Virginia Attorney General Ken Cuccinelli agreed to the $25 billion joint federal-state settlement for victims of foreclosure abuses and fraud.
Effective July 1, 2012, Virginia agency law was revised to require written brokerage agreements between licensees (Realtors®) and their clients (buyers or sellers) when a brokerage relationship is established.
On Tuesday, August 21, 2012, the Federal Housing Finance Agency announced in a news release that Fanny Mae and Freddie Mac are issuing new guidelines that will make the short sale process easier and quicker. The news release states that the “streamlined program rules will enable lenders and servicers to quickly and easily qualify eligible borrowers for a short sale.” This is great news for everyone, especially sellers, buyers and realtors.
Maybe – it depends upon the precise language of the contract. Most standard real estate contracts contain the following provision: “Settlement to be on or before ______________ (‘Settlement Date’).” So the question becomes whether this requires settlement on or before the settlement date. Or, stated differently: “Am I in breach of the contract if I do not close by the settlement date?”