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Thursday, September 26, 2013

The HUD Inspector General made new proposal in an effort to remove fraud. Now the new proposal may be removed because of efforts of the National Association of REALTORS

The HUD Inspector General made new proposal in an effort to remove fraud. Now the new proposal may be removed because of efforts of the National Association of REALTORS 

U.S. Department of Housing and Urban Development (HUD) issued a letter to banks and mortgage servicers this past summer outlining steps that they were going to implement to prevent fraud in negotiating short sales and deed-in-lieu of foreclosures.

In an effort to ensure an "Arm's Length" transaction, HUD made a policy that a broker and their agents could only represent one side of the transaction. That means if an agent represented HUD, an agent in the office could not represent the buyer. The policy would definitely hurt big real estate companies.

So what is happening now?

This policy that was set to be implemented on October 1st may be removed due to a last minute lobbying by the National Association of REALTORS (NAR). NAR sent a letter to HUD last week requesting that they remove the policy. NAR explained that HUD could restrict the number of agents available to represent buyers and therefore prevent themselves from getting "Top Dollar" on the home.

Do you agree?

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