Limited Agency Changes for FHA HUD Short Sales
Hi! Just received and email this morning from BofA that states as of Oct 1, 2013 an agent (nor broker) can represent BOTH seller and buyer in a single transaction? The verbiage is: "Different dual agency/brokerage requirement: to meet the new short sale purchase contract addendum requirements, brokers and their agents may represent either the buyer or the seller, but not both parties"
WHAT?!?! I attempted to call HUD to no avail. Anybody out there aware of this?
Please respond as I am about to have a cardiac arrest! :/
Replies to This Discussion
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Permalink Reply by Bella Bell on
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not worth the cardiac arrest, just have one of your agents if you have one represent the buyer and you represent the seller or vis-versa. (Like they do in Maryland) a buyer need representation and the seller a different representation for all transactions even regular sales. if you have no agents, if you are representing the seller have the buyer pay you a finders fee outside of closing 3% or flat fee
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Permalink Reply by Ann Howard on
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The thing with dual agency is that it can be two different agents but if they are in the same office or under the same company brokerage it would have applied, as it would be a dual agency. Thank goodness they removed the clause.
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