Legal Blog - Short Sales and REOs

  • Oct 31, 2016

    Compensation for a Short Sale Listing

    The obligation to compensate a cooperating broker may be excused by an Arbitration Panel if, through no fault of the listing broker, and if the listing broker exercised good faith and reasonable care, it was impossible or financially unfeasible for the listing broker to collect the commission per the listing agreement.
  • Sep 30, 2016

    Listing a Short Sale in the MLS

    In response to the increase in short sales, our regional MRIS just added two pick list items to assist both listing and selling agents. Short Sales has been added under the Current Financing/Loan pick list.
  • Sep 27, 2016

    Steps to Take if a Listing is a Potential Short Sale

    First and fore most, in this market, before accepting a listing, an agent should always ascertain a few vital pieces of information.
  • Sep 23, 2016

    First Time Doing a Short Sale

    Article 11 of the Code of Ethics states that REALTORS® shall not undertake to provide specialized professional services that is outside their field of competence unless they fully disclose their lack of experience to the client or engage the assistance of one who is competent in the area.
  • Sep 20, 2016

    What is the Mortgage Assistance Relief Services Rule?

    The FTC Rule defines MARS activity as including negotiating, obtaining and arranging a short sale. Under this definition, an agent or broker who performs the following services would fall under the definition of a MARS services provider
  • Sep 16, 2016

    FTC Rule Requires Short Sale Disclosures

    The Federal Trade Commission has issued a final rule which requires three different disclosures from real estate agents assisting their clients in selling or purchasing a short sale property.