Housing and Urban Development (HUD) just released updates to Pre-Foreclosure Sales (PFS) or Short Sales for FHA backed mortgages.
What does this mean? If you list your FHA backed mortgage for short sale, your listing broker or agent may not represent the buyer as well.
Real Scenario: A brokerage with a few hundred agents lists your FHA backed mortgage for short sale, no other agent (possibly hundreds) may represent the buyer of your property.
Actually, this has been an unwritten rule that only the most educated of agent and brokers were aware, however, this puts it in writing.
Just another silly rule for the government to regulate the real estate market and punish the little people that didn’t create the whole real estate debacle…as we all know by this weeks headlines…it was Bank of America, Wells Fargo, JP Morgan Chase, etc…that are thee true scoundrels in that mess.
Here’s the update: HUD FHA 13-23ml No Dual Agency Rule Page 7-8