Expert Interview: HUD listings
AMRE's Sue Dolquist lays out the basics on HUD
In this video we interview Sue Dolquist, COO of Asset Management Real Estate (AMRE), about the ins and outs of being a HUD listing broker. She talks about the qualities AMRE looks for in its brokers and what the company does to help its brokers be more successful.
Here are some of Sue's key points:
- HUD (U.S. Department of Housing and Urban Development homes are government-owned assets.
- The easiest way to begin listing HUD homes is to get into an underserved area. Rural areas in states like Kentucky and West Virigina—where there aren't many brokers—are the best bet.
- In order to list a HUD home, you also must work for a managing broker who has a relationship with a company that has earned a HUD contract. A list of such companies is available on the HUD website. HUD Home Store is also a good online resource.
- You must be registered with HUD in order to sell properties, and you need an NAID (Name Address Identifier) number. You managing broker has to apply for the number, and once it's obtained you can list and sell HUD properties.
- There's expected to be a heavy inventory of HUD homes in the next few years as foreclosures continue.
- There are great opportunities in HUD for buyer's agents, such as the Good Neighbor Next Door program, which allows police officers, firefighters, teachers, and emergency medical technicians can get 50 percent discounts on HUD homes. HUD homes can also be attractive to investors.
- HUD listing agents may need more team members than typical real estate agents because of time constraints.