Posted on September 26, 2013 - 04:40 PM
by CONNER NEWS
In what appears to be a coup for the National Association of Realtors, a policy originally slated to take effect on Oct. 1 banning real estate agents and brokers from representing both a buyer and a seller in an FHA short-sale transaction has been postponed.
The U.S. Department of Housing and Urban Development (HUD) issued a letter to mortgage servicers in July outlining a number of new anti-fraud requirements for short sales and deeds-in-lieu of foreclosure, including policies to ensure “arm’s length” transactions.
One of these policies said “brokers and their agents may only represent the buyer or the seller, but not both parties,” effectively prohibiting what industry participants commonly refer to as “dual agency.”
Last week, the NAR sent a letter to HUD urging the federal agency to reconsider implementing the policy, saying it could make it harder for the government to get top dollar on short sales if some brokerages decided not to represent sellers in FHA short sales because they would not want to restrict their agents from representing buyers of those properties.
The trade group also complained that the policy could conflict with some state licensing laws and multiple listing service guideline
- See more at: http://www.inman.com/2013/09/26/proposed-ban-on-dual-agency-in-fha-short-sales-placed-on-hold/#sthash.wH9ZdRML.dpuf
Kelly Gabbadon I can't thank you enough Nestor you made my dream possible in 1 short month when everyone said it would take some time to sell & although it was a lot of work selling my 1st home you walked me straight through & for that I am forever grateful..
766 Gatewood San Leandro California..Kelly Gabbadon
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