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HUD to allow dual agency in FHA pre-foreclosure transactions

Jul 16, 2014

On Friday, July 10, 2014, the US Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2014-15 allowing dual agency agreements in FHA pre-foreclosure transactions. 

The new guidance will preserve dual agency agreements in FHA short sales, but require the properties to be listed for at least 15 calendar days before any offers are evaluated. After the 15-day period, offers may be evaluated as they are received. If multiple offers are received, the listing agent or broker must forward the offer that provides the highest net return to HUD and meets HUD's criteria for bid requirements.

These requirements must be implemented for all "New Approvals to Participate" no later than October 1, 2014.

Click here for more information.

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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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