Dual agency restrictions for FHA short sales to be removed

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Real Estate Agent with Realty Group Referrals 16766

Dual agency restrictions for FHA short sales to be removed

 

Real estate professionals had previously been advised that the U.S. Department of Housing & Urban Development would be implementing a new policy on October 1, 2013, that would prevent dual agency agreements in FHA short sale transactions.

The National Association of REALTORS® had successful talks with HUD about the negative impact of this policy. According to NAR, HUD has agreed to reissue the Mortgagee Letter with the removal of the dual agency language. HUD had proposed the policy change in response to fraud and abuse detected by the HUD Inspector General in the pre-foreclosure sales process.

Watch for updates on HUD policies that may impact FHA short sale transactions.

 

Chrysanthemum, Brookside Gardens IMG_7878

Roy and Dolores Kelley Photographs

 

Posted by

Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

Comments (6)

Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Author / Advocate/Short Sale

Roy, that is good news that HUD has listened to those in the field working short sales, US! 

Sep 26, 2013 02:13 AM
Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes

Roy, I believe it was just yesterday that I replied to your blog about the HUD and FHA placing this policy into effect.  So glad they decided to back peddle.  lol  What's next?  By the way, beautiful chrysanthemum....;)

Sep 26, 2013 02:30 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Roy,

Thanks for keeping us abreast of HUD developments and changes.  The chrysanthemum photo is gorgeous--definitely the flower of autumn.  A

Sep 26, 2013 02:54 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks so much for stopping by. Enjoy the colors of the season with your camera in hand.

 

Chrysanthemum, Brookside Gardens IMG_7872

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Sep 26, 2013 04:41 AM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Roy, 

Personally I do not know how to represent both buyer and selller in the same transaction. Our Broker has a rule against for all but supposed one male superstar agent? As a CPA dual agency would create a serious conflcit of interset for me even though real estate has nothing to do with accounting/finance. Obviously I do not believe in Dual Agency in any type of transaction. 

Sep 26, 2013 06:00 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Roy-- reposting.

Sep 27, 2013 04:13 AM