**More New rules taking effect 10/1/2013, prohibit brokers & agents from representing both buyers and sellers in FHA short sales. The Department of Housing & Urban Development 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. To ensure that short-sale transactions are conducted at “arm’s length,” HUD said “brokers & their agents may only represent the buyer or the seller, but not both parties.” That means that if property is listed with a particular Company, NO AGENT FROM THAT SAME COMPANY may represent the buyer on a transaction regarding that property. Read more below... & contact us for questions or contact your mortgage professional. inman/2013/09/20/nar-hud-shooting-itself-in-the-foot-with-short-sale-policy/
Posted on: Thu, 03 Oct 2013 18:43:36 +0000
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