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 fede...
Sep 20, 2013 by Inman
Feb 22, 2012 by Andrea V. Brambila