Roy Kelly is helping keep us up to date with the FHA Short Sale rule changes. They were going to create some real problems in that area - to their own detriment, in most people's minds - and have backed off their plans.
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
We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC.
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
Client Assistance: 301-670-8996
Recipient of the RE/MAX International Lifetime Achievement Award - 2008