Washington Report

Advocacy Updates from Washington D.C.

FHA Short Sales Policy Change

On September 18, 2013, NAR President Gary Thomas sent FHA Commissioner Galante a letter concerning HUD’s new policy preventing dual agency agreements in FHA pre-foreclosure transactions.  NAR feels there are other ways that HUD could address concerns about meeting minimum net sales proceeds requirements.  Restricting real estate agents from working on certain pre-foreclosure sales puts homeowners at greater risk of falling into foreclosure if they cannot find a real estate agent, especially one who is knowledgeable about the short sale process, to list their homes.

NAR's Letter to Commissioner Galante