We dodged a really close bullet folks. It was down to the wire on this one but we managed to avoid what would have been a really serious stroke against our business. Luckily some folks stepped up to the plate and managed to avert disaster. Here’s what happened.
HUD had been worried for some time about fraud and abuse in the real estate business, specifically in cases of dual agency agreements. With all the paperwork and back and forth HUD thought it was too likely that some things would get missed. So they passed a new policy that would have eliminated dual agency agreements starting October 1st.
Thankfully for us, the NAR got involved. Once they realized the implications of that policy change they got together and beat some sense into the heads of HUD executives. They pointed out the benefits of allowing dual agency agreements while coming up with innovative ways to deal with fraud.
The result: HUD reissued the new policy and dropped all references to dual agency agreements.
This is a big step forward for the industry. Not only did we keep alive a very important business avenue, we showed that with our collective muscle we’re able to make real changes.
Way to go guys! Good job and keep up the good work!