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Had A Closing With A HUD Property Today.

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Darrell Hignite

Sophomore Member
Joined
Jul 16, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
Was at a closing today for a HUD property and after the closing, they gave the buyer a copy of two master keys!!! The same one's I have used for years, one for the main door and one for the padlock. I was just wondering if anyone thought that this is a common practice of HUD now. They used to have a master key system that they gave that would lock all us HUD appraisers and brokers when it was inserted.

Now all of the buyers of HUD properties have the same master key as the brokers and appraisers. That means more people than ever can get into the houses and pilage and so...

Just when I thought it was safe to go into a HUD property, everyone will have a key,, and don't you know they will give a copy to everyone in the family too.

Seems like something is wrong with this! :angry:
 

EDWARD BERRY

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Darrell,

I would call your M&M contractor quickly.

First for the safety of the Buyer. If it sold thru a Realtor, call the Realtor Board office.

On all repairs after losing that I have done, a NEW lock is on.

I do not think this is M&M policy.

Something new every day in this business. Repo ED
 

Darrell Hignite

Sophomore Member
Joined
Jul 16, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
Ed
The closing attorney in N.C. gave them to the buyer....Weird. I will call HUD in atlanta tomorrow. :D
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Those are not master keys any more. HUD has changed it's policy...found out the hard way on a repo the other day. Thought my key would work....nope it didn't. Each house is now re-keyed and the management company has the keys.

I long for the good old days of having a HUD lock box key, a VA lock box key, and a Board of REALTORS® lock box key. We are seeing more and more real estate agents getting away from the board keys and going to a combo box. That is what I now have since I rarely, if ever, list a property anymore.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
I remember my time as a broker selling HUD repos. We would go to the property after the settlement and remove the HUD locks for the new owners. As a service to the buyers I would send a handyman to remove the boards from the windows and doors.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I remember in my sales days, using a master key to show the property. But HUD would send another set of keys to be given out at closing. When the buyer used the new keys, it changed the tumbelers so that the master key didn't work anymore.
 

Darrell Hignite

Sophomore Member
Joined
Jul 16, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
Mike
I don't know about Colorado, but we still use the master key, at the closing the buyer received the same two keys that I have....figure that?
 

Darrell Hignite

Sophomore Member
Joined
Jul 16, 2003
Professional Status
Certified Residential Appraiser
State
North Carolina
Wanted you to know that I called HUD in Atlanta and they were steamed. They call and stopped the practice of handing the owners master keys.
 
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