't care about any of that crap mentioned by MMREM.They care about location,price,and current condition that's all.

This reminds me of the days I was a store manager for Domino's pizza.I worked for a franchisee that owns 80 stores.Our stores make weekly sales from 12,000 to 18,000 a week.Corporate Dominos stores made about 8,000 a week if they were lucky.


I found out the reason as the corporate had all these BS procedures in their store.Their training manual and report log books were about 600 pages apiece.Our training manual was about 15 pages and we taught hands on.

The result was we were working on SERVICE and CREATING SALES instead of stuck in the back like corporate filling out a thousand reports to appease the power hungry office junkies.

Just like the government now is creating programs to monitor programs to monitor yet other programs.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 09/18/10 11:18 AM

Why yes, and not only are we to hold Open Houses, but we're also encouraged to hold Broker Open Houses & offer some incentive such as lunch or gift cards.

Are you kidding me? On a house that has no utilities turned on? Who would come? That's nasty -- no bathroom facilities, no water for handwashing . . . but we're supposed to serve lunch or have wine & cheese (wine & cheese are the big draws here) . . . I don't think so.

Yes, all this stuff is why I was so frustrated the other morning after attending the webinex.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 09/18/10 03:26 PM

As I read these requirements, I keep thinking that it is some sort of sarcasm or weird joke or maybe a nightmare. We will wake up and they will all be laughing and saying something like, "Oh, come ON! You didn't think we were serious now, did ya?"
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 09/18/10 04:38 PM

This is going to be the biggest cluster "F" for a long time. What ARE these people thinking? Somebody please tell me that Pemco, Ofori, and Hometelos are not this nuts.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/18/10 04:46 PM

LOL...I hope not for you! But MMREM is more like a FSBO that wants to pay nothing with an Exclusive agency and demand the world in performance.

We will not commit the resources required unless our HUD market share 75% or better. I won't lose money for MMREM to look good...Won't happen

Good luck to you!
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 09/18/10 11:18 PM

I got accepted by MMREM, it does seem to be more of an opportunity to run a very good buyer's agent team!
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 09/19/10 12:08 PM

PEMCO certainly sounds like the better player in this arena! I am looking forward to working with them.
Posted by: Grampa

Re: New HUD Listing Brokers---Any Update? - 09/20/10 06:00 AM

C/B did a group sign up of all their REO agents via Pemco. We are supposed to hear soon. (I Hope).
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 09/20/10 08:04 PM

Originally Posted By: BrokerMo
This is DIRECTLY from the MMREM release yesterday:

Commissions-(NOTICE NO MINIMUM)
The commissions for MMREM’s HUD M&M III will be as follows:
Total 6% Commission
�� Selling Broker = Up to 3% of Final Sales Price
�� CLB = Fixed 2% of Final Sales Price
�� BLB = Fixed 1% of Final Sales Price
Payment of Commissions:
�� BLB will be paid 3% at closing. BLB will ACH 2% commission to CLB.
�� The reason this is being done, is because in the past brokers had to wait a
few weeks sometimes to get a commission check. Through this process,
the BLB can get the CLB paid faster ☺


This is explicitly illegal in Texas unless MMREM has a broker's license, which I could not find. Licensed brokers can pay referral fees, but the money goes through the broker to the company receiving the referral. By being paid the full commission directly, MMREM will be paid a commission for performing brokerage activities without a broker's license. The excuse about having to wait a few weeks to get a check is absolute bull****.

There are many other items that they brought up in their webinar that are concerning to me. From having to provide accounting statements for advertising of each individual property (ridiculous) to the "suggestion" of having open houses at properties without power and running water (downright stupid) to illegal payment of commissions (above), I would not expect MMREM to last long. However, it is HUD so who knows.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 09/21/10 01:23 PM

Pemco is requiring their logo and rider on all signs, and we are not allowed to put our agent rider anywhere. I don't like this at all. And--of course, we have to pay for THEIR signs. Other than that, they do seem better than MMREM; glad I don't have to deal with them. Orfori-- I know nothing about their requirements yet. I have never heard of them until now.
Posted by: Carey

Re: New HUD Listing Brokers---Any Update? - 09/21/10 07:07 PM

I wonder if you can be accepted under more than one M and M? Anyone know?
Posted by: ech0es

Re: New HUD Listing Brokers---Any Update? - 09/22/10 07:01 AM

Originally Posted By: ky realtor
Pemco is requiring their logo and rider on all signs, and we are not allowed to put our agent rider anywhere. I don't like this at all. And--of course, we have to pay for THEIR signs. Other than that, they do seem better than MMREM; glad I don't have to deal with them. Orfori-- I know nothing about their requirements yet. I have never heard of them until now.


Pemco chose us and in their web conference they said that an Agen Name is not allowed, BUT ... besides the main company sign, they are OK with us having riders with only PHONE NUMBERS for the agents, but NOT the agents names because when you answer your private phone line listed you are going to be sort of the HUD Pemco representative ... that can only be allowed to be a rider with just a phone number in addition to the company sign (the company sign would obviously have to include the company name, Pemco rider, and LLB contact information together with a company phone line on the main sign that would go to the office for a live person to answer ... it can't just be an answering machine or an agent's phone number ... must be a main number for the company on the main LLB sign where buyers/agents can call and talk to an actual person and not an answering machine) ... I like that ...
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 09/22/10 12:18 PM

If you mean you can list for more than one M&M (AM) companys - the answer is yes. For instance, my state has 3 M&M (AM) companies and if accepted you can list for all 3.
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 09/22/10 08:02 PM

Originally Posted By: northtxbroker
[quote=BrokerMo]

This is explicitly illegal in Texas unless MMREM has a broker's license, which I could not find. Licensed brokers can pay referral fees, but the money goes through the broker to the company receiving the referral. By being paid the full commission directly, MMREM will be paid a commission for performing brokerage activities without a broker's license. The excuse about having to wait a few weeks to get a check is absolute bull****.{/quote]

MMREM has a broker's license. See http://www.dpor.virginia.gov/regulantloo...;lrn=0225197204

There's a licensed agent in VA named Matt Martin who affilated with Keller Williams. I wonder if this is his company. Hmmm
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 09/23/10 08:49 AM

Originally Posted By: seasaw
Originally Posted By: northtxbroker
[quote=BrokerMo]

This is explicitly illegal in Texas unless MMREM has a broker's license, which I could not find. Licensed brokers can pay referral fees, but the money goes through the broker to the company receiving the referral. By being paid the full commission directly, MMREM will be paid a commission for performing brokerage activities without a broker's license. The excuse about having to wait a few weeks to get a check is absolute bull****.{/quote]

MMREM has a broker's license. See http://www.dpor.virginia.gov/regulantloo...;lrn=0225197204

There's a licensed agent in VA named Matt Martin who affilated with Keller Williams. I wonder if this is his company. Hmmm

They do not have one in Texas. In order to get paid directly here, like they require, they have to have a broker's license in Texas. Getting a referral fee is not a problem, but they must be paid second. The money here has to flow through the Texas licensed broker to the referral agency and not the other way around.
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 09/23/10 09:23 AM

Are you saying that Matt Martin is taking a referral from the listing agent?
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 09/23/10 02:36 PM

MMREM is so far from reality, I can't actually believe my Government gave them this contract. These people know less about real estate sales and protocal than my 9 year old son.

Hello McFly????? Are you in there??
Posted by: realtorca

Re: New HUD Listing Brokers---Any Update? - 09/23/10 02:45 PM

It is his company.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 09/26/10 10:11 AM

I got on with MMREM and I'm in VA. I got 2 listings just last week. Whatever is going on with TX or any other state, I'm happy to be working. There is at least 3 other team leads that would love to get the work I'm getting. Face it, whether it works or not, I'm riding this wave till the end.
Posted by: Carey

Re: New HUD Listing Brokers---Any Update? - 09/29/10 03:43 PM

One of the Missouri HUD Brokers for MMREM told me that it is a blast system for REO's!!! Does anyone know if that is true?? That would be horrible!
Posted by: REO Agent NJ

Re: New HUD Listing Brokers---Any Update? - 09/29/10 06:35 PM

It is a blast system.
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 09/29/10 07:48 PM

Originally Posted By: NoVA Home Savers
I got on with MMREM and I'm in VA. I got 2 listings just last week. Whatever is going on with TX or any other state, I'm happy to be working. There is at least 3 other team leads that would love to get the work I'm getting. Face it, whether it works or not, I'm riding this wave till the end.


Congrats. I'm licensed in VA, MD, and DC. I haven't completed my application. An associate of mine did and got accepted. His comment to me was that he put a bunch of junk responses into the MMREM application and still got accepted!!!
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 09/30/10 01:04 PM

Wow...I don't think I would have done that considering Matt Martin started in VA.
Posted by: Don Price (Pine)

Re: New HUD Listing Brokers---Any Update? - 09/30/10 02:05 PM

If you know who, will someone message me who MM's counterpart is that is handling NC, please smile
Posted by: Carey

Re: New HUD Listing Brokers---Any Update? - 09/30/10 07:09 PM

I also heard MMREM is requiring a $69 program be taken in order to list with them. Anyone else hear this?
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 09/30/10 07:27 PM

I finished my application last night with MMREM. I received my acceptance e-mail this morning.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 09/30/10 08:03 PM

Yes, In the SOW and agreement on the registration page it says that you need to complete the HUD online training. It is through the CEshop. The nice thing is that it is approved by some states for CE credit. I also found that the info was helpful even after representing buyers for the last 5 years on HUD homes. It took me about 1.5 hours to do the class.
Posted by: Don Price (Pine)

Re: New HUD Listing Brokers---Any Update? - 10/01/10 01:43 AM

Welcome Mez, we look forward to your participation.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 10/01/10 09:01 AM

Thanks, I have been a regular visitor/reader fo the board for a little while and decided to throw my hat (comments) into the ring.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 10/08/10 03:59 PM

Seasaw, Have you got any clarification on this commission model? The training we went through also said they would send the commission form the BLB. They said the BLB is a licensed Broker in every state, however I could not find their company licensed. This would violate a number of our license laws of they collect the whole 3% then pay out the referral. It can go the reverse from the NLB to the BLB? Don't know why they are the onnly ones also getting a BLB fee. I have not seen Pemco or the other vendors taking this from the NLB.

Anyone have any further comments or advice?
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 10/09/10 04:49 PM

Heh, heh, received my first PEMCO HUD assignment last night.

Of course, it came in after hours on a Friday & is in the next county east of here, hehe.

Went over there this morning & inspected the property, took a buncha photos, then drove home & uploaded it all to the yardi site. It all worked well. Guess I'll have to check back on yardi to see if the inspection was approved - or if it's not, for some reason, maybe they'll e-mail me. Not sure on that.

Now I have the BPO to do . . .

Anybody else get assignments from PEMCO yet?
Posted by: NWABroker

Re: New HUD Listing Brokers---Any Update? - 10/09/10 04:59 PM

We've received a total of 29 assignments so far. Some from Pemco, HomeTelos and Matt Martin. It's been challenging learning all the different websites and nuances for each AM.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 10/09/10 05:02 PM

I'll bet! Things have been really slow to take off here, but we have not had that many HUD homes at a time in past years, so hard to say how busy we're going to be. I'm just happy to get started!
Posted by: RichardDD

Re: New HUD Listing Brokers---Any Update? - 10/10/10 07:10 AM

No listings yet but we were in the group after OK and AR so I expect something soon.

Does anyone think the foreclosure paperwork mess will also directly affect the HUD business?
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 10/10/10 08:04 AM

Just checked the HUD website and one of my 2 assignments is assigned by MMREM to an Akron, OH broker, not what it's supposed to be, right?

Already shot off an email to the AM, we shall see if I have a problem here.
Posted by: NWABroker

Re: New HUD Listing Brokers---Any Update? - 10/10/10 09:12 AM

We were the LLB for 12 counties in AR under M&M II, so we averaged about 160 properties at any given time. 3 AM companies handle our area and we were selected as an LLB for each - I don't know for sure if any other brokers were accepted in our area. Fortunately, we took our territory down to 4 counties--however, those 4 counties had 95% of the properties....
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 10/10/10 06:21 PM

I have 4 Hometelos and 2 Ofori HUDs and they are running me ragged. Initial inspections, routine inpspections, pre- sale inspections, visual tours, reports etc. Ofori isnt too bad so far. I am not complaining had part of this area before with HMBI and even though they didnt require all this the pay was well you know........
Posted by: Under_Contract

Re: New HUD Listing Brokers---Any Update? - 10/11/10 12:21 PM

I'm so far behind the eightball here. Where do I get the hud/pemco rider? What is the yardi p260 website address? There was no way I could listen to hour after hour of the webinar and now I am trying to find so online info to bring me up to speed
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 10/11/10 01:52 PM

Did you get actual acceptance letter from Ofori?
Did you have to take any training with Ofori?
Thanks
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 10/13/10 11:09 PM

My broker got some Oforis and some Hometelos listings which he distributed. I heard some agents got the Oforis from them directly--this is the way I thought it was supposed to work. I sent an email asking about my registration and got one on my own the next day. It has been really fun figuring out the different platforms and paperwork. I havent heard anything aobout anybody getting Matt Martin listings yet.
Posted by: Devenity

Re: New HUD Listing Brokers---Any Update? - 10/15/10 07:43 AM

Got an approval email from Ofori one day. and got an assignment the next day. Little confused with the system, however.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 10/15/10 01:20 PM

How long did it take for Ofori to approve your application?

I can't find anyone in my area that got approved with Ofori yet?

I have completed the first 4 assignments for MMRE, just waiting now for the listing.

The process is pretty simple and straight forward.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 10/15/10 01:34 PM

Any word on the Akron broker showing up as the broker on all listings? I looked at other areas and it seems to be a glitch in the system as listings in OH, Va and PA are showing under him. Not a bad way for him to get some leads :confused:
Posted by: MArealtor

Re: New HUD Listing Brokers---Any Update? - 10/15/10 11:03 PM

I applied with Oforio but never heard anything. Did Oforio REO list the broker chosen? Is there a site I can check this?
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 10/16/10 11:24 AM

I don't know of a site that lists their brokers. I have just talked to other brokerages and no one has told me they were approved by ofori. Hometelos cut off their application before I even knew it was open.
I think that Hometelos has the least number of "approved" brokers. Both MMREM and Ofori are still taking applications, and MMREM said they will continue to add more approved companies so they can weed out the non performing ones and in the end have the best ones.
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 10/18/10 06:40 PM

Originally Posted By: NoVA Home Savers
Just checked the HUD website and one of my 2 assignments is assigned by MMREM to an Akron, OH broker, not what it's supposed to be, right?

Already shot off an email to the AM, we shall see if I have a problem here.


Did you hear back?
Posted by: Devenity

Re: New HUD Listing Brokers---Any Update? - 10/18/10 09:12 PM

I received a reassignment in the Ofori system that was caused by a glitch in their system. Was told the first agent they assigned it to must not have completed the tasks on time and the system reassigned it but shouldn't have. Received a real assignment today and was told there were plenty of opportunities. BPO form looks super easy.
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 10/19/10 11:13 AM

MMREM is broadcasting REO assignments. Unreal!!
Posted by: RealityRealty

Re: New HUD Listing Brokers---Any Update? - 10/19/10 03:12 PM

Originally Posted By: MArealtor
I applied with Oforio but never heard anything. Did Oforio REO list the broker chosen? Is there a site I can check this?



I sent an email to the info on the website and a few days later received an answer that they had all my info and will assign if they have one.
Also searched the HUD homes, not one is with a listing agent, they all have the Asset Company as the contact.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 10/19/10 04:56 PM

[quote=seasaw]MMREM is broadcasting REO assignments. Unreal!![/quote]

We have been able to accept 6 assignments from MMREM in the last week. We have completed the inital inspections and BPO's. Now we wait for the listing! the AMRE person I have been dealing with has been very helpful so far as they get some of the kinks worked out.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 10/19/10 06:13 PM

I still can't figure it all out but caught another one today! Yes!
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 10/22/10 09:25 AM

In the HUD webinar they stated they are paying a minimum of $1250.00 per side.
As per the Master listing agreement set down by MMREM there is NO minimum, just 3% to selling broker and 2 % to listing broker.

I hope HUD doesn't expect too many sales in the under 40k range, I don't think agents will work for a few hundred on these plus pay all the overnite fees on paperwork and the broker split etc..

Good Luck MMREM, you can't expect agents to work for free!
Posted by: mbroker

Re: New HUD Listing Brokers---Any Update? - 10/26/10 10:09 AM

Is there a secret to being able to get the listings? Twice I've been less than 30 seconds, after receiving the notice from MMREM, to log in and the listings are gone!!
Posted by: papa lou

Re: New HUD Listing Brokers---Any Update? - 10/26/10 11:45 AM

I cannot believe that the listing are broadcasts to everyone. Like pigs at a trough. Amazing!!
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 10/26/10 07:02 PM

I missed one broadcast REO last week. I guess I need to purchase auto-accept software for their REO assignments. :p
Posted by: mbroker

Re: New HUD Listing Brokers---Any Update? - 10/26/10 08:44 PM

Please post if you find an auto acceptor that works with HUD emails. I wasn't able to find any.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 10/26/10 09:13 PM

oink, oink
Posted by: BPO Automation

Re: New HUD Listing Brokers---Any Update? - 10/28/10 01:19 PM

BPO Automation Group has an Auto-Accept for Matt Martin.

Just thought you wanted to know. It is being released on Monday Nov. 1st at the lastest and will be available as a standalone software application that is identical to the AutoAccepter software, but it will only house the auto-accept for Matt Martin.
Posted by: Eden Sir

Re: New HUD Listing Brokers---Any Update? - 10/28/10 02:55 PM

I think Ofori is only using the original HUD brokers? Anyone have any luck getting added?
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 10/28/10 03:04 PM

Originally Posted By: Eden Sir
I think Ofori is only using the original HUD brokers? Anyone have any luck getting added?


I've been added. I haven't received any assignments yet.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/01/10 08:37 AM

Anyone get an answer as to why all MMREM listings on HUDHOMESTORE are showing up under an Akron OH broker instead of the CLB? Seems weird that the other AM listings are showing under the agents that are putting them in the MLS.

I emailed and have not gotten a response yet. I know they are probably swampped with emails so I thought I would see if anyone here has an answer.
Posted by: bfisher88

Re: New HUD Listing Brokers---Any Update? - 11/01/10 02:02 PM

Apparently they made changes to MMREM so that this (Auto Accept) will not work and they "encourage their brokers to not purchase this software". He then informed me that anyone using an Auto Accept was inventive and efficient, which I found interesting.
Posted by: Clawson0073

Re: New HUD Listing Brokers---Any Update? - 11/01/10 02:35 PM

I just confirmed. MMREM has installed a captcha on the site, preventing auto accept software from working.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/01/10 03:56 PM

I am glad they set up the captcha, it levels the playing field. Now it is a race to accept the assignments and complete them on time.
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 11/01/10 05:17 PM

Originally Posted By: Clawson0073
I just confirmed. MMREM has installed a captcha on the site, preventing auto accept software from working.


Thanks. I was going to purchase the BPO Automation MMREM auto accept program.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 11/02/10 12:19 PM

I'll have you know I took that CEShop "mandatory" HUD training in September (2010) and the exam itself had flaws. Two of the questions - no matter what you answered, they would be wrong - they didn't have the correct answer on it to begin with. After my complaint, the president of The CEShop called to apologize and said the errors would be corrected for "future" students. Doesn't do the prior ones alot of good. Lord help us all.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 11/02/10 08:02 PM

I took that lovely little HUD training on 9/17 and there were two questions that I challenged The CEShop on the answers because ALL the answer choices were wrong. They agreed. President called and apologized and was thankful they could correct them for future students. So....duh! If you've taken the test before 9/17 - some of your answers are incorrect and you'll be in the dark on what you THINK you know and what you DON'T know. Sorry.............!
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 11/02/10 08:15 PM

[quote=BrokerMo]How can MMREM tell their brokers they get 2% while all the other LLB's through Pemco and the other market managers are getting 2.5%-3% and doing really the same work as the MMREM LLB's.

I am just waiting to see if they change the minimum HUD advised brokers they would get in the HUD webinar. $1250.00

[/quote]The Broad Listing Broker is pocketing the other 1% - my thoughts are "Are the BLB's affiliated with MMREM and receiving a kickback?" 'Course, they don't answer MY questions. VABroker
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/02/10 10:21 PM

Just got my first listing assigment and they only have 3% per side on a $8K listing. The email I got back stated HUD has not signed off on a minimum commission as of yet and when they do they will modify all affected listing agreements. I will still do my job and get it listed, otherwise risk losing other assignments. Already have had 3 calls on it since listed. Have to take a hit on this one as it barely pays for gas and the MMREM rider to get the others at this point. I know they are still working the details out, hopefully it will become profitable.

IS it weird or is only MMREM the one people are confused about the systems? Seems like no one really talks about anything like this with other AM???? Anyone know if other AM's have a minimum commission approved?
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 11/03/10 10:08 PM

Does anyone know if I would get email that assigment is available with Ofori or you have to log in and try to grab it ?
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 11/04/10 06:43 PM

I was able to grab one from MMREM last night.
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 11/04/10 07:42 PM

Originally Posted By: bfisher88
Apparently they made changes to MMREM so that this (Auto Accept) will not work and they "encourage their brokers to not purchase this software". He then informed me that anyone using an Auto Accept was inventive and efficient, which I found interesting.

That's interesting because I was told by them that they thought it was "unacceptable and unethical". Also, each agent is only allowed to have a certain number of properties before they aren't allowed to accept any more. I wasn't told what the number was, though.

I have serious reservations if MMREM is going to make it through their contract before getting fired, though. I'm also curious if agents are going to hold open houses and "bring a generator for power" like we were told to do. The way they've got their BLB and CLB agreements set up also seems to be in direct violation of what HUD has mandated.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/05/10 06:27 AM

I got a call last night from MMREM, a reassignment. It's nice to be liked...
Posted by: bfisher88

Re: New HUD Listing Brokers---Any Update? - 11/05/10 10:07 AM

Still nothing from them. Get emails saying something is available and no matter how fast I get there it is always gone. Pretty frustrating.

And yes I was shocked at the response I got as well. I still have the email!
Posted by: bfisher88

Re: New HUD Listing Brokers---Any Update? - 11/08/10 01:15 PM

Interesting, 5 orders were sent out at a time I happened to refresh the page. Accepted one within 5 seconds and by the time I went back to accept more they were all gone instantly.
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 11/10/10 09:39 AM

It appears Ofori is listing properties with no listing contract. They are saying they don't have them ready. Any advice?
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 11/10/10 11:40 AM

Yes, Don't break the law for them...They need to sign your listing agreement if theirs is not ready.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 11/10/10 03:51 PM

So far MMREM has been a real winner for HUD, they have managed to put up so many walls, make it so hard for a selling broker to contact them to ask questions, a field asset management company that wants buyers to send them $150.00 before they will approve a home inspection, ( To insure the home is re-winterized) that this first selling broker has advised us that they will bypass showing any HUD property in the future.

Great Job MMREM, you people have NO clue!
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/10/10 05:20 PM

I LOVE MMREM....they have given me 6 listings so far, called me yesterday to take 2 reassignments...bring it on!!
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/10/10 10:31 PM

MMREM and the FSM two separate companies. No matter what AM has a home the FSM will still ask for the fee. We have been workign with both MMREM and Ofori. MMREM has responded to our questions and Ofori has taken days to explain some of their systems. I guess there are pluses and minuses to each. Everyone will have growing pains on how to work within the new HUD M&M III agreements.
I think we will see some changes made to processes as we move forward. Remember that a lot of these companies are also working with the Rules that HUD created for the Entire Country.

I really can't complain about any of them at this time.
On a side note, I get at least 5 calls a day asking how to show HUD homes I have in the MLS. None of these agents are reading the listing. It is in it at 3 places. Then they go to the NHMSI site and say I can't find the home....So then I have to explain how I put the new site in the MLS comments....
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/11/10 05:52 AM

Mez...I hear you!

I thrilled to death with these new assignments. No outlay in the beginning for property preservation. Give me more...

The agents are clueless for sure. I've learned (the hard way) you can't use a copy of a key either, we have 4 key codes. So I put in the showing instructions in CAPS so they will understand that it's important. DON'T USE A COPY OF THE HUD KEY, ONLY ORIGINALS WORK EVERY TIME.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 11/11/10 08:11 PM

[quote=Metro Homes Team]Mez...I hear you!

I thrilled to death with these new assignments. No outlay in the beginning for property preservation. Give me more...

The agents are clueless for sure. Blame their brokers for that!!!!!! I've learned (the hard way) you can't use a copy of a key either, we have 4 key codes. So I put in the showing instructions in CAPS so they will understand that it's important. DON'T USE A COPY OF THE HUD KEY, ONLY ORIGINALS WORK EVERY TIME. [/quote] The agents are clueless and it is their brokers who are to blame. Wrong, wrong, wrong, wrong wrong.......
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 11/12/10 08:36 AM

Using the proper key is the least of the problems when it comes to clueless agents. The real problem comes when they have a client who wants to make an offer and the agent finds out their agency is not registered with HUD. If the broker is actually clueless and does not even have a NAID number, the clueless agent cannot make the offer.

Of course, the fix for that is for the agent to refer his/her client to me. They sure don't want to do that, because they do not want to share their commission.
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 11/12/10 07:44 PM

Nobody answered question I had above:
Does anyone know if I would get email that assigment is available with Ofori or you have to log in and try to grab it ?
Posted by: AmberS

Re: New HUD Listing Brokers---Any Update? - 11/13/10 11:15 PM

Ofori will send you an email and you have plenty of time to login and accept it.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/14/10 08:36 PM

Had the referral thing happen today! Got a HOT Hud property right on Capital Hill. Savvy agent called me first thing yesterday, suggested I put a lockbox nearby cause the agents are so clueless. Well, one called, said his client just loved it, no NAID#. Can I suggest one of my agents for a referral so they can make an offer? Sure thing...here ya go...
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 11/15/10 07:24 PM

Any brokers out there willing to share ideas about what they pay an agent per property? I am looking into having specifically trained agents conduct the initial inspection report, photo addendum, prelist inspection, preclose inspection, sign/lockbox install, MLS entry, etc. I want to pay them something fair but don't want to also over-compensate. I'm estimating the total time including driving to be roughly 10-20 hrs/property depending on location and any additional times the agent may have to revisit the property.
Posted by: RockHome

Re: New HUD Listing Brokers---Any Update? - 11/16/10 11:32 PM

Has anyone actually SOLD a HUD home with the new M&M companies? Curious, as each one of them seem to have something different or nothing on their website that indicates the process. And, has anyone found where they are keeping the stats at. Under the old websites, you could see rejected offers. Anyone find them?
Posted by: Clawson0073

Re: New HUD Listing Brokers---Any Update? - 11/17/10 07:27 AM

All bidding is done online at www.HUDHomestore.com
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/17/10 10:46 AM

I have not received any HUD listings so far, but a local agent called me yesterday and said some company contacted her to list one, and wanted an up front fee, plus wanted her credit card number. Anybody had this happen?
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 11/17/10 03:48 PM

Originally Posted By: VA REO Broker
Any brokers out there willing to share ideas about what they pay an agent per property? I am looking into having specifically trained agents conduct the initial inspection report, photo addendum, prelist inspection, preclose inspection, sign/lockbox install, MLS entry, etc. I want to pay them something fair but don't want to also over-compensate. I'm estimating the total time including driving to be roughly 10-20 hrs/property depending on location and any additional times the agent may have to revisit the property.

Most AMPs require the listing agent to personally do inspections.

It looks like you want to sub-contract with someone to do pretty much every thing except have their name on the listing and cash the check. You did not mention the valuation, so I assume that you plan to do that yourself, using photos taken by someone else.

How about paying them a percentage of your profit on the property at closing?
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 11/17/10 03:54 PM

Originally Posted By: ky realtor
I have not received any HUD listings so far, but a local agent called me yesterday and said some company contacted her to list one, and wanted an up front fee, plus wanted her credit card number. Anybody had this happen?

Danger, Will Robinson, danger! Sounds like a scam to me.

I do have a HUD listing through HomeTelos, and it did not require the giving of a credit card number. The listing is being worked through the HomeTracker website, and I don't remember paying HomeTracker anything to set up that account, either.
Posted by: Clawson0073

Re: New HUD Listing Brokers---Any Update? - 11/17/10 03:57 PM

MMREM requires you to take a HUD training class that has a fee attached to it. If that is not what they are talking about, then it is probably a scam.
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 11/17/10 03:59 PM

Good luck with that!
It will take them couple weeks before they realize they can bypass you and get more money doing same thing you do!
Best people to hire to do what you want to be done would be ex convicts!
Can you figure out why, if not I can answer that one for you , just let me know!
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 11/17/10 06:26 PM

Originally Posted By: RealBoots
Good luck with that!
It will take them couple weeks before they realize they can bypass you and get more money doing same thing you do!
Best people to hire to do what you want to be done would be ex convicts!
Can you figure out why, if not I can answer that one for you , just let me know!
Hey, RB! I'm guessing that you were actually responding to VA REO's post below, rather than to either of my comments.

Originally Posted By: VA REO Broker
Any brokers out there willing to share ideas about what they pay an agent per property? I am looking into having specifically trained agents conduct the initial inspection report, photo addendum, prelist inspection, preclose inspection, sign/lockbox install, MLS entry, etc. I want to pay them something fair but don't want to also over-compensate. I'm estimating the total time including driving to be roughly 10-20 hrs/property depending on location and any additional times the agent may have to revisit the property.


...and I agree with you, RealBoots. Give your hired help too many of the tasks and they will figure out how to get part of the action for themselves. If he cannot find ex-cons (and the crimes need to be felonies, not simply misdemeanors), he could assign tasks to non-licensed worker-bees. That would give him a few weeks' lead time before they managed to take classes and pass the licensure test.
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 11/17/10 07:11 PM

Ahem, my message was for [b]brokers[/b] who list HUD homes.

You're right RealBoots, too bad you are required to be a broker and also have experience in the REO industry along with insurance requirements, capacity to handle volume, strong balance sheet, etc.

Apparently you and LizL haven't heard of leveraging, which is one of the benefits of becoming a broker, having your own brokerage, and hiring agents. If I bring in business and give my agents the opportunity to make some extra money, then everyone benefits.

For any brokers who may have some helpful advice, feel free to PM me.
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 11/17/10 07:55 PM

It looks like you can't take hint.
Our office list HUD's and my managing broker had just happened in our office exactly what I tried to tell you up above.
HUD just gave listing agreements to agents who never ever sold REO in their life.
Girl who worked at our office took all of the knowledge we gave her and went with different agency who never dealt with REO's either and they are competing with us.
Also what you trying to do is illegal as you have to read few posts above that Most AMPs require the listing agent to personally do inspections.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 11/17/10 08:10 PM

Originally Posted By: Young REO Broker
Ahem, my message was for brokers who list HUD homes.

You're right RealBoots, too bad you are required to be a broker and also have experience in the REO industry along with insurance requirements, capacity to handle volume, strong balance sheet, etc.

Apparently you and LizL haven't heard of leveraging, which is one of the benefits of becoming a broker, having your own brokerage, and hiring agents. If I bring in business and give my agents the opportunity to make some extra money, then everyone benefits.

For any brokers who may have some helpful advice, feel free to PM me.


Now, now, Young REO broker. Don't go picking fights too soon. I'm not sure why you changed your log-on name from VA REO broker to Young REO broker, but you might think about changing it again and starting all over with a little less attitude. You are asking for help here, and many of us have legitimate experience. Good luck on getting the PMs. As RealBoots and I both pointed out, you are out of compliance with your MLA when you assign some of those tasks to underlings; but then you know that, don't you, if you actually do list REOs?

For the record, I am an REO agent, and there is NO WAY that I would answer your questions as they were posed, either in public or in PM, because I want to REMAIN an REO agent. You don't do that by defying the MLA. (For the benefit of non REO agents, MLA=Master Listing Agreement.) In spite of that, I DID respond fairly when I suggested giving the helping (managing?) agents a percentage of the profit on the listings. How that response caused you to come at me with both guns blazing is a mystery to me.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/17/10 09:04 PM

KY realtor: I would agree with the previous answers. None of the companies in Ohio "Charge" for listings.

So far the AM's in Ohio seem to be trying to figure out their systems and working with multiple brokers. The HUD MM III contract requires the AM's to give more brokers oppt'y to list HUD homes.

Another issue is HUDHOMESTORE still has some kinks.
An agent sent me a confirmation he received tonight and it gave him 2 of them, and one was for a property in Orange County, CA. Scary as it had the buyer info including SS#.

Also, there is no results page to see bids online, the site only notifies the Buyer's agent and the AM.
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 11/17/10 09:22 PM

I think I'm good with this one, but thanks for your concern =)

How is it out of compliance to assign a task to one of my experienced REO agents? Please tell me where in the MLA it specifically states this.

Maybe your MLA is different than mine because I just read mine and it does not mention anything about a requirement for me to complete every task myself. So what HUD companies are you currently working with?
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 11/17/10 09:25 PM

Originally Posted By: Young REO Broker
I think I'm good with this one, but thanks for your concern =)

How is it out of compliance to assign a task to one of my experienced REO agents? Please tell me where in the MLA it specifically states this.

Maybe your MLA is different than mine because I just read mine and it does not mention anything about a requirement for me to complete every task myself. So what HUD companies are you currently working with?

Sorry, dude. You've burned your bridges with me.
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 11/17/10 09:36 PM

That's cool, no hard feelings Liz. I'm sure you had good intentions even if they aren't right. I make mistakes too, that's why I asked. cheers
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/17/10 09:52 PM

yay
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/18/10 11:00 PM

continuing from my other post---this agent called me again and said they also want her to take air refresheners to the house, put a framed photo of the house IN the house, hold open houses, and do weekly inspections with reports. This is supposed to be a HUD home and she is talking to Hometelos. I want to know how you are supposed to do open houses without lights or heat? Weekly inspections? no, i don't think so. BTW, I got two today from Pemco. We'll see how that goes.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 11/20/10 10:42 AM

I have about 9 of these listed. Several with Hometelos and several with Ofori. I havent gotten any Matt Martin. I was jumping for joy when 4 of them sold last week. Now they have cancelled 2 of the contracts because the selling agent put more than 30 days to close. What the HECK???? I had heard they were talking about this but cant find where it was implemented. Agents are calling me constantly because of the new key deal. We are all confused about the "LOCAL" listing broker thing when they picked people who are not local.

Then there is the whole --how long is the bid period issue. The site lists some as 30 days for owner occupant. How many buyers can wait 30 days to find out if they got the house>?????

I just want to know the rules if I am going to play the game and with SOMEBODY ELSES MONEY AND LIFE.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/20/10 12:34 PM

realpam,
We have about 6 assets listed for an AM, which had 3 accepted bids, and 1 already canceled after they got notice their bid was accepted.
I have run into the same thing. What we were intially told is not the way things have worked.
1) IN and IE listings are O/O for 30 days with the initial bid opening after 10 days, then daily there after. (Some states may have different times for first bid opening)
2) Some AM's are posting different docs for the contract and have their own addendums. some have the appraisal posted some don't
3) The contact and process to turn on utilities is still up in the air.
4) No training for the other agents is currently available by any of the AM's and each has there own processes so what one may say is not what the other will do.

There should be a set number of days that HUD will allow for closing per state. Ours in Ohio is set at 45 days. Don't know what your state is.

However I have had been notified that some bids were accepted on IE, O/O homes after only 6 days on the market...I have been telling agents they have 10 days, talk about liabilty for us as Listing agents.
HUDHomestore also does not advise about the initial bid open date just the total time for O/O, ie 30 day countdown.
No sites that show status of bids and history are available for agents to check. When an offer is accepted on a house the listing just "disappears" from HUDHomestore.com

I did talk to a someone higher up at one of the AM's the other day and he did say that the process from MM II to the III has been less than smoothe. He also said that HUD has changed time frames and processes midstream causing them to try change their systems at the same time. Some assets have been transferred and then 3 weeks later HUD is accepting contracts under the old MM II agreement and the new AM's are not finding out until they have completed all the work to step 8.
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 11/20/10 12:55 PM

The mgmt companies are still trying to set up their systems and processes. There is a 10 day bidding period for insured properties, even though the HUD site says 30. The HUD site needs a lot of work, it doesn't even show when a property has an accepted offer on it like previous sites showed. Nor do listing brokers receive any notice that a property is no longer available in order to update the MLS. The 5 key thing is simply ridiculous. 5 keys really? What is the point, all it does is confuse selling brokers since there's only a 20% chance their previous HUD key works. Every selling agent that wants to show the property needs to pick up a set of new keys from the listing broker. Why not just use 1 key to make things easy. Each property has a diff key so you need to make like 20 sets of each key and do trial and error to see which key works. I'm sure these things will be fixed in the future, but for now it's a cluster****.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/20/10 03:25 PM

I had to pay $7.50 each to have master keys cut then paid for copies, of all five keys. Only to find out every listing I have so far still has the old hud lock. So far, everything is a mess. Now, on top of that, no online BPO's and inspections, i have to print everything from a form, scan and upload all documents, copy paste photos to a form, upload, geez, which takes double time. I haven't gotten to the bidding part yet. I am not sure it's going to be worth it. I cannot meet their 24-hour timeline, so i will probably get fired anyway. I am going to give it till the end of the year, then bow out if there's no improvements.
Posted by: papa lou

Re: New HUD Listing Brokers---Any Update? - 11/20/10 03:39 PM

Educate me.

I have my NAID No. so can bid/sell HUD homes. I have called and emailed the "local listing broker" on three different homes I want to preview before I show my client. No one agent responded. Is this because the listing agent wants to double pop the deal so he does not want to give other agents access? PEMCO insist the listing agent has the keys. I do not understand.

Does anyone have any insight?
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/20/10 06:44 PM

Originally Posted By: papa lou
Educate me.

I have my NAID No. so can bid/sell HUD homes. I have called and emailed the "local listing broker" on three different homes I want to preview before I show my client. No one agent responded. Is this because the listing agent wants to double pop the deal so he does not want to give other agents access? PEMCO insist the listing agent has the keys. I do not understand.

Does anyone have any insight?



Pemco has instructed me to put local board lockboxes on all listings. You might want to check and see if there is a lockbox. If it is on the hud website and the mls, it is available. If it is not on the website, it is not available to show yet. Have someone call the local agent and pose as a customer and see what happens.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/20/10 06:56 PM

Also, these may be go and show as we have here in Ohio. Agents may just not call you back to tell you. We don't require agents to set up appointments but they sign in when they show it.

PM Me if you are a listing agent and need more info on HUD keys.
Listing agents should be able to sell you sets of HUD keys for your market.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/20/10 07:12 PM

I had the same issue and found a simpiler system to the process that MMREM is using.
I had a PDF form created that I can save and also sign it with a PDF signature. Saves a lot of time.
Take all your photos first time out.
I created templates for each addendum that are already labeled and then I have a free software program that resizes all the images in about 6 seconds and can even add the date stamp.
If you need some more help let me know. I found out that the my total time to do the PIR form, and photo addednum and have them uploaded is usally less than 20 minutes. The BPO takes me a bit longer depending on MLS search for Comps. Maybe 30 minutes per BPO. Then the other inspection reports only take me about 15 minutes for each one.

I am now starting to get into the reports that they want after it enters contract. Some of the stuff they asked for intially just is not feasible within our license laws or liability wise. We also are still waiting on training materials that MMREM said they would provide along with a video.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 11/20/10 07:45 PM

What it means is that the poor listing agent is too busy inspecting, filling out forms, talking to agents about which key works and which key doesnt. I try to call the agents back but sometimes its just too much and I miss a call. Not to mention that some agents do no homework on their own at all and want a complete course from you while you are driving down the road. Most of the info is on HUD Homestore. Anything that isnt on there I dont know either because they keep changing the rules with no notice - nothing. I would say I am not complaining because I love selling HUD homes but hey, I am complaining because of the lack of information. I am sitting here right now doing 12 BPOs for HUD homes that agents in our firm did not do because they said to heck with this and quit.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 11/20/10 07:47 PM

our lock boxes cost $150 a pop and they CAN reassign these properties every 90 days so I am trying to get by with buying as few as possible until I see how this pans out.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/20/10 08:18 PM

WOW, Which AM is telling you to put lock boxes on? Per the HUD MM III contracts the FSM are the ones that are supposed to put these on and pay for them. I actually spoke to a a FSM guy here that they went out and bought hundreds of the supra lockboxes thinking this was what HUD wanted, and then HUD said they did NOT have to use them and could use one of the 5 key codes, so now they are waiting to see if HUD changes its mind again.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 11/20/10 08:26 PM

And the saga continues. The thing that is really upsetting is that this was #1 supposed to promote owner occupancy and the 30 day closing stuff and the cancelling of contracts and the long long (constantly changing) bid period is not promoting that at all.
#2 the "local" listing broker deal which their stringent requirements --no weekends off --24 hour turn around on everything-- crazy --the things they want us to do are not feasable for "local" listing brokers you have to have major resources to do all this stuff. The whole purpose of everything they said they were trying to do has been defeated.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/20/10 08:42 PM

I know that Ofori gives 2 days for the PIR and BPO. They also don't have all the manual paperwork as you enter the data directly into their systema and upload a few photos for each property. My guess is that we will all see changes on the CLB side as they figure out waht is actually required for the P260 system and they don't need all these photos etc.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/20/10 09:46 PM

AND the P260 has certain hours! i was working on a PIR today and it cut off. Seems that Saturday hours stop at 6 p.m.,and at 9 p.m. weeknights. I have never heard of a website with office hours! Bad for me, since I do all my paperwork late at night.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/20/10 09:53 PM

Originally Posted By: Mez
WOW, Which AM is telling you to put lock boxes on? Per the HUD MM III contracts the FSM are the ones that are supposed to put these on and pay for them. I actually spoke to a a FSM guy here that they went out and bought hundreds of the supra lockboxes thinking this was what HUD wanted, and then HUD said they did NOT have to use them and could use one of the 5 key codes, so now they are waiting to see if HUD changes its mind again.





Per Pemco instructions: The PCR will state the key code, but it may not be right, so take all five keys with you, plus the original HUD key, see which one works, then install a local lockbox.
Our BOR provides lockboxes, luckily, and they are compatable with my iphone.
I'll bet I get hit with a bunch of these on Thanksgiving weekend.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 11/21/10 08:35 AM

Originally Posted By: ky realtor
AND the P260 has certain hours! i was working on a PIR today and it cut off. Seems that Saturday hours stop at 6 p.m.,and at 9 p.m. weeknights. I have never heard of a website with office hours! Bad for me, since I do all my paperwork late at night.
Fannie Mae's Asset Management Network has hours, and it drives me NUTS! It shuts down every night for overnight processing. "Application is out of service" is the message that strikes fear in the heart of every agent trying to upload a BPO!
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/21/10 12:40 PM

Are we supposed to put a lockbox on these things? One of my agents told me that a few years ago in a HUD class, he recalls they were instructed NOT to put lockboxes.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/21/10 04:51 PM

Pemco said lockboxes.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/21/10 06:16 PM

I would check with the AM and the FSM, as this is a FSM requirement. If you put a lockbox on the FSM may remove it. The MM III contract does not state anywhere that the AM or listing agents should have a lockbox on it.

The intitial goal was to have a single electronic lockbox able to be used all over. However they found out that not all boards use a compatible system. So now the FSM's are waiting to find out if they will have to use lockboxes at all.

What purpose does a lockbox serve if the keys are the same? If I already have the keys then why would I mess around with a lockbox
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 11/21/10 08:06 PM

Originally Posted By: Mez
What purpose does a lockbox serve if the keys are the same? If I already have the keys then why would I mess around with a lockbox

You can honestly ask this question about any bank. Each bank I work with uses the same lockset on all of their listings. Plus, you can buy a set of keys that will cover 99% of all bank listings for about $20 on the internet. The only reason there is any security is that the lcokset codes are not public knowledge--at least to the general public.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/21/10 08:25 PM

I bought 5 set of keys for the 4 keycodes in my area at mfssupply.com...it cost me a total of $33. Why can't other broker's provide keys for their agents?
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/21/10 10:17 PM

Originally Posted By: Metro Homes Team
I bought 5 set of keys for the 4 keycodes in my area at mfssupply.com...it cost me a total of $33. Why can't other broker's provide keys for their agents?


thanks for the tip
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/21/10 10:44 PM

PM me, I know of a supplier that sells original one s for $1.00 per key + S/H. 50 keys (ten sets) were $57.35 total.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 11/22/10 11:33 AM

I started dealing with Ofori REO in early October. Have gotten 7 pre-listing inspections from them. 1 has shown up on HUDhomestore.com; but I have nothing; no listing agreement; no instructions for commissions, etc. And NO ONE will call me back. Anyone else???
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 11/22/10 02:07 PM

In reference to the keys and lockbox: I was told by HomeTelos that they still do not know which lockbox the PP is supposed to be using and to put my own lockbox on the house. HomeTelos did not even know which HUD key had been used. I have the house listed, and I used one of our local MLS-approved electronic boxes.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/22/10 05:52 PM

Originally Posted By: betts
I started dealing with Ofori REO in early October. Have gotten 7 pre-listing inspections from them. 1 has shown up on HUDhomestore.com; but I have nothing; no listing agreement; no instructions for commissions, etc. And NO ONE will call me back. Anyone else???


Hate to hear that, cause i got three from them today, and it looks like their reports are more user friendly, all online, no scanning, uploading, etc., like Pemco. But you are right, you can't call anybody, i tried. They didn't specify about the lockboxes.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/22/10 06:25 PM

Yep, Ofori never responded to emails on what exactly they want in their inspections. We sent them numerous emails. We completed the inspections 2 weeks ago and nothing since then.

They only looked at one photo and all the rest sit as "waiting for approval" No communication what so ever.

The first orders actually came out the blue and it was for a PIR/and ready to list inspections same day then a day later they had it on HUD home store and sent an email to put in MLS....Well without a listing agreement we could not do that. Then 3 days later tehy send an email saying to withdraw the listing from MLS.

Quick note, that we found out. You have to save our work then when you are all doen you have to hit save again and then it transmits, otherwise the work just sites there.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/22/10 09:42 PM

When I review the info, it does seem that MMREM has more on the ball than the other two.
Posted by: MArealtor

Re: New HUD Listing Brokers---Any Update? - 11/22/10 11:09 PM

I never heard back from Oforio. I guess I wasn't chosen as a broker. Did anyone get an email notifing you that you were not accepted as broker?
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 11/22/10 11:25 PM

1) I don't see any of the HUD brokers in my area with a 1-800 number which is required by the Mgmt co's. Is this something that brokers are getting? Any suggestions where to get a cheap 800 number that I can forward to my local number?

2) When a property is under contract, the only way for listing brokers to know this (that I'm aware of) is by checking to see if the property is no longer on Hudhomestore.com. As listing brokers, how are we supposed to know who the selling agent is and when the home is scheduled to close, so we can minimize problems and have some damage control? Don't get me wrong, it's great if HUD is handling all this, but I also want my listings to close. It would be nice to follow up with the selling agent, lender, appraiser, etc to ensure a smooth closing. Has anyone gotten to this point in the process yet? Has anyone closed a HUD listing and received compensation yet?


---
"Luck is when preparation meets opportunity"
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 11/23/10 06:30 AM

MArealtor,
I never received email from them either and did send some with questions about my profile in the beginning.
As long as you can login and see : My Properties, My Orders and Registration tab you are in as they confirmed it for me.
When are you going to get that first order, that is another question and matter of luck I guess!
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 11/23/10 06:34 AM

I've gotten 7 pre-listings from them. And one has shown up on hudhomestore.com. But I don't have enough info to put it in MLS. Seems I've talked to everyone in their Atlanta office. I think they got a little overwhelmed when HUD dumped everything on them. Hoping they get everything together soon.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/23/10 09:41 AM

I don't think I did get an acceptance email. I had to send them license and insurance info, then they called me last week and then out of the blue i got three pre-lists.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 11/23/10 10:32 AM

Let me know how everything progresses.
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 11/23/10 01:34 PM

ky realtor
You mean they told you to upload it to your profile?
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/23/10 07:31 PM

Had a great conversation with MMREM tonight regarding their Assignment Process after we have been noticing that a few brokers in our area have been using Autoaccept software. This was making it virtually impossible for any agent to log in and accept jobs.

MMREM will be updating their process and have a new way of assigning homes to its CLB's, probably by the end of the year.

They also are going to implement a "termination" clause in their assignments if any brokerage is caught using AutoAccept until the new systems is launched.

This will help level the playing field for all brokers and fulfill MMREM's goal of allowing agents that have never listed a HUD home to get a chance to build their business based on the quality of work they do.

I know this has afforded our Brokerage a great oppt'y as we were unable to get any other REO work due to lack of experience. Hopefully this will open the door to future business for many agents across the country.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 11/23/10 09:47 PM

Yeah MEZ...

MMREM already loves us because we are so fast at putting up our tasks. This is great news. Thanks for posting it.

I knew the blast system was not going to work.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 11/23/10 09:52 PM

I am wondering how many agents are not completing tasks within the given window? Have you heard of agents having issues witht he T/A times?

I know out of 22 assets we missed like 2 time frames on the PIR's by a few hours due to tech glitches.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/24/10 01:09 AM

Originally Posted By: RealBoots
ky realtor
You mean they told you to upload it to your profile?

Yes, i got an email instructing me to upload into something, now i don't remember.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/24/10 01:11 AM

Anybody that is working with Ofori, how do you upload photos? It (TenD) won't accept anything but application/pdf ??? it won't accept jpeg. I am at a loss as to what to do now.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 11/24/10 06:41 AM

You have to download their HUD Photo Upload Template. Then you insert the photos on that. Email me, I'll send it to you.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/24/10 11:32 AM

Originally Posted By: betts
You have to download their HUD Photo Upload Template. Then you insert the photos on that. Email me, I'll send it to you.


Thanks, i had the template, but just found out it had to be converted to pdf.
Posted by: Happy Realtor

Re: New HUD Listing Brokers---Any Update? - 11/25/10 12:41 AM

I use a free program called 'do pdf' I downloaded from
dopdf.com
It's great, you can convert word documents into pdf files very quickly and easily. Hope it works for you.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 11/26/10 11:42 AM

I used "cutepdf" and it works great. A tip i got from Ofori
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 11/27/10 12:22 PM

Noticed today that Ofori has some 15 properties on the market in my area which are showing up in www.hudhomestore.com but not on the MLS. Some of those homes have been listed 2 weeks. How do we show these?
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 11/27/10 03:03 PM

I have 2 that show on hudhomestore.org; however they haven't given me enough info to put it into our MLS. I've had to make sure our AE knows all this so I don't get fined by out MLS for holding out a listing. Gets sticky.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/03/10 08:54 PM

I would say those agents that are calling you, their broker would be partly to blame. Years ago, as a newbie, my broker never said anything until the day I wanted to show a HUD property and then having to do the contract on the internet. I wished all real estate contracts were that easy!
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/03/10 09:12 PM

[quote=RealBoots]MArealtor,
I never received email from them either and did send some with questions about my profile in the beginning.
As long as you can login and see : My Properties, My Orders and Registration tab you are in as they confirmed it for me.
When are you going to get that first order, that is another question and matter of luck I guess!

[/quote] I don't know - that's sounds ridiculous to me because it's seems there should have been some type of training - does anyone out there know if Oforio has training?
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 12/04/10 07:06 PM

Can someone answer a question for a newbie? Just got my 1st two HUD listings from Orfori. I have a HUD key. Where do I get extras to put in the lockboxes????
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 12/05/10 09:10 AM

Try mfssupply.com I'm actually providing them for the brokers that want to buy them from me.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 12/05/10 09:42 AM

Thank you. Just placed my order with you.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/07/10 08:37 AM

Has anybody submitted any offers on HUD homes since they changed? I am wondering about the commission on the contract. I know before we entered 5%. Now, if I am listing agent I can enter 6%, but what about if you are only the selling agent? How does this work now. Anybody know?
Posted by: wij304

Re: New HUD Listing Brokers---Any Update? - 12/07/10 11:14 AM

I am in Iowa and Best Assets is the marketing co.They pay 3% to the LA & 3% to the SA,with a $1250 minimum to both.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/07/10 04:03 PM

Yes, they pay 3 and 3, but I was asking about how to fill in the conract in regards to commission.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/07/10 04:52 PM

You have to put 3% under each category. HUD will not pay any more than 3% per side. The contract would probably be kicked back if you put the whole 6% under one side.

when you submit the bid online it will enter all the data for you on the commissions and do the math for you. Then once you submit it you cna print off the contract form the site and use that one to sign. It will save a lot of time and is a cleaner contract. There are a few things you have to edit in the contract but overall it is easier.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/07/10 05:13 PM

I did one for practice, and now i understand how they have done it. The selling broker (6a) can be changed, but they are now using the broad listing broker line as the llb commission and it is fixed. I was worried that some selling agent would leave out my commission!
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/10/10 09:21 PM

My first listing with HomeTelos is going under contract right now, so I'm just waiting to see how everything shakes out. Two glitches so far, that I know of, and both concern earnest money: The buyer's agent said there was no place to enter an EM amount when he filled out the online bid. The offer was accepted, and now the contract form has nothing for EM. The addenda discuss loss of EM if the buyer defaults, but loss of zero$ EM would not be much incentive to stay in contract.

Though the directions say where to send the mythical EM, they do not spefify that the check be certified. I'm pretty sure HUD is not going to go under contract with no earnest money or with EM in the form of a personal check.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/10/10 09:37 PM

My understanding is that the EMD has to be:
1) Certified funds payable to HUD equal to $500 or 1% of bid ma $2,000
2) Buyer deposits check with broker at time of offer and broker cuts a check from their Trust Account to HUD and send that in

Line 3 has the spot for the amount and the "held by" (in Ohio) is "HUD's Designated Closing Agent"

We have a few under contract within the last 2 weeks.

Our first one with Ofori accepted, however no one returned my calls on where to send the contract for 2P region....Anyone know where we send the contracts for this region? Atlanta or Conn.?
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/10/10 10:00 PM

" Under M&M3, the Earnest Money Policy has changed. Please be advised that the Earnest Money check must be in certified funds (cashier’s check or money order), made payable to HUD and remitted with the original contract. "

The above was taken from Pemco website. I assume it is all the same re Earnest Money

I think the EM is filled out automatically on the contract.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/10/10 10:07 PM

That was what I saw initially but then some of the AM's have in writing that Brokers can cut form their trust account.

I guess they feel that if a broker is cutting from a trust account the money is "Certified" as it better be in there.
Posted by: AmberS

Re: New HUD Listing Brokers---Any Update? - 12/11/10 09:53 AM

Have any of you read over the FSM Utility Request forms? If you haven't, I suggest you do. Most of them are requiring the selling broker to sign and one of them actually wants a credit application from the selling broker. One of them requires the selling broker add the FSM company as an additional insured on their GL policy. And almost all of them make the selling broker responsible for any damages that occur as a result of the utilities being turned on for the home inspection. I will not be signing these and don't see how the FSM can force a selling broker to do so. Anyone know anything about it?
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/11/10 01:56 PM

Originally Posted By: ky realtor
" Under M&M3, the Earnest Money Policy has changed. Please be advised that the Earnest Money check must be in certified funds (cashier’s check or money order), made payable to HUD and remitted with the original contract. "

The above was taken from Pemco website. I assume it is all the same re Earnest Money

I think the EM is filled out automatically on the contract.

My listing is through HomeTelos, instead of Pemco; and the instructions are different.I looked up one of the Pemco listings and saw the information about certified funds.

I did not make the offer on my listing, but the agent who made the offer said there was NO PLACE on the bid form to input EM (I realize that he could have missed it). An amount did not auto-populate or print on the contract. I have looked at all of the instructions he printed out and everything that was emailed to him, as well as everything that was with the property listing on Homestore; and there is nothing that says how much his EM should be.

He was up against the 48 hour deadline, and he was not able to get anyone on the phone (kept rolling to voicemail where he had already left a message). For now, here's the solution I gave him. Fill out everything (blue ink), put $500 EM in the EM blank, enclose a copy of an EM check, send the package to the appropriate address, and wait for the deficiency fax to come. That way, at least, his client's offer will not be tagged as "unresponsive." By Monday afternoon, he should know what it will take to get the paperwork in line with what HUD and HomeTelos want.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 12/11/10 03:01 PM

Has anybody heard anything about any HUD minimum yet? or are we as MMREM listing brokers actually really getting 2% on the cheap stuff as well, I know they are listing at 3% to the selling broker on cheap stuff and I am not sure that anyone is really trying to sell low dollar HUD properties.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/11/10 03:52 PM

It looks like the different MM3 contractors may have different commission schedules. More than one contractor works in Missouri.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/11/10 06:12 PM

the bid form on Hudhomestore.com has an automatic $1250 on both sides for commission if it is under the minimum
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/12/10 10:05 AM

When the bid is submitted HUDHOMESTORE will populate the $1,250 per side automatically.

FYI the split with MMREM/AMRE is the same 2/3rd's of the listing commission as CLB.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/12/10 10:14 AM

You are correct, and the fees also may vary for dewinterization.

The utility turn ons also require the buyer's agent to be ther ewhen they are turned on so that if there are issues such as "Leaks" it can be truned off before it actually causes damage. The other item is the utilties can only be on for a 3 days.
The credit app is to protect the FSM form eating NSF cheks from buyers or not getting paid for the dewinterizations.

Also, heads up to all buyer's agents in Cold Climates, you need to have heat on before the FSM will dewinterize it. We had this come up where the Gas Company, did not turn on as requested, FSM came out and would not dewinterize it even though Gas Company was coming out within the same day.

If you also read the Ofori addendums there is a part that says the Buyers' Brokerage is responsible for all costs of turning on utilities...I guess then the Buyer's brokerage has to get reimbursed from the buyer????

Stay Tuned, as I am sure more changes and problems will work through the system.
Posted by: JuveFan

Re: New HUD Listing Brokers---Any Update? - 12/13/10 01:28 PM

The new website hudhomestore.com seems no longer to post bid results or bid statistics. How do I know the winning bidder is truly offering the highest price?
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 12/13/10 08:43 PM

You dont and there are numerous complaints that they arent taking the highest --for whatever reason. They are also cancelling accepted bids on a whim. I had one listing that had accepted agreement and they cancelled becauase the agent put 45 days to close---which used to be the only correct answer. One asset manager still wants it to be 45 and the other wants it to be 30 --I heard today that one of them wants investors to close in 20 days. My question is "how is any of this promoting owner occupancy?" My other question is how do you sell these things when the rules change constantly and there is no notice or consistancy. Agents are starting to say they arent even going to show them due to the confusion.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 12/13/10 08:47 PM

In our area the answer to the EM question varies based on which asset manager it is. One of them actually told me the other day to keep it and take it to closing. I am not kidding. I know that that is not correct but if you dont do what they say the can cancel your contract but what they say depends on who is doing the talking ----I have been through 3 asset manager turnovers and this one is by far the most screwed up.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/14/10 08:51 AM

They have traditionally taken the highest NET offer. I have a buyer-agent that submits offers through me and we leave off his commission, so sometimes he will get an offer, not because it is the highest, but because it is the highest net offer. Also sometimes a buyer will ask for seller-paid closing costs, which is subtracted from the offer.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/14/10 11:46 AM

Boy - I'd want that in a hard-copy email for evidence - a phone conversation may not cover your butt.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/14/10 12:04 PM

Where is this FSM Utility Request form? Which AM is this with?

[quote=AmberS]Have any of you read over the FSM Utility Request forms? If you haven't, I suggest you do. Most of them are requiring the selling broker to sign and one of them actually wants a credit application from the selling broker. One of them requires the selling broker add the FSM company as an additional insured on their GL policy. And almost all of them make the selling broker responsible for any damages that occur as a result of the utilities being turned on for the home inspection. I will not be signing these and don't see how the FSM can force a selling broker to do so. Anyone know anything about it? [/quote]
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/14/10 12:25 PM

From my previous experience, it has always been the highest net. Buyer agent could adjust their commission to less to gain a buyer's edge for highest net to seller.

EM entry is on Line 3 of the Sales Contract. It is 1% of Purchase Price (with a minimum of $500, a maximum of $2,000).

MMREM instructions at homestore.com in one of the listings in Virginia says "buyers are to place their earnest money with their broker prior to bid acceptance; then the broker is to cut a check made payable to HUD for the Earnest Money from their own company's trust account." Assuming, which is a dangerous word, that the "then" is in the sentence means "after bid acceptance?" Or is it done at time of writing contract offer? What do you all think? Anyone know?

Then the signed Sales Contract, broker's check is mailed to an address in Fort Washington, PA.

I haven't checked to see if each listing has these instructions and if they are identical or if it's just for MMREM or if it's for other AM's as well - although it seems perhaps not from reading some of the recent posts.

Anybody have any aspirin?
Posted by: AmberS

Re: New HUD Listing Brokers---Any Update? - 12/14/10 11:39 PM

Its almost all of them. The ones I had the biggest issue with are Innotion, PKMG, A2Z, & A-Sons. The AM provided us copies of them.
Posted by: raices

Re: New HUD Listing Brokers---Any Update? - 12/15/10 04:24 AM

Reading thru the posts on this thread makes me wonder whether it is worth doing HUD Homes again either on the list side or the sales side. A credit app for dewinterization? Responsibility? Under the old system numerous systems with leaks were shown on the PCR as having been pressure tested and good. That continued for a long time. Would those preexisting damages now have the potential to become the responsibility of one of the agents?

In my state, there are clear regulations about earnest money. Before EM can be forfeited, certified letters need to be sent to both parties. Or if the parties don't agree to disposition, then a court can decide. The listing broker is responsible for EM. It is to be held in a broker's escrow account. It looks like HUD is ignoring state regulations about EM.
Posted by: PA Roadkill

Re: New HUD Listing Brokers---Any Update? - 12/15/10 04:47 AM

Originally Posted By: raices
Reading thru the posts on this thread makes me wonder whether it is worth doing HUD Homes again either on the list side or the sales side. A credit app for dewinterization? Responsibility? Under the old system numerous systems with leaks were shown on the PCR as having been pressure tested and good. That continued for a long time. Would those preexisting damages now have the potential to become the responsibility of one of the agents?

In my state, there are clear regulations about earnest money. Before EM can be forfeited, certified letters need to be sent to both parties. Or if the parties don't agree to disposition, then a court can decide. The listing broker is responsible for EM. It is to be held in a broker's escrow account. It looks like HUD is ignoring state regulations about EM.


Your EM questions kind of sparked an "aha" moment. Is it possible that HUD, being a federal agency, feels they do not have to follow state laws. It reminds me of Fannie not paying real estate transfer taxes because they are exempt as a quasi-federal agency.
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 12/15/10 10:13 AM

Originally Posted By: PA Roadkill
Your EM questions kind of sparked an "aha" moment. Is it possible that HUD, being a federal agency, feels they do not have to follow state laws. It reminds me of Fannie not paying real estate transfer taxes because they are exempt as a quasi-federal agency.

Actually, HUD doesn't have to follow state laws. They are a US Department with a seat on the President's cabinet. Their laws will trump state laws because they are federal. Fannie and Freddie, on the other hand, are completely different beasts and are not a legislative entity. They are supposedly private companies that are supposedly *only* government sponsored....
Posted by: PA Roadkill

Re: New HUD Listing Brokers---Any Update? - 12/15/10 11:58 AM

Like I said "quasi-federal". I understand the difference.

From the FNMA addendum page 5 Item 10(a) - Fannie Mae is a congressionally chartered corporation and is exempt from realty transfer taxes pursuant to 12 U.S.C 1723a(c)(2).
Posted by: northtxbroker

Re: New HUD Listing Brokers---Any Update? - 12/15/10 12:17 PM

I know. I was really poking fun at Fannie and their issues. Just didn't come across right in text.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 12/16/10 02:08 PM

Someone PLEASE tell me if you have had any luck with anything to do with Ofori??? I have a full price offer on a property, conditional acceptance, but now they say we can't have a signed contract until sometime after the 1st of the year because they don't have a closing agent in this area. Do you not think they knew that before they gave me the listings?????? And now no one will call me back. HELP.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/16/10 07:46 PM

What about their FSM - there is one, isn't there? I'd try there; otherwise, I'd just call HUD and b----!

I do alot of that....
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/16/10 09:20 PM

Ofori--On my listings "insured with escrow", nowhere does it show what the escrow items are. To get the special $100 downpayment loan, we have to know what the escrow items are; ekkk and no, you can't call them.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 12/17/10 05:47 AM

On hudhomestore, there should be a PCR under the addendum tab, but I have one that has no addendums.
Posted by: raices

Re: New HUD Listing Brokers---Any Update? - 12/17/10 07:47 AM

There should be at least three contacts: listing broker, Asset Manager and Field Service Manager. I would call AND e-mail each one of them with the specific question. If after two business days there is no response, then go directly to HUD. HUD can usually get quick results if anybody in the process is provide poor service. One of the advantages of having multiple vendors is that they know that they have to provide adequate service or else they can be replaced.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/17/10 08:37 AM

Ofori doesn't have a PCR, only a summary, and nothing that shows the escrow items. The lender cannot approve a loan without this information. Yes, I will call HUD if I have to. I am sure that will be a plus on my reputation with the asset managers!
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 12/17/10 09:09 AM

We have been having many of these same issues and questions in Virginia. The problem is that nobody wants to answer any of them. Everybody tells you its somebody else's job. I have one listing that is priced at half what it should be and another that is priced at twice what it should be. The one that is half has gotten me about 1,000 calls all from agents. They used a different HUD lock so nobody could get in. Then they cancelled the first 4 accepted bids one at a time. I never knew why the first time. The second time the agent put 40 days to close instead of 30 ---it has ALWAYS BEEN 45 and nowhere can we find where it has been made public knowledge that one asset manager has a different rule. Then they cancelled the 3rd one because the agent didnt know that if he overbid and was doing FHA that his clients could not do a new appraisal and would have to bring the difference in cash to closing. The 4th guy has been sellling HUDs for 20 years and missed a new addendum they added. When it does sell and Im gonna make about a grand. WHOOOO HOOOO. I used to love selling HUD houses.
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 12/17/10 09:19 AM

They will disclose the Escrow Items in the listing notification email.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 12/17/10 09:31 AM

Mine do.
Check 381-868698 on hudhomestore. The PCR shows up when you click the Addendums Tab.
Posted by: raices

Re: New HUD Listing Brokers---Any Update? - 12/17/10 10:18 AM

The new PCR appears to be the one page summary. It looks like all of them do that. Yeah, if you are a listing broker, calling HUD is probably the last resort.

At the big MM3 kickoff webinar, they said time to close would be 30 days, but I am hearing that some areas are still at 45. The old MM contractors had FAQ's that explained all of this. It is sad that a contract would be canceled because of somebody filling the wrong number of days - just have them do a correction. (I know - they want corrections done in 24 hours, but when they have a problem, like needing a closing agent, they can sit on a contract for weeks.)
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 12/17/10 10:30 AM

They didnt even give them a chance to correct it. Cancelled they called everybody ---nobody would stop it ---just cancelled and they can take a back up and not even let them rebid. This is not every time though just depends on who you get by the luck of the draw.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/17/10 11:24 AM

Ofori does give the Escorw items in the email of the Listing to the Listing agent. If the Addendum is not uploaded by Ofori then the agent should have this info.

Ofori told me the other day that they cancel "ALL" offers initally and then will reinstate the winning bid within 48hrs. I have no clue why and neither did the person at Ofori.

You can email in corrections if it is an addednum but the Contract page has to be original signatures.

Here in OH it is 45 days for closing.
So far the best one on getting answers from and communicating with agents is MMREM, even though a lot of agents complained about them earlier.

As for the Buyer's agent thinking he could get a new appraisal on a HUD home with a FHA Approved buyer, that is FHA 101 as lenders can not have a 2nd appraisal on FHA loans they MUST use the current one unless the underwriter finds that it is materially wrong or outdated (4 months).
Alsom if you overbid a property and are financing with FHA you have to show liquid funds available to the AM before they can accept the contract, that the buyer can come up with the extra cash for closing.
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 12/17/10 12:43 PM

If you don't see the escrow items in the email, then try looking on hudhomestore. It should disclose whether the property is insured, uninsured or insured w/ escrow (including the amount of repairs).

The reason they cancel all the bids is because if they don't, the system automatically only shows the first bid if it comes in at the asking price. They have to cancel the bids in order to see the rest that come in behind the first bid. Then they choose the highest net so ignore it if your bid gets cancelled shortly after submitting it.

Unless things have changed, FHA appraisals sticks with the property for 6 months.

I have never had any problems contacting Ofori and they have been the most responsive for me. I still don't see the value in paying AMRE 1% for each MMREM property. Maybe .5% or a flat fee, but they are not the ones out in the field responding to assignments within 24hrs.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/17/10 01:24 PM

FHA changed the timeframes this year on how long Appraisals are valid. They now are only good for 120 days. After that the AM can ask for a recertificatiojn if the buyer needs it.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 12/18/10 08:05 PM

I know that about only one FHA appraisal per case # but the other agent did not ---his argument was that they had 2 other offers he had placed in a one week timeframe for the listing price and he had of course checked that they could use them as a backup offer -----he had done everything to get the property. I heard today that the reason for one of the asset managers using the 30 day close thing is that they are getting the HUD attny to hold the escrow (per their proposal to HUD) and in some states that can only be for 30 days. Anyway my whole point is how complicated this all is and how hard it is to keep track of each ones rules and regs. I think it is putting off a lot of agents and potential buyers
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/19/10 02:44 PM

I agree I think some consolidation of the rules and process would be helpful to everyone. You will also find that each FSM charges differently so it is difficult for agents to give accurate info.

Also, if the utilities were not on during the appriasal the buyer will most likely have to get a certification letter from an approved source that checks tht the utilities are on and working. I don't know any underwriter that will approve the loan without having something in the file to back them up.

The best thing is we need to start letting the AM'S know of these issues and if things don't improve then start copying your local HOC on the emails. Change in anything government related seems to move slow. HUD's ultimate goal for MMIII was to improve sales times and reduce the number of fall outs.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 12/21/10 07:00 AM

Those are some really good points and a good strategy. I am going to do that. Sometimes the government gets lost in the trees looking for the forest. Guess we all do that from time to time lol.
Posted by: BrokerMo

Re: New HUD Listing Brokers---Any Update? - 12/21/10 07:55 AM

Is anyone else getting TONS of complaints from agents trying to sell HUD properties? After an agent gets one under contract they seem to be having a ton of barriers put up from these BRB's and FAS companies to closing.
Everyone ( Buyers & Agents) seem to be walking away from these HUD deals because of how hard they are to deal with after you get it under contract.
[b]In fact 100% have walked away so far![/b]We are also getting tons of complaints on how they are not worth trying to sell for 3% with all the crazy procedures.

I am worried that word is getting out NOT to attempt to sell HUD Homes in our area.

And our BRB has provided NO training materials for us to help agents negotiate the new system!!!!!!!!!

Also the homes that didn't sell under the old M&M 2 contract seem to be getting listed at up to 10-20% higher than they were when they didn't sell before!
Any Comments will help...Thanks
Posted by: JuveFan

Re: New HUD Listing Brokers---Any Update? - 12/21/10 11:16 AM

We just not bid on any of them and let them stay on market for some extended period of time. M&Ms are under pressure to sell HUD homes ASAP. I have noticed that HUD inventory is piling up sharply in many states and they can do nothing but reduce price.

As an investor, I don't bid on any HUD homes until their prices are reduced at least once. I generally don't show HUD homes to my clients, because, like BorkerMo said, most of them will simply walk away.

{Also the homes that didn't sell under the old M&M 2 contract seem to be getting listed at up to 10-20% higher than they were when they didn't sell before!
Any Comments will help...}
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/21/10 04:05 PM

Has anyone here actually closed one of these new HUD listings and gotten paid?
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/21/10 04:22 PM

We had a closing on the 13th through MMREM where we were the CLB. We got the ACH deposit yesterday .

We have 1 OFORI listing closing next week and have 5 scheduled for January.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 12/21/10 07:27 PM

That's good to hear Mez...got 2 MMREM's closing soon.
Posted by: bpoprincess

Re: New HUD Listing Brokers---Any Update? - 12/21/10 07:40 PM

Hud has hired only one Broker to list all of the homes in the LA area, this broker is listing over 50 homes a month, that is so ridiculous why doesn't hud share the wealth with more brokers?
Freaking assholes!
Posted by: JackREO

Re: New HUD Listing Brokers---Any Update? - 12/21/10 08:35 PM

Did you apply to HUD?
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 12/21/10 09:10 PM

bpoprincess,
There is really no need for this type of foul language.
Just because somebody else is making lots of money and not you!
I signed up and got accepted but no listings.
I see who is getting them and there are priorities set for people who applied.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/21/10 09:12 PM

Actually HUD has an Initiative under the new MM III that AM's use mutiple qualified brokers for areas "Spread the wealth" I would call the AM and find out how to be considered. They may have had applications already cut off, as I don't know who the AM's are for CA, also there is probabaly 3 different AM's for the state so try to get on all their lists.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/21/10 11:33 PM

They picked one office in my area to list that has never had a REO property, and has never sold a HUD home, so I don't know what criteria they used. This office is not putting the listings in the MLS I have noticed, and I don't know how they get by with that.
Posted by: Eden Sir

Re: New HUD Listing Brokers---Any Update? - 12/23/10 03:14 PM

My understanding is EMD is $500 if the purchase price is less than $50k and over $50k the EMD is $1000. All funds in cashiers check made payable to HUD but it sounds like the different AM companies are doing their own thing.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/23/10 05:00 PM

That is what I also am reading in each AM instructions as HOMETELOS requires $1,000 on all deals.

Other companies it is 1% minimum of $500.00 max of $2,000.

Some certified funds others will allow a trust account check.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/23/10 06:14 PM

Originally Posted By: Mez
That is what I also am reading in each AM instructions as HOMETELOS requires $1,000 on all deals.

Other companies it is 1% minimum of $500.00 max of $2,000.

Some certified funds others will allow a trust account check.

Mez: The following came directly from the contract instruction sheet sent out by HomeTelos: "Fill in the correct earnest money deposit of $500 (for an offer of $50,000 or less) or $1,000 (for an offer of $50,001 or more)." This is the sheet they send to the buyer's agent after an offer has been accepted.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/23/10 06:19 PM

I asked HomeTelos to send that instruction sheet to me, as the listing agent, so I could help the selling agent get his package together. They sent it to him, I believe, but he did not read it. I think we have now "powered through" getting this first one under contract, but it was trial and error. I sure hope the closing is not as bad.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/23/10 07:25 PM

Yeah some of their forms have the $500 and then others I have donwloaded for review had the $1,000. I guess we just need to make sure we read ALL the forms ALL the times and not take anything for granted.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/23/10 07:40 PM

Yes, Mez!

I think the key is to read that instruction sheet that they send AFTER they have accepted the offer, in case the rules have changed since they posted to the website.

We are, after all, aiming at a moving target! laugh
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 12/28/10 06:26 PM

Anyone else having issues grabbing MMREM blast listings? Even when I'm refreshing the site when the listings become available, I'm still unable to get them quickly enough. Almost seems like others are either using automated programs to get around the captcha or others are getting prior notification.

Anyone else seeing this?
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 12/28/10 07:12 PM

Originally Posted By: ColoREO
Anyone else having issues grabbing MMREM blast listings? Even when I'm refreshing the site when the listings become available, I'm still unable to get them quickly enough. Almost seems like others are either using automated programs to get around the captcha or others are getting prior notification.

Anyone else seeing this?


I've given up trying.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/28/10 07:50 PM

I don't know the exact answer to the blasts. I know I either was talking to someone there or I sent an email - a "[censored]" email versus a blast email, and, wham, two days later I was able to get an assignment via blast email. Was it luck? I've "missed" blast opportunitities also so I'll say it was coincidence.

I sometimes suspect they are sent out to email "groups", perhaps rotating, perhaps not. I do know you've got to be fast, really fast. If you get there and you have one typo - forget it - someone else is right behind you to grab it.

It's frustrating to say the least.

Did anyone receive from MMREM the "flash report" regarding toll-free number requirement? And let's not mention that you HAVE to mention MMREM's website in the message of the toll-free number if no one answers?
They also say they've received some complaints about CLBs not returning agents calls regarding their listed properties. Well I HOPE that these calls are being returned quickly - come on guys!
Then there's the supposed complaints from brokers that agents aren't "signing in" when they visit the property and that it's the CLB's fault and the CLB's problem!!! Well, if they aren't siging, how the heck do they know they were there firstly? And secondly, if they know an agent was there, they must have talked to them. Something doesn't sound right here....
Other than putting an electronic lockbox on (which eliminates some of the brokers who have a different electronic box so it would then be pointless 50% of the time) and getting ANOTHER key made for the box, I have put in my listing remarks to agents to CALL ME FIRST. That appears to work relatively well so far. At least I have some names and numbers versus adults who don't sign in when viewing the property.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/28/10 08:43 PM

The bottom line on all these crazy rules and requirements is that they get in the way of agents doing their jobs. Stop with the crazy micro-management and let us do what we do best!
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/28/10 10:16 PM

Originally Posted By: LizL
The bottom line on all these crazy rules and requirements is that they get in the way of agents doing their jobs. Stop with the crazy micro-management and let us do what we do best!



Exactly!!
Posted by: JuveFan

Re: New HUD Listing Brokers---Any Update? - 12/28/10 10:25 PM

Anybody know OFORI's EM requirements? I have a winning bid on one of their listings but could not find anything on the addendum page talking about EM. I knew Matt Martin has some crazy requirements like broker's check to HUD etc but what exactly Ofori is looking for regarding EM?

Thank you,
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 12/28/10 11:35 PM

Matt Martin called our office today and said that the agents are calling HIM and complaining about the lack of "keys". The problem is not keys, it's the copies that are floating out there, the agents that think they have them and find out when they get there that it doesn't work. Just a kink we worked out by putting a lockbox on new assignments. And we worked out the "sign-in" by have a showing service. If the agent doesn't have the key, we will provide them one, for a fee of course. I learned really fast that a lockbox and the showing service giving out the code to agents meant I was driving to the property again and again to replace the keys. Now they get a keycode and then if they still can't get in, they call my office for the code to the lockbox on the front door.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/28/10 11:44 PM

I have the local board's electronic box on the door, and I have not been giving out any codes except to out of area agents who cannot access the ebox. The ebox keeps track of who enters the house.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 12/29/10 07:13 PM

I am also using local electronic lockboxes on them now, and this seems to work better. With the exception of the out-of-town appraisers they are sending out who are not members. It seems like the appraisers should be required to be a member of the local MLS, like we are.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 12/29/10 07:18 PM

MMREM specifically asked for combos for that very reason. I've been putting them on all week.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 12/29/10 09:25 PM

No lock boxes being used in my area by anyone...yet....
Almost all the CLB's are selling keys to the agents so the agents can stop by and get a set.

As I know from experience the keys from REO lockboxes majically grow legs and run away. I know a few agents who take then out to give there buyers time to make an offer and delay others from seeing a house.

So for a info line on HUD homes do we only mention MMREM since we may be also working with other AM's??? Do you have a line for each AM?


Our board has also been getting calls asking why "matt martin" is not a member of the baord since he is advertising on signs.

As for the MMREM blasts, to my knowledge they still have not enforced their policy on brokers using auto capture. I have actually timed it from it coming on the site to being gone and it was less than 5 seconds.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 12/30/10 06:14 AM

I'm still not going to give out the combo lockbox code to realtors for the very reason you just stated Mez, keys grow legs. I'm going to put the lockboxes on the door and if the appraisers need it, give them the code.

I too am giving the realtors who call an opportunity to buy the key from me or mfssupply. It's working so far, we shall see.
Posted by: neudot

Re: New HUD Listing Brokers---Any Update? - 01/05/11 09:35 AM

How things have changed with HUD homes! I had a call this morning from a buyer asking about a particular home. Took me awhile to discover it is a HUD listing, so as I have my NAID number, I proceeded to check out the local HUDs. I thought the new system was supposed to be using local brokers?

Of the actives in my area, one broker is 67 miles; one is 121 miles, one is 80 miles. No one in my area is using electronic lockboxes. I called the broker for the one of particular interest. They tell me my old HUD keys should work.
Posted by: GAB

Re: New HUD Listing Brokers---Any Update? - 01/05/11 10:56 AM

I work with Ofori in Georgia, 2 of my listings gone under contract in December and till today I have no information about the sales contract. The other issue is couple on my assignment after I did the ready to list inspection they show up on their system in step 8 under contract. I get my listing update for new listing from the HUD home store?
Any one having the same problem?
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 01/06/11 09:43 AM

In reality, agents should be getting keys from their broker or at least the key codes from their broker to make their own key. I see no reason a broker should provide actual keys for competitors -it's a business, not a charitable event. I doubt Coke helps Pepsi sell Pepsi. The electronic lockboxes are good for knowing who has been to the property but we use two different lockboxes requiring two different electronic keys in the metro area - many agents don't have both keys but they should to serve their buyers well. A combo lockbox - far too easy to give the code to unauthorized persons (buyer-clients, friends, etc.). I've had enough buyer-clients ask for these combo codes so they won't be "bothering" me to measure rooms, etc., but I don't give it out b/c it's against the rules/regs. Making a buyer "happy" yet the potential to lose licensing is NOT worth it. A showing service - how many of us have called a showing service and didn't actually go to that particular property? If a key becomes missing and you're the last person who called the showing service but you didn't go, you could end up being the one who is accused of taking the key so it's best to call back to say you didn't go. On vacant properties, how many of us went at a different time than the "scheduled" time the showing service gave? So, if your time is 2pm but you went at 12 pm and Bob went at 2:30 pm instead of 11 am and he took the key - you're on the roster as having been the last person at the property! Regardless of the type of lockbox is used, the keys are being taken-whether a distressed sale or a regular sale. Those agents should be removed from real estate for interferring with commerce. Meeting an appraiser b/c they do not have access shouldn't be a problem - it's part of the real estate job - to get the transaction closed for buyer & seller. As listing agent, I prefer to meet with the appraiser to provide my data that supports the contract price; whereas, the buyer's agent should be there with supporting comp prices to assist their buyer in obtaining their goal also. It isn't just about sticking a sign in the yard, a listing in the MLS.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 01/06/11 10:21 AM

On the HPIR, Item 8, it is stated which key is being used for that property. It's just a matter of telling an agent they need that particular numbered key for that property.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 01/06/11 11:21 AM

Originally Posted By: VABroker
On the HPIR, Item 8, it is stated which key is being used for that property. It's just a matter of telling an agent they need that particular numbered key for that property.
What is HPIR?

We have a Matt Martin property locally that is listed by an agent over 100 miles away. He has not provided a lockbox of any sort. When agents call him for info, he just says "use the HUD key" and will not give any information about which of the four keys is actually used. That is fine for me, as I list for HomeTelos and have all of the keys, but it does not work for other agents. I honestly do not believe that the listing agent has ever been in the house or that he even knows what the code is.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 01/06/11 11:33 AM

Originally Posted By: VABroker
In reality, agents should be getting keys from their broker or at least the key codes from their broker to make their own key. I see no reason a broker should provide actual keys for competitors -it's a business, not a charitable event. I doubt Coke helps Pepsi sell Pepsi...


Brokers do not know the codes and, thus, cannot give them to their agents. Nowhere in the registration process are the brokers given a list of key codes. Yes, they could purchase a set, but most brokers who are registered with HUD so their agents can sell only (as opposed to list) have no experience with the world of REO or key codes.

The reason listing agents should provide keys is the MLS agreement and the cooperative standard specified in that agreement.

NOT providing standard access certainly violates the spirit of MLS agreements and probably the letter of the agreements. If you are not going to provide that access, do not put the listing in MLS.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 01/06/11 04:40 PM

So do you think that the agents should provide "free" keys to other agents so they can show HUD Homes? If that is the case then we should provide "free" ekeys when we use electronic lockboxes.
I know some brokers are turning the keys into a profit center, which I think is wrong.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 01/06/11 05:55 PM

Originally Posted By: Mez
So do you think that the agents should provide "free" keys to other agents so they can show HUD Homes? If that is the case then we should provide "free" ekeys when we use electronic lockboxes.
I know some brokers are turning the keys into a profit center, which I think is wrong.

No, I do not believe that listing agents should provide "free" keys. I do believe, however, that access to a HUD house should be via the same mechanism as access to every other listing in the local MLS.

If eboxes are standard in your MLS, the HUD houses should have eboxes. If dialboxes are the standard, HUD houses should have dialboxes. If your area maintains an old-fashioned keyboard where other agents come by to check out keys, then keys to the HUD houses should be on the board and available for check-out.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 01/06/11 06:20 PM

YES. I have 3 with preliminary acceptance.Sent the paperwork, then one showed back up on hudhomestore. Can't get anyone to call back. Then when someone did they told me that I did not have prelim acceptance!!!!! Excuse me.....very frustrating.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 01/06/11 09:20 PM

Problem is that a lot of HUD sales come from gents outside our board we have 4 different baords within a 30-45 minutes of each other. All agents should carry their own set of keys that way they can get in and no one has to worry about the keys missing form the lock boxes. Access may be standardized in your board but not here. We have all sorts of lock boxes,hidden keys, doors left unlocked for showings etc.

I do not see the big deal with notifying the agents that they need the keys ans them having to pay for them. If the baord was selling them with the ekey this would be the same.

I have not had problems here as all agents are notified that they need the set of HUD keys and to call me if they don't have them. We have dropped keys off at their office, mailed them at times, aand otherwise they stop by our office and pick up a set.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 01/06/11 09:23 PM

We also work with Ofori, though different office. When they accept an offer they email us notification with the buyer's agent and bid amount. We then have the email address and contact the agent to make sure they get the paper work in on time and correctly. So many issues with paperwork it is amazing the mistakes and ommissions that happen.

I feel that if we can help them complete paperwork correctly the first time it would be quicker sale and also avoid a lot of issues.
Posted by: super realtor

Re: New HUD Listing Brokers---Any Update? - 01/07/11 12:06 AM

What was wrong with the old system?? I loved it and worked great.

Now some politician goes and screws it up.
Posted by: mbroker

Re: New HUD Listing Brokers---Any Update? - 01/07/11 08:31 AM

I was getting HUD listings from Matt Martin and all of a sudden they stopped. I've called and emailed them several times no one can tell me what's going on. Anyone else have the same problem?? Soooo frustrating!
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 01/07/11 09:24 AM

Originally Posted By: Mez
...Access may be standardized in your board but not here. We have all sorts of lock boxes,hidden keys, doors left unlocked for showings etc.

I do not see the big deal with notifying the agents that they need the keys ans them having to pay for them. If the baord was selling them with the ekey this would be the same.

I have not had problems here as all agents are notified that they need the set of HUD keys and to call me if they don't have them....
Then you are providing accessibility that is similar to all houses in your area. That's all I am advocating. In my area, the Supra ebox is the standard. An agent who goes to show a HUD house is confronted with an entirely confounding situation, when it doesn't have a box. As soon as I list a HUD house, I put on the ebox and the dialbox (for inspector, appraiser, and out of area agents); but that is the same thing I do for all of my REOs.

Any agent who sells a HUD house is going to have to jump through additional hoops to get it under contract and through inspections, so why make them frustrated at the showing stage?
Posted by: FLBPOREALTOR

Re: New HUD Listing Brokers---Any Update? - 01/07/11 04:22 PM

I have an out of state buyer call me on a HUD listing. I am not the listing agent. The listing agent shows they are in IL not FL???

The property is 2K yes I said $2,000 What is the comission on this???? 3% - $60 is that right?? My admin fee is more than this.

Anyone know, please reply asap, as the buyer wants to put the offer in tongiht before the deadline.
Posted by: FLBPOREALTOR

Re: New HUD Listing Brokers---Any Update? - 01/07/11 04:23 PM

Oh and why would an IL agent have a FL listing?
Posted by: wij304

Re: New HUD Listing Brokers---Any Update? - 01/07/11 06:38 PM

HUD has the wrong listing agent on some of their listings. I am in Iowa and they had a Wisconsin broker as the LA on one of their Iowa listings.In Iowa Best Assets has a minimum of $1250 to the selling office.
Posted by: Utopia

Re: New HUD Listing Brokers---Any Update? - 01/07/11 09:52 PM

You are legally supposed to have a license to sell RE in the same state as the property. DO not cross the line!
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 01/10/11 07:47 PM

HPIR is HUD Property Inspection Report - It's the report the asset manager's Field Service Manager people complete when they inspect the property and then when you get the Initial PIR to do, you must compare the HPIR to the Initial PIR for any variances and note them.

That agent 100 miles away probably doesn't know there are different keys - you should ask him what the key number is - that'll throw him for a loop!
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 01/10/11 08:33 PM

Originally Posted By: VABroker
HPIR is HUD Property Inspection Report - It's the report the asset manager's Field Service Manager people complete when they inspect the property and then when you get the Initial PIR to do, you must compare the HPIR to the Initial PIR for any variances and note them.

That agent 100 miles away probably doesn't know there are different keys - you should ask him what the key number is - that'll throw him for a loop!
Thanks for the acronym translation!

The local agent did ask for the key cut code, at my suggestion; and the far-away listing agent claimed that he could not give out the code. Translation to that: He doesn't know it. I let the agent borrow my set of keys so he could show the house.

HUD houses without lockboxes get broken into regularly. The only way to keep that from happening is to provide appropriate access.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 01/11/11 08:15 AM

MMREM has a license to sell real estate in all of the states they were awarded. That's how their asset management company is named on the HUD-1 and they receive the commission. Any listings on HUD website is going to have an out of state broker's name where they are holding their license.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 01/11/11 07:22 PM

Just curious how would everyone rate their experiences with the new MM III process? Listing side and or Buyer side.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 01/11/11 09:20 PM

So far so good. I find MMREM very accessible and fair. I work very hard and we fulfill every one of their expectations and beyond. They reward us with listings we don't have to compete with. Can't say anything about the payment speed yet, still haven't gotten a check that closed on 12/30. It might be the holidays but...kinda anxious about it.
Posted by: REal Guy

Re: New HUD Listing Brokers---Any Update? - 01/25/11 09:11 AM

Where do you order the mmrem signs, I found the link on one of thier asset instruction pages but can not find the link on the website?
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 01/25/11 10:00 AM

I've been ordering them from www.ninosigns.com out of Dallas...prices seem reasonable and they arrive within 1-2 weeks.
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 01/25/11 07:52 PM

MMREM just set up a deal at Aztecsign, it was in their email tonight. The price seems better than what I found anywhere else but no idea on shipping as they don't tell you until order is placed. The price is $3-$3.50 for them.

Anyone else in Central OH we can order a larger quanity together and save shipping etc.?
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 01/26/11 03:10 PM

I have people in my area asking what ever happened to REO's having to have electronic lockboxes. Anybody have insight to this?
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 02/13/11 08:36 AM

Just got my first Ofori. The assignment was in a highrise condo building of 20 floors where they didn't give me the unit #. It took me a little bit to think about it but...I found it! The front desk of course is no help but that's ok...got in, took my pics and did the reports. BRING IT!
Posted by: BPOmaster

Re: New HUD Listing Brokers---Any Update? - 02/13/11 09:29 AM

What does Ofori pay for interiors ?
Posted by: NY Realtor

Re: New HUD Listing Brokers---Any Update? - 02/13/11 11:47 AM

Metro Homes Team,
I been approved in their system from August of 2010 but still have to land first assignment.
How long have you been signed up wit them?
Did you at any time inquire about assignments available?
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 02/18/11 02:01 PM

Not only do I have the nightmare of dealing with the Georgia people, we have no HUD closing agent for Western North Carolina. I have properties that have been "under contract" since December with no closing in sight. I think Ofori took on the HUD listings and had no idea how much work it was going to be. They seem overwhelmed and more lost than us.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 02/20/11 06:45 AM

Kapic..I watch the site every day. If I'm not getting assignments and people around me are, I smile and dial. I've had around 25 assignments since October till now. I've sold over half of them too. I LOVE HUD!
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 02/21/11 02:54 PM

Currently, there are only a handful of MLS that use electronic lockbox's in NC. I think it is something HUD didn't realize that electronic lockboxes are not utilized in all markets.
Posted by: anvean

Re: New HUD Listing Brokers---Any Update? - 02/21/11 03:08 PM

They named the 2 closing agents for western NC 1/15/11 and the closing agents started their role on 01/31/11.
Posted by: REal Guy

Re: New HUD Listing Brokers---Any Update? - 03/03/11 03:16 PM

I just did a MLS SCRUB on a property. What does that mean? They just ask if a property is listed or not, took 30 secs. I can't remember reading anything about that in the training?

thanks
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 03/03/11 03:33 PM

I just did one too...system said something about crediting me for completing the request. I don't know if these are paid or if they could lead to anything else but it does only take a few seconds.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 03/03/11 08:32 PM

This has nothing to do with HUD but with other work they are trying to obtain. They will be using the agents that help them so it looks like they are getting new work besides HUD.
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 03/14/11 01:52 PM

Did everyone with MMREM get the new listing agreements today for all of their active properties?

Looks like the agreement is now with MMREM and not AMRE. It also refers to us now as the Listing Broker rather than the Co-Listing Broker and looks like the commission may have increased to 3%. I've tried calling but the phones just ring.

Does anyone have any insight?

UPDATE - Found the announcement below on MMREM.com. Sounds like we got a raise!

03/04/2011
If a listed property has a ratified contract on or before 2/17/2011 then MMREM Co-Listing Brokers will receive 2% commission as they had been previously. If a contract is ratified on a property on or after 2/18/2011, MMREM listing broker will receive 3% commission. The exception to this will be special program properties as described in Disclosure 2 of the listing broker's Listing Addendum.

Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 03/15/11 07:09 PM

I just received that email a few minutes ago and mine reads:

New Commission Structure
If a property has a ratified contract on or before 2/17/2011 then the Co-Listing broker will receive 2% commission. If a contract is ratified on a property on or after 2/18/2011, the listing broker will receive 3% commission. The exception to this will be special program properties as stated below in Disclosure 2 of the Listing Addendum (copied below)

Each listing is an Exclusive Agency agreement between LB and the Seller, HUD, through the Asset Manager MMREM. An executed listing agreement and closing does not guarantee LB will receive a commission. Assets that are sold by HUD through special programs are not eligible for a commission payout to the listing agent. Examples of special programs include but are not limited to:
Good Neighbor Next Door
$1 programs
Asset Control Area properties
Transition assets from the previous HUD Marketing and Management contract (MMII)

It's back to me again. Now, they say co-listing broker but then they say listing broker to get 3%. Now, is that us or is that still the same thing as before - 3% to BLB, then 2% given to CLB. Either their words are carefully chosen or sloppily chosen because I can't distinguish anything new here. Also, any transition assets from the previous HUD MMII contracts - now does that include any and all properties that were NOT under contract at the time of transition? It makes it seem as though all properties that were listed previously will not be paid a commission to the CLB. Half the time they're either confused or making us confused!

What do you make of it?
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 03/15/11 08:58 PM

I agree that it appears a little confusing, but...if the commission is still 2% to the CLB, then there doesn't seem to be any reason for the update. Also, my most recent MLA and all of the listing addendums I received yesterday refer to me as the Listing Broker, not the Co-Listing Broker as they used to.

I may wind up being disappointed, but I think this reflects a commission increase for anyone working with MMREM. I have six under contract with them now with only one that's impacted by the effective date of 2/18. But...they didn't send updated listing addendums for any pending properties, only for the ones I have currently active.

Guess we'll see what happens.
Posted by: Reeltor

Re: New HUD Listing Brokers---Any Update? - 03/15/11 10:07 PM

Any brokers working with AMRE/MMREM....if so did you receive a listing agreement...did you list the home...receive a pending notification after 11 days on the market...see the transaction to close...jump through every hoop they asked and more...then are being told that the home was sold to the GNND program and you are not earning a commission...all after the fact... help me understand how this is fair? ethical? legal?
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 03/16/11 04:54 PM

We haven't had that specific situation, but we did have a property sent to us as a listing and then a few days later were asked to take it off the market as it had been selected for the GNND program. Even when they fall into this program, you're expected to continue with MMRs, Ready to Close tasks, and anything else they or the buyer's agent may need to get the transaction closed.

I can understand your frustration, but it seems like the only issue here was miscommunication by AMRE/MMREM. Not even sure if it would be their fault or if HUD didn't notify them of the property's status. With all of the new procedures and players involved, there have definitely been some glitches, but it is getting better.

We've also been asked to inspect from properties left over from M&MII and they're clear up front that there is no compensation for assisting with those properties. It's just part of the business.

I can't complain though...we're picking up a minimum of 10 new listings from them per month and each property takes less than 8 hours worth of work from assignment to closing. That's a tough hourly rate to beat.
Posted by: 12 step 4 BPOs?

Re: New HUD Listing Brokers---Any Update? - 03/17/11 08:16 AM

Anyone help clarify this? I sent a complaint to somebody at I guess BLB, but it should have gone to PEMCO. They are using an agent who is an hour or more away from the listing property. Long distance phone number, had it in the wrong MLS area (he didn't know....he isn't local). I was frustrated and sent an email. BLB called me back and talked to me and said nothing about getting it to PEMCO. However, while I was talking to her she told me how to apply with them. She then asked me if I worked for PEMCO, because an agent can only work with one of the companies. Later, however, when she forwarded my compliant (with my signature) to the listing agent, her email seemed to be from PEMCO. Any ideas?
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 03/17/11 11:58 AM

I had one property that when I received the initial instructions, I noticed it was on hudhomestore as available for non-profits, etc. When I received the instructions to list, it had changed to being offered to the general public.

I have to agree that I haven't received an updated listing agreement for each of the properties that qualifies, according to the email, and some of them are under contract. The bottom of the email stated: "REMINDER!!!!! Please be reminded to return your updated Listing Addendum for each assignment." Well, if they haven't sent one, then what? Although I'm like Fox Mulder and "trust no one", I have to say, you can't trust it until you actually see an updated agreement for each listing - and I haven't seen ANYTHING coming my way yet. I would like to see something retroactive to the beginning of the new asset managers. My thoughts are that it always seemed like they were double-dipping - getting paid to be the asset manager and then creating connections (themselves but in a different form as a BLB) and requiring 1% to the BLB. I have to wonder if the intent of HUD was the asset manager won a contract that says what they will get paid and the 6% commission was truly supposed to be for Selling and Listing Agent, but the asset manager created their own loophole to get some of the commission. Perhaps some brokers complained. If so, thank you so much!

When 12 Step 4 complains of agents listing properties far out, I can't blame you. It makes NO sense to list a property out of your local working area. Where I am, the local newspaper covers about 6-7 counties (we're kind of country here yet about an hour drive to the big city). I subscribe to the paper so I KNOW what's going on around my parts; but, how can an agent who's up in the big city area and it's a big city newspaper that doesn't even know we exist have a good knowledge of our area, the differences in the neighborhoods and the reasons for price variances, etc.? The asset manager needs to do a better job of deciphering areas brokers are choosing. When this first started, the asset man.'s office had CALLED me to take a listing b/c they didn't have anyone in a certain area. Heck, I didn't even recognize the town name so that tells you I didn't know the area. It was almost 2 hours away. They found an agent here to do it. I can see doing that in a pinch, but our newspaper doesn't cover that area. If something came up or the real estate board did an inquiry of some type, that agent would have alot of explaining to do! A couple of bucks commission is not worth the penalties and losing my license! But you get that behavior in regular transactions also. I haven't met a long-distant agent yet who was willing to meet a potential buyer at a listing. Every potential buyer I've heard from said the agent said to call an agent near the property. I'll admit I did that recently but I was helping a company in a pinch and things went smoothly, but I referred an agent from a company in that area to work with this company in the future. Too much driving and too much liability. Now I'm just rambling on....
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 03/17/11 12:32 PM

In Virginia, I know with everything I've read concerning my fiduciary duties/responsibilities - even if you don't get a dime - your fiduciary duties to your client come first - that's the almighty important thing to the r.e. board. Without mortgage lenders coooperation, that makes Short Sales dangerous in respects to commission - a perfect example where you could be working for zero dollars in the end.

The property that was first put to non-profits, etc., the listing agreement (co-listing addendum) is worded differently than the other ones I have rec'd. It said if HUD managed to sell it w/o CLB's help, CLB does not receive a commission. Well, if it weren't for my sign one day - after the property went public - a local gov't worker saw the sign and called me and I told him it was available to non-profits, etc. the week before. He said he never received any official notice. So, one wonders, if his agency had then contracted for it, would HUD (or, is it really the asset manager) have said I didn't "help" when it was MY sign that caused him to call intially? Everyone's got their hands into someone else's pockets, you know?
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 03/22/11 09:22 PM

It was my understanding when this started that HUD was now paying 3% list and 3% sale commission. It appears that if anyone was paying less than that, then something's not right.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 03/25/11 08:54 AM

Ky realtor - If you're from Kentucky, then you aren't dealing with MMREM as a management company. I believe I previously stated that I think they were basically trying to double-dip into the money. I can only hope someone complained and that's why their commission policy changed. What I don't understand is why it wasn't made retroactive to the beginning of their contract with HUD. There again, if no one complains, it just gets accepted by everyone as "that's how it's done" - even if it's really not. I think the nasty fear here is, if you complain, they'll cut you off from assignments.
Posted by: REal Guy

Re: New HUD Listing Brokers---Any Update? - 03/25/11 09:11 AM

is everyones mmrem portal down because they have to renew their domain name?
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 03/29/11 08:10 PM

Yeah - it was down. Emailed a couple of people at MMREM and it was back up pretty quick. I thought it was hilarious that a website domain name had expired!

Anyone get the latest Flash Report?
"Broker Negligence-
Please be advised that as a result of a broker fraudulently submitting a re-dated version of the RTL as the current RTC, the following actions items have taken place:

-The Broker is being terminated from the MMREM network.
-The Broker is being held responsible by MMREM for the vandalism damages due to the lack of the inspection for which MMREM is seeking full restitution.
-A complaint is being filed with the state real estate commission.
-A Request for HUD to seek a Limited Denial of Participation against this brokerage, suspending it from participating in FHA/HUD programs has been made.

Please understand that MMREM cannot tolerate such behavior and lack of professional responsibility."

Plus this one?"HUD Keys-
Please be advised that per notification directly from HUD, brokers are not to be publicly advertising HUD key codes on their website or any public communication medium. Additionally HUD keys are not to be sold at any cost. MMREM will have no choice but to pursue additional administrative actions as a result of any reported incidents."

Guess any brokers who had tons of keys made to sell can forget selling all those HUD keys they had made.
Posted by: REal Guy

Re: New HUD Listing Brokers---Any Update? - 03/31/11 01:22 PM

What does the rtl and rtc stand for?
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 03/31/11 02:45 PM

Ready to List.....Ready to Close
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 03/31/11 05:42 PM

I think it should be retroactive. Those people who are owed money should complain; I would.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 03/31/11 06:06 PM

RTL - Ready To List; RTC - Ready To Close.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 03/31/11 06:15 PM

MetroTeam - Why'd you change your handle?
Posted by: DougGreen

Re: New HUD Listing Brokers---Any Update? - 04/01/11 03:59 PM

HUD is a world of jargon . . . RTL=Ready To List and RTC=Ready To Close both of which describe types of inspections by the broker/agent.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 04/01/11 06:02 PM

Anyone else get the new portal with the scorecard from AMRE? My scorecard has to be wrong and it's full of bugs!
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 04/02/11 11:43 AM

yep, ours looks wrong also. BTW they do say only the closed files are scored. The one thing I noticed is that it shows (-) negative numbers instead of the 0-11 scores. I understand if something was a 0 but the - numbers really throw off the scores. I also don't understand the BPO scores coming into play when we have no control when they all of sudden accept low ball offers after we had finally got price reductions to our BPO values.
I am interested in the Marketing scores since we can't possibly do an Open House in the middle of a Winter with no heat or electric on, or scorching summer day without A/C on.

I think the webinar will shed some light on the system and it is not perfect out of the box. They at least are asking for feedback on the system.

This is a lot better than IRIS and also the move toward assigning listings is a DREAM COME TRUE.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 04/04/11 07:37 PM

I put that question of accepting low-ball offers on the webinar they had today and they said - here's the quote: "I haven't seen HUD grant any dramatic price reductions. It doesn't work the same as an REO would be handled."

I explained there was absolutely NO price reduction - supposedly HUD accepted this lowball offer (67% percent off the list price (on a property seriously worth at least $100-$125k) so they wanted the case number. True, it wasn't a "price reduction" approved by the powers that be - it was just a down and outright acceptance of a low bid when good business practice would have said to lower the danged price FIRST. When it comes to the net, it still shorts HUD and U.S. taxpayers of additional dollars they should have received for this property.

So, I asked in a case like that where the accepted offer is WAY below our BPO price, are we going to be penalized for that? I haven't received a response yet.

Plus, I asked WHY on some of the properties, some of our assignments are scored and yet on other properties, the same assignment ISN'T scored?

I do my first RTC PIR, I upload the report and then I email asking WHY did you send me a photo addendum? HOURS later (I love the lack of swiftness of their replies) I receive an answer back that it is to verify the property is in the same condition as listed and/or contracted for. Well, I tell her THAT'S in my report - that everything is the same as it was (said more professionally, of course) - I even typed two sentences at the end of the report - not just checkmarks on line items. That if there was ANY variance, I would have added photos out of common sense (I realize common sense isn't common though). Seems redundant if it's not necessary. It certainly doesn't "prove" that any broker actually went to the property. I don't know what everyone else is doing, but I actually GO to the property and do the inspections. Doing my 3rd RTC PIR on the same property b/c it keeps getting continued. I can at least say, under lie detector (which isn't admissible anyway), that I was THERE on THAT day and this was the condition of the property. What happens the 3 or 4 days between my report and closing - that's not my fault.

They need to sit down and write an actual manual for this stuff instead of piecing it here and there. Sifting through question after question in "training" to try to find an answer that doesn't exist. What's really fun is you can get two different answers to the same question from two different "contacts". So much for THAT training.

UGH!

On the new portal - they said it may be weeks or MONTHS before they get the kinks out so don't worry about crazy scores (unless they really gave you them before).

Seriously, how are we supposed to figure this crap out?
Posted by: Brandon48202

Re: New HUD Listing Brokers---Any Update? - 04/06/11 11:09 AM

I have a question for HUD brokers: Do NSP buyers have to wait for the investor period to put in an offer or can they put in an offer during the owner occupant period?
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 04/06/11 12:10 PM

NSP buyers are considered Owner Occupants, so the waiting period should not apply.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 04/08/11 05:59 PM

One of the brokers in my office had his settlements cancelled because of the gov shut down on his HUD listings...anybody else experiencing gov delays? This could get messy...


And for the curious on why I changed my handle...because I love HUD! I even changed my license plate to HUDLVR...
Posted by: RockHome

Re: New HUD Listing Brokers---Any Update? - 04/11/11 09:57 PM

This is going to get messy. I had 3 deals not close Thursday/Friday because of the STOP WORK ORDER. As of close of business this evening, no ok to close and I have 2 more that were suppose to close this week. So, five deals stuck and no one can tell me when they will be lifted and I have lenders extremely upset because locked rates expired!!
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 04/13/11 01:34 PM

Well, one of mine was to close yesterday (after 3 extensions already - I can't believe I'm going to have to do yet ANOTHER RTC PIR....sigh). Seems if the gov't is open, even temporarily, that transactions that were scheduled to close before the end of this week and are still able to close should close. So what are the government workers doing? Are they sitting around doing nothing in case there's another shut down? That's a whole 'nother forum.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 04/13/11 05:54 PM

DC & MD are closing just fine...
Posted by: Bamboo

Re: New HUD Listing Brokers---Any Update? - 04/19/11 01:09 PM

selling brokers/agents got the shaft by losing 5%. hud homes always sold without listing brokers/agents and always will without them, there is no incentive to sell them and the selling agents probably represented about 80% or more of the sales. listing brokers didn't bring anything to the table only a loss in commissions to agents. listing brokers in texas are keeping the commission in most cases and not sharing $ just leads.
Posted by: REal Guy

Re: New HUD Listing Brokers---Any Update? - 04/19/11 06:32 PM

I would love to know where you have recieved your data and information to come to a conclusion that listing brokers don't bring anything to the table. Do you even know the requirements that the AM Companies are requiring us to do on each property? If your number is correct that 80% of the sales are made by the listing broker, then obviously the listing agents are doing something correctly.
Posted by: Bamboo

Re: New HUD Listing Brokers---Any Update? - 04/20/11 09:07 AM

"selling agents probably represented about 80% or more of the sales."

not affiliated with any listing brokers is what i meant. HUD is a government entity and should be across the board fair. It isn't fair for listing brokers to put these homes on mls, signs in the yard, 3% when the bulk of sales never came from them. now thousands of agents that made the sale happen lost a huge portion of their commission in an unfair fashion. I loved it when it was 6% commission and nobody knew how to sell these, now these homes are unkept, vandalized, and sit vacant in neighborhoods. I would rather sell homes on homepath (cleaner for 3%) or even search mls for 5% commission homes than deal with the hassles and red tape that has been created with HUD homes.
Posted by: Young REO Broker

Re: New HUD Listing Brokers---Any Update? - 04/20/11 09:36 AM

[quote=Bamboo]"selling agents probably represented about 80% or more of the sales."

not affiliated with any listing brokers is what i meant. HUD is a government entity and should be across the board fair. It isn't fair for listing brokers to put these homes on mls, signs in the yard, 3% when the bulk of sales never came from them. now thousands of agents that made the sale happen lost a huge portion of their commission in an unfair fashion. I loved it when it was 6% commission and nobody knew how to sell these, now these homes are unkept, vandalized, and sit vacant in neighborhoods. I would rather sell homes on homepath (cleaner for 3%) or even search mls for 5% commission homes than deal with the hassles and red tape that has been created with HUD homes. [/quote]

Wow aren't you not practicing in the best interest of your buyers! You search for homes based on the access commission amount over 3%? I hope you're not the agent for any of my relatives in Houston.

The listing broker's job is to market and manage the property. If you haven't worked on the listing side of an REO, then you don't know what that entails. We are required to pay for marketing to generate more activity through buyers and selling agents. Hold monthly seminars to teach selling brokers, agents, and buyers how to sell/buy Hud homes, just to name a few. So sticking a sign in the yard and entering in the MLS is NOT an accurate picture of the work load required.

Bamboo - sounds like you are just venting since you don't get your 5% commission anymore. HUD had it's best quarter in history recently bc of the effectiveness of the new M&M structure so get used to it and sell these HUD homes!!!
Posted by: mva

Re: New HUD Listing Brokers---Any Update? - 04/25/11 05:32 PM

How do you get the Ofori photo template? I don't see it on the website anywhere.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 04/25/11 06:30 PM

Originally Posted By: Bamboo
selling brokers/agents got the shaft by losing 5%. hud homes always sold without listing brokers/agents and always will without them, there is no incentive to sell them and the selling agents probably represented about 80% or more of the sales. listing brokers didn't bring anything to the table only a loss in commissions to agents. listing brokers in texas are keeping the commission in most cases and not sharing $ just leads.
Where do you get the statistic that selling agents are losing 5%? Selling agents get 3% for HUD homes. Are you saying that selling agents USED to get 8%? That has not been true since I have been in real estate!

The incentive to sell a HUD home is the 3% commission (sometimes a minimum commission applies).

To say that a listing agent brings nothing to the table shows some ignorance on your part or maybe a chip on your shoulder. If you want part of the listing pie, belly up to the table and make an application to be a listing agent. I'm not even going to try to educate you about how complicated that will be or what your responsiblities will be as a listing agent, because I suspect that you are a troll or just picking a fight.
Posted by: PA Roadkill

Re: New HUD Listing Brokers---Any Update? - 04/26/11 04:52 AM

The old HUD program paid up to 5% to the selling agent. The listing agent was paid on a low bid basis, but generally no more than 1%. I knew one broker that had the contract for years at 1/2 of 1%, but they had a relatively small geographic area with a big concentration of properties. I knew another that had about 25 counties and he had it at 1%. Both in effect worked on HUD one day a week (usually Wednesday) making sure every property had been cleaned, trashed out, proper sign, etc. The selling part was all done on-line and the LB only had to show up at the closing.
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 04/26/11 08:07 AM

Email me. I'll send it to you. They had to email it to me.
bettyelay@yahoo.com
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 04/26/11 10:28 AM

Originally Posted By: PA Roadkill
The old HUD program paid up to 5% to the selling agent. The listing agent was paid on a low bid basis, but generally no more than 1%. I knew one broker that had the contract for years at 1/2 of 1%, but they had a relatively small geographic area with a big concentration of properties. I knew another that had about 25 counties and he had it at 1%. Both in effect worked on HUD one day a week (usually Wednesday) making sure every property had been cleaned, trashed out, proper sign, etc. The selling part was all done on-line and the LB only had to show up at the closing.

I remember the time when HUD houses did not have signs or lockboxes, and many did not show up in the local MLS. The buyer agent had to do everything, including locate a key. That is not the case now, however. Listing brokers have to provide typical listing services and MUCH more. One of the new requirements is that listing agents are required to provide training for other agents. HUD homes are more accessible and easier to sell than ever before. In the past, very few agents could tackle selling them.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 04/27/11 01:21 PM

grin

Yep, it used to be up to 5% to the selling agent - that was nice for the selling agent! Started out this round where the system automatically put in 3% to S/A but it was changed so the commission amount could be adjusted to have your buyer give a higher net to HUD - which I think is cool from a strategic standpoint.

And yeah, if you're choosing your buyers' properties based on YOUR commission instead of the buyers' requirements, you may find your butt in big trouble. Truth always gets out somehow. Course, I'm a watchdog and I'm watching some of the HUD sales - looking for fraud - buyers who claim to be "owner-occupied" and are really investors. I see that baby up for rent or for sale in quick turn-around time - yeah, I'm gonna notify someone at HUD.

Recently, I put a bid in for a buyer and he lost out by $6 (six dollars)! Count 'em - $6.00!!!! Ugh!!!!!!!

I agree that probably about 9 years ago, I went to a few HUD-owned properties for sale and they were in quite good shape - new paint, etc. - except there was no carpeting - which I suspect was part of escrow repairs. Now, I'm overjoyed if I have a HUD listing that's in decent shape. But there again, I had one and they GAVE it away. All they had to do was drop the price $40k or so, and it would have sold to an owner-occupied quickly and HUD would have netted twice the money. Of course, the buyer was an investor and got it for a song - only had to hum the words - didn't even have to sing! Shocking!

And yes, we DO work being HUD listing agents. I had to do a RTC PIR four times because closing was extended so many times. I tried to be creative in my picture-taking so the AM could see the photos weren't just duplicates and that I actually gone to the property each time. Luckily, on a number of them, I've encountered nosey neighbors (can't blame them) so I had witnesses (always try to get witnesses) besides my signature on the sign-in sheet.

The assignment notices appear to have slowed down. I went into the hud home store and there isn't much in my area that's available right now for sale. Hope that changes soon.

How's it in Ohio and North Carolina - anyone?
Posted by: betts

Re: New HUD Listing Brokers---Any Update? - 04/27/11 02:17 PM

Listing and selling a HUD property in NC is now a test of patience, religion, knowledge, and all those other words. Getting the listing has been the easy part. Dealing with the AM companies and the attorney offices have been the difficult parts. Had an AM company reject an offer because I put my cell phone number and they showed my office number as primary.
Posted by: Maryvale Queen

Re: New HUD Listing Brokers---Any Update? - 04/28/11 02:06 AM

I emailed HUD about listing HUD homes in Arizona. The guy that responded to me was diplomatic overall but he told me check back later after I get some experience selling HUD homes. I've never showed and sold a HUD home and I probably won't anytime in the future, so I have given up on listing HUD homes. That's okay; from what I hear from agents that have sold HUD homes to their buyers, it's a complicated and frustrating process.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 04/28/11 11:19 AM

Just gave my training last night to 3 agents! The sad thing is...agents want the sales or listings but they don't want to do the extra work needed to sell these little jewels. Keystone cops comes to mind...
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 05/05/11 10:24 AM

Originally Posted By: betts
Listing and selling a HUD property in NC is now a test of patience, religion, knowledge, and all those other words. Getting the listing has been the easy part. Dealing with the AM companies and the attorney offices have been the difficult parts. Had an AM company reject an offer because I put my cell phone number and they showed my office number as primary.


I might add to that---paperwork,paperwork, inspections, inspections,; Not much time left to get out and sell them!
Posted by: CALIF DREAMING

Re: New HUD Listing Brokers---Any Update? - 05/05/11 03:14 PM

Article on the serious REO Inventory at FHA



http://www.calculatedriskblog.com/2011/05/lawler-monthly-report-to-commissioner.html



Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 05/05/11 07:09 PM

Holy Moly...That's a huge increase!
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 05/11/11 08:04 PM

Amen to that
Posted by: Don Price (Pine)

Re: New HUD Listing Brokers---Any Update? - 05/12/11 01:41 PM

"Nothing in the world can take
the place of persistence.
Talent will not. Genius will not.
Education will not.
Persistence and determination
alone are omnipotent."

OK - perhaps I'll seriously attempt again to get in to HUD properties. Just not sure how many are around here. I guess if it pays - I would understand being a 'HUDLuvr' too wink
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 05/13/11 08:15 PM

Read the article - sounds shocking at first, but there's not enough data. Dates were the last year's MM had the contract and now at the change to a new MM system and stops short.

I would suspect if the inventory is growing, that the properties are not reaching the asset managers. Although I suspect one of the ploys of the asset manager may be to get the current stuff under contract before adding additional properties.

I mentioned in an earlier post that the assignments seem to have slowed down tremendously in my area (it's a large metro area). I've only seen one notification in nearly 3 weeks. That's a long time.

The closing agent we must use for HUD on the listing side - I have one transaction that's on its 50th day and the closing agent refuses to set a settlement date! What's with that? I should think the closing agent would have "rules" they have to follow in order to receive the work.

Frustating part is the asset manager says his hands are tied on trying to even GET a closing date. So, he suggested submitting an Early Close Form (ha, ha, ha)! This is NOT going to be an early closing if it even GETS to closing!
Posted by: NY Realtor

Re: New HUD Listing Brokers---Any Update? - 05/19/11 10:48 AM

How do you get the Ofori photo template?
Also is there a link for what needs to be done as far as inital listing and inspection reports?
Posted by: Alabama Homes

Re: New HUD Listing Brokers---Any Update? - 06/05/11 07:30 PM

Not sure I like the new way HUD is doing listings, In Alabama when hooks van homes had the listings we got 5% commission know only 3% with just as much work. I have one that's been going on for 75 days know.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 06/06/11 05:54 PM

Alabama...we listing brokers are not all sitting here chewing gum and collecting commission checks...I have to give a training every month, put keys and lockboxes on all my listings, signs, 200 just listed cards, follow up with buyer agents, etc. This gets more competitive prices for these little jewels they used to pay you guys 5% for. I realize that you have to get the buyers, submit the paperwork, turn on the utilities for inspections and babysit everybody till the deal gets done. Now, how is this YOU doing all the work to get this asset sold?
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 06/06/11 05:56 PM

Don...come on in the pool, water is FINE! And trust me, that slogan has served me very well.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 06/14/11 11:10 AM

Today I get an email that says since I took the course in 2008, I have to take the course again. Siiiggghhh.....the honeymoon between me and HUD is definitely over. But I'm taking the course...no question about that. Just don't like that I have to.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 06/19/11 06:50 PM

HUDLover, what course are you referring to? I'm one of the LLB's in this area for the asset mgmt company that I don't see much talked about here. Yes, I have to give a class once a month but I don't have to do the "just listed" send out cards. And I didn't have to take a HUD class.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 06/19/11 06:59 PM

Default School...the advanced evaluation module at a cost of $180. I ran into one of the big wigs for Matt Martin at a NAHREP luncheon. He said they were making all their brokers take it so they could market that to new business. Matt's not stopping at just HUD.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 06/19/11 09:18 PM

Ahhh! That makes sense. I don't work for MM (we couldn't figure out how we'd end up making money with them, based on their requirements).
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 06/20/11 08:03 PM

Just was told today there is no longer a minimum commission on HUD homes. Some still qualify others are just 3%.

We will now have some homes where the commissions will only be $600-700.

It look slike if the home was initially priced under the threshhold, then it qualfies, but offer $35K on a $43K property and it only calculates 3%.

No one informed us of the change. We had a signed contract hsow up today and it was less than the minimum listing commissions.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 06/20/11 09:47 PM

Mez~ If a property is deemed "hard to sell," there is a minumum of $1250 with HomeTelos. Not all low-priced properties are labeled "hard to sell."
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 06/20/11 10:08 PM

I heard that was coming, but I don't have anything in writing that says it. I'm bummed - in this area, so many of the HUD homes are low priced. And, whether HUD thinks so or not, most are hard to sell. They aren't in good enough shape for owner-occupants, and they're priced a bit high for investors at the present time. But they're under what you'd make the $1250 for.

I'm losing my motivation, considering the things you have to do that I hate -- i.e., conduct monthly agent training that only a few people come to. We don't have the volume of HUD homes here to keep interest high, and we don't have that many agents (especially not that many agents who will even show HUD homes).
Posted by: Mez

Re: New HUD Listing Brokers---Any Update? - 06/21/11 06:50 AM

Liz,
Has anyone defined Hard to sell? So if it is a FHA Insurable salea t $25K which we have a lot of here, then is that hard to sell or just 3%? IF they only start paying selling agents 3% on these then they will all become hard to sell.

The other thing is that when we were our butts off trying to get a proerty priced right, say its listed at $60K and true value would sell at $45K, then they accept an offer at $25K and we only make $700 for this sale because they never referred to our numerous MMR's and Price opinions.

We have numerous homes where it shows it as FHA insured, or INsured eligible, where since it was listed it has been stripped of copper etc, and HUD never adjusts the price accordinalgy.
Posted by: super realtor

Re: New HUD Listing Brokers---Any Update? - 06/21/11 12:12 PM

Yes I get requests all the time from local and out of state investors to purchase 30k listed homes for 20k that will rent for 600 a month etc.

They want to buy these and then put another 4 to 5k in to get them "rent ready".Not enough money in it for me to make it worth my while.

If you look at it for face value an investor will have to put in many offers before one gets accepted.Often times these investor buyers are out of the area so need intensive education of the area to feel comfortable buying.

So if you are the head broker and you get to keep it all then if you did 100 deals a year from making thousands of offers at 1,000 a closing you would make a whopping 100,000 (sarcasm).I know it seems like a lot but for the work involved to reach that would be peanuts for the payoff.

This is why if you can try to leverage yourself into a higher class of investor who is still buying distress but the properties and commission checks are much larger.Less paperwork and headaches,more free time,less operational costs,and more money.

I looked at the HUD model awhile back and decided not to apply for it.When I look at any niche or book of business I analyze the energy and cost expended for the expected return.If I feel I can do better elsewhere or it will take up too much of my time for a low return I won't add it to my existing income streams.

For those of you who are listing these how many are you closing on a month??
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 06/21/11 12:51 PM

Once we got some properties in the pipeline, we've been able to close 5-7 per month. Luckily, our average commission has been just under $5k, so it's worked well for us so far.
Posted by: super realtor

Re: New HUD Listing Brokers---Any Update? - 06/21/11 01:59 PM

That's great you are doing so well.

I guess it depends on the median price point of the area you are working as well.

A Hud home in California might be 200k and in Georgia be 40k.

It depends on the location as well.In Atlanta Hud's are selling for next to nothing 10k,20k but in nicer areas can go for over 100k.

So in some areas it looks like it works great and others it doesn't.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 06/21/11 03:17 PM

The HUD model has one HUGE, basic flaw in its assumptions: If only local listing brokers (LLBs) are creative enough, aggressive enough, and market houses the way the MMs tell them to market--the HUD houses will just fly off of the shelves.

In today's market, it really is not over the top marketing that sells. It is value that sells. Basic marketing--MLS exposure, appropriate photos, and a sign in the yard--is really the only thing that is needed when the price is right.

Smoke and mirrors will not sell to the current buyer who is internet savvy. Get it on the internet, and the buyers will find it. That part of it is not magic, and it's not rocket science.

The assumption that innovative, flashy marketing is what SELLS the house fast is flat out wrong. It's the price.
Posted by: mbrkr

Re: New HUD Listing Brokers---Any Update? - 06/21/11 04:41 PM

Lizl...if there was a 'like' button, I would use it. I couldn't agree more. The buyers out there today are savvy and use all means at their disposal to research the markets. Price is the bottom line!
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 06/21/11 05:29 PM

Thanks, mbrkr. Another basic assumption is insulting: If they don't tell us how to market, we won't succeed.

Just send me the listing agreement and then get out of my way. I want it sold as much as YOU do. Stop setting up hoops for me to jump through.
Posted by: seasaw

Re: New HUD Listing Brokers---Any Update? - 06/21/11 06:11 PM

Originally Posted By: HUDLover
Today I get an email that says since I took the course in 2008, I have to take the course again. Siiiggghhh.....the honeymoon between me and HUD is definitely over. But I'm taking the course...no question about that. Just don't like that I have to.


I'm not taking the Default School class over again. MMREM blasts REO assignments. I've never been able to get one based on their current method of assigning properties. They also want you to conduct monthly training as well. I'm not doing this with no assets in my inventory. I expect them to put me on their inactive list this month.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 06/22/11 01:17 PM

The Default School training wasn't too bad - took it maybe 10 days ago. Learned a thing or two but it all seems to kind of stem from appraisal training. But, some of the appraisals I've seen, the info didn't come from this class!

Oforio doesn't seem to require much of anything except the ability to breath. There's one property for sell and that agent isn't even a member of the MLS where it's located so it doesn't even get INTO the local MLS. Perhaps MM is trying to upstage them.

I want to know if MM has their hands (monetary referral-wise) in the RealFlyers and ExpressCopy and the video company. The videos are free but in order to make it compliant with the MLS, you have to PAY $10 to get your name and logo OFF the video!!! Geesh! The video is just a glorified slideshow which I already have a program for glorified slideshow - it's not a REAL video. The flyers - I made an exact duplicate so why do I have to pay for something I can make and have been making for years. The Just Listed cards - why would a company in their right mind send cards to the closest 200 homes to the property when, in my area, most of these properties are owned by owner-occupieds? When I send cards out, it's to reantal homes. All the people around the property just want someone to buy the danged thing and fix it up so it's not an eyesore. You market to people who DON'T own a home.

And we're all correct - it's price and value that sell a property - all the glittery stuff is just a 1/2 of 1 percent chance of finding the buyer.
Posted by: Chuck78

Re: New HUD Listing Brokers---Any Update? - 06/24/11 12:11 PM

We have not been able to get assignment from MMREM with the current blast system either. When the email to renew our Advanced Evaluation training was received I emailed back that we have not been able to catch an assignment and until we do I find that paying for training it just not a good investment. Five days later we were able to grab an assignment...strange how that worked.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 06/24/11 01:38 PM

I would really like to know what constitutes "hard to sell" We work for all 3 in our area. Matt Martin assets with the post cards etc. costs alot for a low priced property. Even if its listed higher it could end up selling for a fraction. Hometelos requires the most time and gas. Ofori is easier to work with but hard to get paperwork from. I just wish they would get a reality check. Overpricing and then panicing and giving them away is not good. These crazy old fashioned marketing techniques are out of line. The paperwork takes so much time you cant show them. They really need to lay off the weekend assignements so we can SELL them on the weekend.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 06/26/11 06:03 PM

I got my hand slapped with the notorious email: "This task was rated poorly for the following reason: Past 24 hour deadline." It was for the flyer. My response, "Who gives a crap?"

Will someone explain WHY we must send 200 Just Listed postcards to the homes around the property when 99% of those homes are owner-occupied? Doesn't it make sense to send to rentals? Beyond that, most HUD properties are purchased by investors b/c of their poor condition.

Slap my hand for complaining about illogical assignments.

Is anyone actually having an arm's length person showing up for their HUD training for buyers? Not people you know, friends, relatives, or co-workers, but actual people from the public who come to learn how to buy a HUD property?
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 06/28/11 03:31 PM

Word on the Flyers, Just Listed Cards and Virtual Tours. These can be done by anyone, including yourself (receipts not necessary). Just have to upload the photos of it per the instructions.

The dude tells me HUD thinks their properties are stigmatized (duh!). Somehow putting flyers in the property, sending postcards and doing a virtual tour, somehow, it's just not gonna come out right - no matter how many pretty bows you put on an ugly dog - it'll still be ugly. I'm gonna have to buy LOTS of colorful ribbon!
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 06/28/11 05:30 PM

Originally Posted By: realpam
I would really like to know what constitutes "hard to sell" ...
"Hard to sell" is a very strict guideline. I believe that one of the standards is that the property has to appraise for $30,000 or less. Regardless of what it eventually lists for or sells for or how many price reductions it receives, if the original appraisal is not low enough, it will not be classified as "Hard to sell."
Posted by: Loschi

Re: New HUD Listing Brokers---Any Update? - 07/07/11 09:33 PM

Post is deleted.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 07/19/11 07:10 AM

I have a M M that is so eaten with mold and mildew that I can barely go in. To top it off its a double wide in a rural location. It has no appliances and there are 3 different kinds of tape holding down the vinyl in the kitchen. I has exposed insulation and the heat pump clearly is damaged. We sold 4 in the area that were move in ready for under 50 grand on acreage. This one has 1 acre.

I recomended $30 6 months ago. They listed it at $75 with a $500 escrow. It sits and I do reports on it. Under these "new" changes I would have had to pay for flyers, just listed cards, and do a virtual tour ( which I did anyway back then for MLS ) Good thing its not smell a vision. It is not marked hard to sell. GREAT
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 07/21/11 10:08 AM

Does no one on here work for Pemco besides me? What do you guys think of them? I like them, more or less - am much happier to be working for them than Home Telos or MM, but am not totally happy. This monthly agent training and quarterly buyer outreach stuff is for the birds -- especially with low to no inventory.

It's not the AMs fault that everything has gone to 3% to the listing and 3% to the selling side, that's HUD's deal. I haven't given up on selling HUD homes, after all, someone will be selling them and it might as well be me, but I am running out of motivation. (And for me, the new rah-rah, let's make videos and have a contest to show our team spirit is a huge turn off.)
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 07/21/11 10:09 AM

Hmmm, somehow managed to duplicate my post - must be really, re-ally frustrated, eh? LOL
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 07/21/11 10:24 AM

I don't work with Pemco (trying to get on with them) but am working with MM and it's been great so far. Definitely a few bumps in the road early on and there are some quirky requirements, but it's been a positive experience for me.

We currently have 10 active and 21 under contract with MM so the volume for us has outweighed the costs and time required to meet some of the demands. For brokers with low volumes, I can understand why there would be some concerns/frustrations dealing with these.

I'm guessing volumes might be higher here than in some other areas. Most of the Pemco brokers are holding 40-60 properties in inventory at a time here.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 07/21/11 01:56 PM

I had 8 listings with Pemco to begin with, sold all those, now have 2 low priced houses listed with a nice, newer, larger home in pre-list. We just don't have the volume.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 07/21/11 07:06 PM

I don't think PEMCO is in VA but they sound just as fussy as MM.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 07/22/11 11:44 AM

Ok here is a new one. We hardly ever get Good Neighbor Next Door HUD homes. This week I got 2. Now we are hearing that they dont pay listing commission on them and the buyer has to pay the selling commission out of pocket. We dont know any of this for sure and I have googled and called and cant find out to save my life. Getting calls and cant answer. Dont know.... what the heck. Of course the asset managers will want us to PROMOTE this. I work for free how about you guys? I decided to sell HUD homes because there were no openings at the United Way.
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 07/22/11 02:51 PM

I've had a few of these since the beginning of the year, and you're correct about the commissions or lack thereof. Of probably five I've had so far, only one was purchased during the GNND period, a $175k condo which I was disappointed to lose. The others all would up being listed after the initial 7-day period with a normal commission structure.

It could vary by area, but I doubt many of these get picked up as GNND properties. Hope these convert into normal HUD listings for you so you can get paid.
Posted by: REal Guy

Re: New HUD Listing Brokers---Any Update? - 07/22/11 03:03 PM

I just recieved a score of 1 out of 5 because my pictures of my freaking flyers were not good enough. I sent them 12 different photos of the stupid flyers, at all different kind of angles, at my 5k listing, sitting on a piece of wood sticking out of the ground because there are no counter tops to sit them on, but that was not good enough. They could not read the FSM Sheet so I get a 1 star out of 5 stars. Really?
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 07/22/11 07:58 PM

Oh, too freaking funny! Perhaps they should have been in a stand or something; but, yeah, how the heck do they think you're gonna take a picture of the flyer BESIDE the sign-in sheet.

Does anyone know if those scores REALLY mean anything? I have some crap that's never been scored.

One of the "vendor managers" said he would call me at 1pm and didn't call until HOURS later - told him his score was "unsatisfactory" because his call was done outside the deadline.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 07/27/11 07:27 PM

Well, this just came out in an email today from MM:

"MLS Photos-
As it is almost August, please make sure you are updating MLS photos in which there is visible snow on the ground. Thank you"

What were they drinking for lunch today?
Posted by: CALIF DREAMING

Re: New HUD Listing Brokers---Any Update? - 08/01/11 04:59 PM

Read on another forum this morning that there will be a shakeup/reorganization type exercise coming real soon for all the management companies and brokers.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 08/02/11 09:09 AM

Well, this just came on the MM portal this morning...

"Refreshing this page will reset the timer and delay the check for new assets. Scripted bots, captcha readers and refresh utilities are being monitored. If a Broker is logged using any of these tools, you will be reported to MMREM."

- with a countdown from 10 to 1 "checking for new assets."

Any idea what's going on? Didn't receive any notification that they were changing things.

Came post to my post again!

Ah, man, this just sucks - the portal AUTOMATICALLY logs you out after 15 minutes!!!! This is unbelieveable. It's difficult enough catching an assignment and now - let's just put another roadblock in the way!!!



Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 08/02/11 09:43 AM

They suspended a number of accounts yesterday for brokers who were using auto captcha. Our office got caught in the dragnet, but we were able to get it resolved and get reinstated. Looks like they're cracking down...

I should clarify - through dumb luck, we were identified as using a captcha system but we are not and have never used any bot or captcha breaking software. We're legit and it was a misunderstanding on the AMs part.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 08/02/11 10:16 AM

It'd really be great to know what's going on...and it'd be great if they published the names of the violators!

Maybe an email will come out today....
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 08/03/11 08:32 AM

I checked it out, it's really kinda funny. It auto refreshes for you so you don't have to. So they built the "catch" into their software. Gotta hand it to MM, they are right on top of things!
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 08/03/11 09:22 AM

The new system works for me...picked up two new listings from them yesterday. I'm guessing though it's because some of the big competition may currently be suspended.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 08/03/11 01:22 PM

Good for you. You must have more eligible properties there b/c I'm not seeing much for action here these days. Course, I don't have every freaking zip code but enough close by that you'd think there'd be some action.

So, tell us, how does this new screen work - can you take us step by step?
Posted by: ColoREO

Re: New HUD Listing Brokers---Any Update? - 08/03/11 03:05 PM

We do have a decent volume of HUD properties here which makes it easier to pick them up.

The main screen is basically the same and shows how many properties are available. What's changed is the captcha. It's now much more difficult to read and consists of two words separated by a space. If you get the captcha right, you see the address as you did before.
Posted by: realpam

Re: New HUD Listing Brokers---Any Update? - 08/10/11 08:29 AM

So has everybody got their HUD home Open House kit together? I recommend Signs, banners, balloons, cookies, water bottles (it is 100 degrees), dust masks, coloring sheets for the the kiddies, and rose colored glasses for the prospective buyers. Dont forget your sign that says "No Public Restroom".
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 08/10/11 06:28 PM

Will somebody explain to me the difference or am I just having a senile moment? Just in from MM:

Please note the changes coming at www.amrebroker.com! You should have received an email from AMRE from the email address info@amrebroker.com with any listing tasks. Please whitelist this address so it does not go to your junk mail folder. In the same way you have been uploading your marketing tasks through amrebroker.com for the past few months, you will now upload your listing documents directly into AMRE's broker portal.

1. All listing tasks will now be completed in the www.amrebroker.com portal only. We will no longer be monitoring and scoring listing task uploads into IRIS.
2.PIR, BPO, RTL, RTC and MMR tasks will still be uploaded into IRIS for the short term.
3.Timelines for some tasks have changed. These timelines will be prominently displayed in www.amrebroker.com.


What are they referring to as "listing tasks"? I consider every step a listing task.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 08/13/11 07:26 PM

Will somebody explain to me the difference or am I just having a senile moment? Just in from MM:

Please note the changes coming at www.amrebroker.com! You should have received an email from AMRE from the email address info@amrebroker.com with any listing tasks. Please whitelist this address so it does not go to your junk mail folder. In the same way you have been uploading your marketing tasks through amrebroker.com for the past few months, you will now upload your listing documents directly into AMRE's broker portal.

1. All listing tasks will now be completed in the www.amrebroker.com portal only. We will no longer be monitoring and scoring listing task uploads into IRIS.
2.PIR, BPO, RTL, RTC and MMR tasks will still be uploaded into IRIS for the short term.
3.Timelines for some tasks have changed. These timelines will be prominently displayed in www.amrebroker.com.

What are they referring to as "listing tasks"? I consider every step a listing task.

Sorry about that - no one's giving me their opinion or interpretation. I think it's wonderful everyone else has it figured out, or, they're too embarrassed to ask. I'm neither and proud to say it.
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 08/14/11 10:04 AM

I'm not confused and I'm pretty sure my competition reads this forum, so I'm not going to elaborate. I will give you a tip, if you need help, contact training or see if there is a training video. The folks at AMRE have always been kind to me and helpful in every situation, even if they didn't answer the phone they answered emails.

Patience...they are growing and attracting new business and will work with the brokers that worked with them in their growing pains.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 08/16/11 08:28 PM

Can't a person have a brain fart once in awhile?

I didn't see the forest for the trees, but now I can see the sky.
Posted by: HUDpro

Re: New HUD Listing Brokers---Any Update? - 09/29/11 10:04 AM

I currently list with MM, HT, and Ofori and I was curious what everyone thought of their changing the MLS information to only list their websites? Meaning instead of telling brokers to go to HUDHomeStore.com, we have to tell them to go to HomeTelosFirst.com? I sort of fell like this is misleading to agents and consumers.
Posted by: RealBoots

Re: New HUD Listing Brokers---Any Update? - 09/29/11 10:56 AM

I wonder if new inspections every two weeks will apply for active and under contract properties?
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 09/29/11 08:15 PM

My thoughts on putting AMs websites on all the info (incl. MLS remarks) - I think it's a sham (sham not shame) for them to try to get more money off of our dollar - seriously - by getting free advertising and possibly trying to score a buyer. No different than when some of them were collecting 1/3 of the commission for no good reason except to fill pockets.

The bi-weekly inspections - I think it's kind of good in that numerous times I have found exterior doors unlocked and I don't know whether to blame FSMs for that - especially since a property was JUST put on the market to the public. Doing under contract inspections wouldn't be so bad if you could count on HUD's chosen closing agent to get them closed on time - but that's about a 50/50 shot in my area.
Posted by: HUDpro

Re: New HUD Listing Brokers---Any Update? - 10/05/11 04:33 PM

I sometimes wonder if HUD even knows some of the "shady" things the AM's and FSM's are doing. And on that note I wonder if the AM's check their listing brokers? There are other brokers in my area that usually list BOA properties for example that put BOA wording in their MLS remarks yet they are still assigned property.

I even showed a home today that was a Fannie Mae and the listing agent had their sign in the window, not the yard mind you, that said "HUD owned home" on the sign..

It's just frustrating that some of us try to play by the rules and let our work shine when it seems as if the AM's don't do anything to reward that sort of work.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 10/05/11 05:33 PM

Originally Posted By: HUDpro
I sometimes wonder if HUD even knows some of the "shady" things the AM's and FSM's are doing. And on that note I wonder if the AM's check their listing brokers? There are other brokers in my area that usually list BOA properties for example that put BOA wording in their MLS remarks yet they are still assigned property.

I even showed a home today that was a Fannie Mae and the listing agent had their sign in the window, not the yard mind you, that said "HUD owned home" on the sign..

It's just frustrating that some of us try to play by the rules and let our work shine when it seems as if the AM's don't do anything to reward that sort of work.


HUDpro~ I'm confused. ..."that put BOA wording in their MLS remarks yet they are still assigned property..." Are you saying that BofA listing brokers should not put BofA required wording into the MLS?

In the second paragraph are you complaning that it was Fannie Mae house with a HUD sign or that the sign was in the window? Or both? In any case, I did place my "yard" sign in the window of one of my listings, because the yard sign kept disappearing--often right away after it was placed. Guess who wanted to buy it? The next-door neighbor, that's who. Guess who I believe kept removing the "for sale" sign?
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 10/06/11 08:24 PM

Oh, I wouldn't doubt for a minute the neighbor stole the signs. After one property was 'stolen' from HUD, or, rather HUD gave it away for 2/3'rds it's price instead of LOWERING the price, an agent had the winning, low, real low ball bid on a nearly move-in property (I am still disgusted to this day that our tax dollars were given away to an investor agent). Anyway, MY sign frame, office sign and two riders suddenly went missing. I really doubt the neighbors took it because I'm as friendly as can be when I see them (and these neighbors I had talked to). I suspect the agent took the sign so no one else would see it and bid on the property. The property was in a cul-de-sac so it's not like a hit and run on a straight driving road.

Oh, by the way, I am TIRED of explaining HUD keys to agents - where the heck are their brokers to explain this stuff? Why can't they figure this stuff out? I certainly did years ago...but then I'm not from the new spoon-fed generation.
Posted by: ky realtor

Re: New HUD Listing Brokers---Any Update? - 10/23/11 04:28 PM

I put mls lockboxes on all of mine now; sooo much easier than explaining keys all the time. It's working for me
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 10/30/11 07:52 PM

Oh, my goodness...there's life out there! Hi ky realtor!

I switched to Shurlock combo locks. I'm located amongst at least three associations that use different lockboxes. Inevitably, an agent will either not have the HUD key(s) or not have the electronic key for my electronic lockboxes.

It's made life easier and I'm meeting so many more agents on the phone. Some great people out there!

Someone previously posted about the two-week inspection during contract and something else...yes, there's inspections even under contract. Heavens, one AM wants MMR's done even if the property is under contract. I guess that's how the government does it too? Work on something that will be out of date in 30 days or less, and even less likely to be used? Tax dollars 'at work'.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/15/11 02:10 PM

I try not to deal with Lawyers Advantage (HUD's closing agent) unless I REALLY have to - I'd rather deal with the buyer's closing agent.

Don't cha' think that no matter what you were calling about that they would have all information on the property filed under HUD's case number?

And, don't cha' think that when the county utility company for water & sewage refuses to give a HUD listing agent the last bill for the property (even at a zero balance) that Lawyers Advantage would call the utility company since THEY represent the seller (present owner) and it is the seller who must give clear title versus saying have the buyer's closing agent to try to obtain the information?

Don't cha' think it'd be nice to have Lawyers Advantage ACTUALLY represent the Seller in your transactions?
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 12/15/11 08:52 PM

Originally Posted By: VABroker

...THEY represent the seller (present owner) and it is the seller who must give clear title versus saying have the buyer's closing agent to try to obtain the information?

Don't cha' think it'd be nice to have Lawyers Advantage ACTUALLY represent the Seller in your transactions?

I feel the same way about REO title companies (invariably from some distant location) demanding that the listing agent provide 'clear title' info about HOAs.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/16/11 03:52 PM

I do the best I can with what the AMs require, but, when HUD's closing agent keeps pawning off what they should do or at least make an attempt to assist - it's just crazy. It's as though they want the buyer's closing agent to handle everything. I just don't know how they're able to keep having a HUD contract.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/19/11 07:10 PM

Is it just me...or...are other agents/brokers getting listings by the alphabet? My last slew all started with the same letter of the alphabet!
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 12/21/11 06:54 PM

Anyone have the new Ofori NLB Listing Broker Services Agreement? They seem to have emailed them out but forgot to put the Agreement with the email (it says "attached" but it really isn't). I emailed procurement twice plus his direct email address - no response.

If so, could you email me a copy please?
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 12/24/11 07:45 AM

VABroker-same thing happened to me-I pulled the old one from my profile, looked up what he was talking about and if I don't hear from him next week, I will comply with that copy.
Posted by: brokerblogger

Re: New HUD Listing Brokers---Any Update? - 01/13/12 04:27 PM

Anyone know why PEMCO hired new brokers for NC
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 01/17/12 06:40 PM

Ofori finally did get that new listing agreement sent out.
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 01/17/12 06:53 PM

Anyone in Virginia actually getting ALL the Addendums to a Ratified Contract? If not, please email your asset manager. If DPOR audits any of your files, they're going to ask to see the Addendums because it's stated right on the Contract "Other Addendum attached" and they make the buyer check that box off. You need to complain - that's the only way the AMs are gonna get their butts moving to correct this situation.

Are you REALLY getting the cancellation letters on Ratified Contracts? Please complain to your AM if you're not. Without a copy of the Cancellation Letter stating the contract is cancelled and giving the disposition of the earnest deposit, the contract in your file is STILL alive. Can't have two live contracts on one property.

If you're having problems such as these - you need to let your AM know.

MRIS is cracking down on the AM's rule that says we can't put 'foreclosure' anywhere on the MLS Listing. That little box that says "Foreclosure - Yes/No" - remember that little box? Apparently that goes against not giving a true picture even if you tell MRIS 'foreclosure' is a process not a noun!

Anybody realize that if a HUD bidder bids ABOVE the As-Is Value (FHA's appraisal price) and their own appraisal (VA, Conventional, Whatever) comes in lower than their offered sales price, they MUST pay the difference out of their own pocket? AM says they offered XYZ and we WANT XYZ from the buyer! There is NO financing contingency on the HUD contract.

Share YOUR sudden surprizes...and let you AM know these things need fixing or your license could revoked/suspended!
Posted by: 1thingCoach

Re: New HUD Listing Brokers---Any Update? - 04/25/12 06:22 AM

Anybody out there noticing that a lot of the new inventory that is coming on the market was serviced by BofA. I smell a flood of inventory...finally!
Posted by: Avoid The F Word

Re: New HUD Listing Brokers---Any Update? - 04/29/12 09:32 AM

Originally Posted By: HUDLover
Anybody out there noticing that a lot of the new inventory that is coming on the market was serviced by BofA. I smell a flood of inventory...finally!
I know that the majority of info we've been getting from BLB was serviced by B of A. I hope the influx of inventory continues smile.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 09/03/12 07:18 PM

Yes, I'm getting listings with BofA being the servicer. I sure hope the title issues really are settled.
Posted by: johnnyloans

Re: New HUD Listing Brokers---Any Update? - 05/21/13 02:42 PM

The HUD thread has been quiet too long. No New News?
Posted by: midgarealtor

Re: New HUD Listing Brokers---Any Update? - 03/22/15 04:24 AM

I am completely new to this site, but can you tell me what you have to do to become a listing broker through HUD? I mean I have sent in my request but that was 2 years ago. Is there a trick to the trade per say? Or what am I doing wrong?
Posted by: VABroker

Re: New HUD Listing Brokers---Any Update? - 03/24/15 02:19 PM

Start reading from Page 1 of this thread all the way through to Page 33 or the end.
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 03/25/15 03:45 PM

Midgarealtor: the first thing you need to realize is that it depends on whether the asset managers are hiring in your area. wink

You can go to their websites and check out whether there is a way to apply now. If they're hiring, why not re-submit your app?
Posted by: TheMotorCityDon

Re: New HUD Listing Brokers---Any Update? - 07/14/15 08:22 PM

Anyone know when the contracts expire with their current listing brokers? I read on a different site that its August 2015 but I am not sure if that is 100% accurate. I have reached out to the AM's that cover my state to submit an app. As long as Im not competing with you in Michigan, any info would help via the forums or PM.
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 10/06/15 11:41 AM

I know that the new MM contracts have been issued, because HomeTelos (First Preston) did not get renewed.
Posted by: gwesley

Re: New HUD Listing Brokers---Any Update? - 10/22/15 08:40 AM

Anybody know how to actually have a chance to become a HUD listing broker? I've registered with the M&M contractor for my area but that doesn't seem to be enough. I'm wondering what other steps are needed. What are the requirements? Information seems scarce unless I'm looking in all of the wrong places.
Posted by: gwesley

Re: New HUD Listing Brokers---Any Update? - 10/26/15 03:34 AM

anybody?
Posted by: LizL

Re: New HUD Listing Brokers---Any Update? - 05/02/16 02:05 PM

HomeTelos (aka First Preston) did not get renewed for the 3.7 MM cycle, but they appealed and were granted an extension. That extension ran out at the end of April, and Chronos Solutions took over.

If they service your area, apply here: www.chronossolutions.com
Posted by: barb43

Re: New HUD Listing Brokers---Any Update? - 05/06/16 05:15 AM

Chronos Solutions has our state now. We'd applied on their website awhile back so they invited us to submit a detailed package of info on ourselves and we did that; they had a suspense date on it of today and we got our package submitted yesterday. Now we wait to see if they hire us. Hoping they do!