Nevada agency to review short-sale practices
The state will examine short sale practices in Nevada after concerns were raised by a Reno Gazette-Journal investigation published Sunday.
The Nevada Department of Business and Industry is forming a team to see whether dual agency — a practice in which the same agent or entity represents the seller and buyer in a sale — is being used to take advantage of distressed homeowners in order to reap higher profits, said Bruce Breslow, director of the department.
A Reno Gazette-Journal analysis of thousands of records from Washoe County and the Northern Nevada Regional Multiple Listing Service found that dual-agency short sales involving a prearranged cash buyer accounted for more than 10 percent of single-family home sales last year.