Ruth Primeau, Associate Broker, GRI, SFR, REO (Charles Rutenberg Realty)

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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I've not encountered this situation. Sounds similar to the arms length issue

Oct 16, 2016 01:42 AM
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Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

There is an agent in the office who lists a lot of foreclosures.  She told me that anyone who works as an agent in our office cannot buy one of these listings nor could a family member.

Oct 15, 2016 02:25 PM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I am not familiar with this either. Too bad you will not be able to pruchase it. They make the rules.

Mar 06, 2017 08:15 PM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ruth Primeau - no experience in this, though it may have something to do with 'Arms Length'!

Oct 16, 2016 04:16 PM
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Hadn'theard about that one before.

Oct 16, 2016 03:15 PM
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Sorry, I am not familiar with these rules.  I've seen some banks have similar rules on short sales.  Banks look at these differently because they lose money on them and want to make sure that no one makes a secret profit or plays any games.

 

My best suggestion would be to ask them if you wrote the offer with an agent from another company, would they accept it.

Oct 16, 2016 03:07 PM
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Not heard of that before

Oct 16, 2016 01:47 PM
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

I tried to find a link but FNMA dot com is difficult to search.

Oct 16, 2016 12:36 PM
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Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

That is excellent question to ask your broker.

Oct 16, 2016 11:22 AM
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Sounds like you should be able to argue the issue of "not the same broker".

Oct 16, 2016 07:26 AM
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Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

This was implemented during the short sale heyday.

Banks still view this as an 'arms length' measure because there was SOOOOoooooooo many clever agents and investors, back in the day.

Fanny has a great many 'surprise' rules lurking to ambush the non-initiated.

Oct 16, 2016 04:20 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, I've run into this before.

Oct 16, 2016 03:59 AM
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Ruth Primeau It might be true. Good question!

Oct 16, 2016 03:08 AM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I agree with Jeff Dowler here.  

Oct 16, 2016 02:58 AM
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It appears that you received good advice.

Oct 16, 2016 01:41 AM
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Susan Laxson CRS
Palm Properties - La Quinta, CA
Local Knowledge & Global Network

Lots of good responses already.

Oct 16, 2016 12:52 AM
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Ruth,

We have not encountered this issue, and it looks like other have given you their input. A

Oct 16, 2016 12:05 AM
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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

This has ocurred to me as well - it is quite common so yes

Oct 16, 2016 12:03 AM
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

To get around find another agent to represent you.  Often they are glad to do the paperwork.

Oct 15, 2016 11:57 PM
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

I have heard the same

Oct 15, 2016 11:51 PM
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Yes to what you were told. I came across it as well...

Oct 15, 2016 11:42 PM
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Interesting question.  I have never encountered this situation.   

Oct 15, 2016 11:32 PM
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Fannie and Freddy waste more money than anyone. From only listing with a few agents, some which you can never reach to fixing up homes and not get their money back. I list a lot of bank homes (i have not lited any fannie or freddy though) and with the big an small banks i list for, a licensed agent can purchase if from another office and disclosed, but they will not pay a buyer agent commission on the buyer side. 

Oct 15, 2016 11:12 PM
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I think it's seen as a conflict of interest ?

Oct 15, 2016 10:49 PM
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Sounds a bit familiar, but that does not make it a good rule! Good luck!

Oct 15, 2016 10:48 PM
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Doesn't mean the rule isn't stupid. Possibly it is being done so that the foreclosures hit the 'open market' vs being sold in house or to relatives of those in house.

Oct 15, 2016 10:13 PM
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Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Sounds similar to Arms Length Agreements that were common with short sales.

Oct 15, 2016 09:47 PM
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thanks for the question.

Oct 15, 2016 09:22 PM
Rainmaker
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FN LN
Toronto, ON

I am not able to provide any comments since I am not familiar with Fannie Mae rules.

Oct 15, 2016 05:11 PM
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

'' HUD has a policy that the listing broker for HUD, any licensees under that broker and their close relatives cannot buy a HUD home, no matter who has it listed Fannie Mae just announced a similar policy.  This is the wording directly from Fannie Mae:

“Effective immediately, for any property assigned to a Broker, Fannie Mae will now prohibit the purchase by the listing Broker, Listing Agent, and any licensees affiliated with the Broker, even if located in a different office under the Broker’s control. Also prohibited is the sale to a close relative of the Listing Broker, Listing Agent, and any licensees affiliated with the Broker. A “close relative” is defined as a spouse, domestic parter, or child under the age of 18, or any relative who shares the same residence.  

Should the Listing broker or any licensee of the Broker have an interest in purchasing a Fannie Mae REO listed with another company, the buyer/agent must indicate that relationship in Section 38 of the Real Estate Purchase Addendum.  The agent receiving the offer must then communicate the agent’s status in the offer comments when submitting the offer into the system. The buyer type for this purchaser is Licensed Agent.  A Listing Broker may be an investor or an owner occupant so the occupancy intent must be stated in the offer comments. “

Basically if you area a Realtor and your office lists Fannie Mae properties, no agent in your office or their immediate family can purchase a Fannie Mae home listed by anyone in your office.  This rule is slightly different from HUD’s rule which states you cannot by any HUD home period if you are an agent, or immediate family of an agent in an office that lists HUD homes.''  ( read more here

Oct 15, 2016 04:56 PM
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Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

This is true... you can't be affiliated with the brokerage. A lot of these sales documents have a document you sign as an agent saying so.

Oct 15, 2016 03:55 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
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Billions are lost due to government distrust of its citizens.

Oct 15, 2016 02:30 PM
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Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Wow, that is pretty strange...but I kind of get it.  You can't enter a contest your company is hosting either.

Oct 15, 2016 02:10 PM