Sellers negotiator fee

Replies

Stephen B. McWilliam January 10, 2012 at 5:31am

I was partly wrong; Florida real estate licensee are now legally authorized to charge for short sale processing. The information I was referencing regarding the MLO licenseing requirement held true until the law was effectively amended on July 1, 2011. I had misunderstood some information that was provided to me a few months ago wherein I mistakenly believed this revision to FL s.494 was done in error. In fact, FAR's outstanding Legislative Team deliberately sought and obtained this exemption. This is a clear example of our membership dues hard at work. Those located in other states would need to check with their licensing authorities. However, based on information provided in this thread I suspect CA has adopted a similar exemption. My apologies for not having the correct information readily available over this past weekend.

494.00115 Exemptions.—

(1) The following are exempt from regulation under this part and parts II and III of this chapter.

(a) Any person operating exclusively as a registered loan originator in accordance with the S.A.F.E. Mortgage Licensing Act of 2008.

(d) An attorney licensed in this state who negotiates the terms of a mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client.

(f) A person who performs only real estate brokerage activities and is licensed or registered in this state under part I of chapter 475, unless the person is compensated by a lender, a mortgage broker, or other loan originator or by an agent of such lender, mortgage broker, or other loan originator. The term “real estate brokerage activity” has the same meaning as in the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
- Smitty > Stephen B. McWilliam January 10, 2012 at 8:40am
  
  Thanks Stephen!! Not that I'm in Florida, but it is good to know.
- Bryant Tutas > Stephen B. McWilliam January 10, 2012 at 6:43am
  
  Good stuff Stephen. These conversations are always valuable and are why we started this network.
- Thom Colby CA Brkr 888-391-5245 > Stephen B. McWilliam January 10, 2012 at 6:02am
  
  Stephen,
  
  Thanks for posting this!
  
  Best,
  
  Thom Colby
  
  Broker
  
  Newport Beach & Palm Desert CA
- Jeff Payne > Stephen B. McWilliam January 10, 2012 at 5:33am
  
  Thanks for the clarification, we appreciate your contributions to this site
Stephen B. McWilliam January 9, 2012 at 3:35am

Jeff, I've provided the specific references. FAR has released previous information in these regards and will be releasing further clarifications. When I have some available time this week I will obtain and post what has been published to date. However, my references to specifics sections of RESPA and FL s.494 are rather specific and self explanatory.
- Bryant Tutas > Stephen B. McWilliam January 9, 2012 at 11:25am
  
  Stephen. FAR legal STILL (after almost 5 years) has not even been able to produce a decent short sale addendum for its members to use. Why does the Far/Bar SS addendum have a field dictating whether or not the seller can accept a back up offer? It's ridiculous and has nothing to do with short sales. Why do our boards and their MLSs endorse splitting commissions 50/50 when reduced by the lender? Sorry...but just because FAR legal gives an opinion it does not make it so.
  
  FAR and NAR are nothing more than trade organizations. They do not dictate law and they certainly don't dictate how I handle my business. My job is to look out for my customers and clients. FAR and NARs job is to (overly) protect REALTORS(R). We are not on the same team. So for me...it really doesn't matter what they say.
  
  I don't respect their legal opinions at all.
  - Jeff Payne > Bryant Tutas January 9, 2012 at 11:31am
    
    Bryant, I tend to agree with you. By the time NAR and FAR figure this thing out it will be too little too late. You would think that FAR and NAR would have the clout or connections to actually get the banks to work with us in a more non combative and more co operative manner. The problem is that they like to tell us what they are doing but the reality is that they do very little, at least in the short sale world. I pay their dues because it is basically required for me to do my job, otherwise I probably would not pay the dues.
    - Kevin - Greenville, SC > Jeff Payne January 9, 2012 at 3:09pm
      
      Sadly, It's the Banks who have the clout over the ..... and the .....
    - Bryant Tutas > Jeff Payne January 9, 2012 at 11:33am
      
      I agree. I do feel I get my monies worth from FAR though. They have some good benefits.

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