THIS IS THE RESULT OF TOO MUCH GOVERNMENT

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

HUD Removes Dual Agency Ban

Yesterday, HUD reported to NAR that they will reissue the July Mortgagee Letter and remove all dual agency language (Part Three of the PFS Participation Requirements). The result is that the dual agency policy will not be implemented on Oct. 1, 2013 allowing NAR to continue the dialogue with agency officials on a formal solution.

NAR members recently received word that the U.S. Department of Housing & Urban Development would be implementing a new policy on Oct. 1, 2013, that would prevent dual agency agreements in FHA pre-foreclosure transactions.

The National Association of REALTORS® immediately began talks with HUD officials on the proposed change. On Wednesday afternoon HUD officials reported to NAR that they would reissue the July Mortgagee Letter (#2013-23) and remove all dual agency language (Part Three of the PFS Participation Requirements). The result is that the dual agency policy will not be implemented on Oct. 1, allowing NAR to continue the dialogue with agency officials on a formal solution to the dual agency issue.

HUD had proposed the policy change in response to fraud and abuse detected by the HUD Inspector General in the pre-foreclosure sales process.

NAR, working with state and local association presidents, sent a letter to HUD highlighting the concerns about the policy and the disruptive effect its implementation would have on communities across the nation.

In general what they are trying to accomplish is Good. It levels the playing field for buying agents and investors like myself. I recently worked with a buyer and made 9 offers on properties and did not get anything. I must have called on 35 properties where the agent didn’t even return my call.

However, the government in its infinite wisdom made it so that if you worked in a large brokerage with 100 or so agents and you got a listing—you could not have an agent in that brokerage represent the buyer.
That is totally ridiculous.

The fact that they would even announce something like this shows that whoever makes the rules has no clue about real estate sales. This is what you get when you rely on government officials who are always the last people to understand the realities of an industry.

As a broker, you always want the Realtor’s who get the listings to work at your brokerage. You also would prefer that the buyer come from your own brokerage.

It is good for morale. It makes your brokerage one that agents want to be with.

Second. As a broker you get a piece of both sides—If the two agents are from your brokerage. I just brought in an agent into my business…why…because she can find investors and buyers. Ben Bernanke is not letting up his foot off the gas because he knows we are not out of the woods.

This puts the large brokerage houses at a huge disadvantage. But even worse. It takes away the competitiveness in trying to get the bests price. You just eliminated 100 agents from the process. Yes, governmental economics…. Remove the competition but demand higher prices.

They say they are doing this to avoid fraud. So you kill a whole industry? If the government removes some of the players in the housing market..that weakens the competition for housing and the whole goddamn industry could collapse again.

This just kills Me. Why?…….Because I like this administration…. and I like this President. This just gives People who Think government is bunch of idiots more fuel for the fire. I hate to admit it, but in many cases they are right.

I want to see this economy and this country thrive again. We need a thriving, competitive housing economy for this to happen. Allowing individuals to use their retirement plans to buy houses was great. I give them some credit for re-thinking this. I am just wondering who they bounce their ideas off of before they put them out as law.

We’ll Once Industry the government has yet to screw up is Internet Marketing. That is probably because they have no idea what it is. If you are looking to make a living where government regulation is almost non-existent then be glad you found this Blog.

This is an industry where you eat what you kill and nobody tells you otherwise. You have no boss and in many cases can work from home. Have child care issues? Work this business at Home and stay home with your kids.

Nobody sets your hours. I am writing this at 1:00 am because I am still on Easter time as I came back from vacation on the East coast. I don’t have to clock in and clock out. Join Now.