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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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NYS home sales post second-highest May total

Homebuyer activity remained strong in May, driving the New York State housing market to the second-highest sales total for the month with 10,348 closings. May 2018 closed sales were 8.6 percent lower than the record of 11,322 set in May 2017. The median sales price growth trend continued, increasing by 11.5 percent compared to last May, ending the month at $262,000. Click here to read more.

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