Yesterday we funded and closed on the home with the cut down rose bushes. At the signing the title officer said something that made me nervous so I went and got the keys the day before we were supposed to fund. I DID NOT GIVE THEM TO THE CLIENT. I found out at 1:30PM that the deal was recorded. I gave the keys to my client around 3:00 PM. While we were still on the properpty the listing agent came for his lockbox, sign and keys. I told him my client needed the keys because the locks hadn't been changed yet. He said it is a new rule from either HUD or the asset manager that they need to collect the keys. I asked if he could wait until Monday to collect the keys so that my client could have the locks changed. At first he didn't want to do that but I pointed out without the keys my client had no way to secure the property and her son-in-law would not have time to change the locks until the weekend. The family has a huge amount of repairs to make (including a new electrical box and pole) before they can live in the place.
I understand why they don't want the keys out but if I hadn't collected the keys the night before my client might have had to break into her new home. That is ridiculous. No one called me to see if my client was in yet. Would he have come out to unlock the home if my client hadn't been in. I should have tried to make him change the locks since he wanted the keys so badly.
Next time I close a HUD deal I will ask the listing agent to pick up the keys a day after closing.
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