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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.
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