Thank you to the National Association of Realtors ® (NAR) for their recent announcement on their website announcing that HUD will remove dual agency restrictions in short sale transactions. This is amazing news considering some states like the State of Washington allows for dual agency while others do not.
If HUD were to ban dual agency in short sale transactions then it would violate states rights. This would be problematic for states like the State of Washington which allows for dual agency. The State of Florida strictly forbids dual agency throughout the State of Florida so this is not an issue for those of us in Florida. However for those in states which allows for dual agency it would be problematic.
HUD should have consulted with the U.S. Constitution first... perhaps? LOL
I am glad that the National Association of Realtors ® (NAR) took this step to work for the people. Yay for states rights! this time... I got my membership due worth this time.
Their press release can be seen at the National Association of Realtors ® (NAR) website here: http://www.realtor.org/articles/hud-removes-dual-agency-restrictions
Glendale, CA
Lana - This is very good news. Thank you for sharing an excellent blog about HUD removes ban on dual agency in short sale transactions.
Sep 26, 2013 11:16 AM
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!
Lana, thanks so much for sharing this great news. And thank heavens we have a constitution even though all the latest efforts seem to be to figure out a way to work around it or just ignore it.
Sep 26, 2013 12:08 PM
Aloha Kai Real Estate - Clearwater, FL
Licensed in Florida, Washington, and Hawai'i
Hi John. Some disagree with me but I am glad that NAR helped to make this possible...
Sep 27, 2013 04:54 AM
Aloha Kai Real Estate - Clearwater, FL
Licensed in Florida, Washington, and Hawai'i
Hi Marnie. Yes... so I was surprised that HUD removed this ban on dual agency in short sale transactions. As you already know dual agency is banned in the State of Florida and I personally would not expose myself to the liability but in many states like the State of Washington... they are allowed. I am just so glad that states' rights prevailed... this time :)
Sep 27, 2013 04:55 AM
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living
Lana, I just found out about this the other day through another post and when I shared the info with other agents, no one had heard of it. I'm glad it's not going to take effect. I do think though that we in lories might have been affected since we are able to represent both buyer and seller in a transaction as transaction brokers. I was under the impression that the proposed rule did not distinguish that.
Sep 27, 2013 08:54 AM
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