ImageMany of you have heard that short sales were going to be limited so that the buyer’s and seller’s agent could not be from the same brokerage.  The new rule was effective October 1, 2013.

You can read the July 9, 2013 Mortgagee Letter (#2013-23) from HUD here.

The latest news from the National Association of REALTORS(r) is that as of yesterday September 25, 2013 HUD officials reported that they would reissue the July Mortgagee Letter (#2013-23) and remove all dual agency language.  The issue is not completed,  but the  dual agency policy will not be implemented on Oct. 1.

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