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! :/
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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
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.
Yes I got the letter as well and right after got an email from NAR:
HUD reported to NAR that they will reissue the July Mortgagee Letter and remove all dual agency language (Part Three of the PFS Participation Requirements). The result is that the dual agency policy will not be implemented on Oct. 1, 2013 allowing NAR to continue the dialogue with agency officials on a formal solution.
Just in… Dual Agency Reversal has been published by HUD in ML 2013-34 http://portal.hud.gov/huddoc/13-34ml.pdf
Implementation of the “PFS Participation Requirement” section stipulated in Mortgagee Letter (ML) 2013-23 has been delayed until further notice. PFS participation requirements denoted in ML 2008-43, 2002-13, and 2000-05 remain in effect.
All other provisions included in ML 2013-23 remain in effect.
Delayed Implementation of “PFS Participation Requirement” Section included in Mortgagee Letter 2013-23, Updated Pre-Foreclosure Sale (PFS) and Deed in Lieu (DIL) of Foreclosure Requirements
Get this out to all of the servicers you’re working with RE FHA PFS transactions
We did it… This battle is done but the fight is far from over… LOL
http://www.inman.com/2013/09/26/proposed-ban-on-dual-agency-in-fha-...
Ok... so it appears that Mr. Miller is trying to 'Retry' a case that was settled in the Supreme Court over two decades ago. (SEE Bokusky v. Edina Realty, 1993 WL 515827 (D. Minn. 1993). I wonder if he would also like to 'Retry' Roe v. Wade, 410 U.S. 113, 93 S. Ct. 705, 35 L. Ed. 2d 147 (1973). REALTORS® fully understand the challenges that come with ‘Disclosure of Limited Dual Representation’. And for the record, there is only ONE state that bans 'disclosure limited dual representation', that being Colorado.
Consumers were more damaged, for decades, because of non-disclosure of agency prior to the Supreme Court Ruling in “Bokusky v. Edina Realty”. Prior to that court ruling, buyers had NO representation rights AT ALL. The terms ‘Buyer Be Ware’ was a staple of the real estate transaction.
I know that ‘disclosure of limited dual representation’ is a touchy and very controversial subject. And I know that I may be walking into a hornet’s nest with the following commentary… but here goes…
The BLOG article below was solicited from us by the Law firm of Michael A. Fleishman, Butler & Associates, P.L.C. and used in the the Lorman Education Systems continuing legal education seminar - "Real Estate Litigation in Arizona" - 9/14/07 - We were very honored!
http://tinyurl.com/DualAgencyAndML2013-23
This was to be effective Oct 1, 2013.
It's always nice when an organization steps up and points out to government officials why their decision needs to be reversed. At least for now things go on as normal! Go Realtors!
http://www.realtor.org/articles/hud-removes-dual-agency-restriction...
Bank of America jumped the gun with this release. They are normally great at keeping tabs on social media. If they had, they would have known this new HUD PFS policy was being seriously questioned.
http://www.realtor.org/articles/hud-removes-dual-agency-restrictions
Oh, THANK YOU, Kevin! I have been holding my breath all day since I opened this email from BofA. You are wonderful. Thank you, thank you, thank you! :O)
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