MD Real Estate Comm. answer for negotiating short sales without license. Yes in my situation

The buyer is a real estate investor, handling his own purchase contract, and paying cash, no loan is involved.  He would like me to negotiate with the bank.  The seller is already my client.  The answer is yes, as long as the buyer is filing out the purchase agreement himself.   I had a real estate salesperson license in California for 10 years, but now reside in Oklahoma.  My client base through referrals has spread all over the US.  Equator stopped me in my tracks.  Does anyone know how to get around the equator issue?  It’s a little difficult to get licenses in all 50 states.  An agent at Equator told me to check the attorney box.  Big problem.  I’m not an attorney.

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Permalink Reply by Bryant Tutas on April 17, 2011 at 1:05pm

Lisa. My advice would be to seek legal advice. And ask yourself if you are the best option for your client (?). Not sure how they can be a client if you are not licensed in their State and are not an attorney. Now having said that you may very well be legally able to negotiate this short sale as not all states require licensing. I don't know MD licensing laws when it comes to short sale negotiations. Although I'm pretty certain you can't be paid on the sale of the property without a license. My biggest concern though is the seller. Do you have the experience to negotiate with their lender on their behalf? Only you know the answer to this question.

 

Debates are welcomed on this site. When you pose a question you will get responses. Some you may not agree with. Most of us here are very passionate about what we do and we try to help each other while at the same time protecting Sellers. Short sales are serious business and can affect someone's finances for many years if not handled properly.

 

Harry, while being blunt, has actually brought up some good points. He is also debating the topic and not name calling or attacking in any way.

 

I will however suggest to Harry that he just move on to another thread as his comment seems to have hit a nerve.

 

And all I ask of you is to really think through the situation that you are in and make certain that you are doing what is best for the seller.

 

 

Permalink Reply by Kathleen Couch on April 18, 2011 at 4:33am

I am a third party short sale servicer, not a real estate agent.  The answer about filling in the license info is using zeros.  You can proceed as usual to use Equator.  All written communication by Equator will address you as the agent.  But if they ask you in a verbal communication if you are an agent, just tell them you are a third party negotiator.  There is no problem with this.

Permalink Reply by Lisa Marx on April 18, 2011 at 9:06am
Thank you Kathleen.  I had a feeling this was the case.  I appreciate your feedback.  Have a great day.

Kathleen Couch said:

I am a third party short sale servicer, not a real estate agent.  The answer about filling in the license info is using zeros.  You can proceed as usual to use Equator.  All written communication by Equator will address you as the agent.  But if they ask you in a verbal communication if you are an agent, just tell them you are a third party negotiator.  There is no problem with this.

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