"What amazes me is that local and state RE boards suggest that agents NOT negotiate on a sellers behalf. Really? Who then, do you represent? By NOT acting on your sellers behalf, YOU VIOLATE YOUR FIDUCIARY DUTY to the seller.
"Let me add to that- Real Estate agents may not charge additional fees over the listing fee to negotiate a short sale. Short sale negotiation fees over traditional 6% may only be charged from a licensed loan officer and Attorney. "
I have found through the years that arm's length is defined by the bank and not by statute or a state association. Check with your negotiator and make full disclosure at all times. I have also found that it applies…"
"First - I am almost certain that you can be her agent. I have never read an Arm's Length that has forbidden a family member or even an agent themselves from representing themselves as a fiduciary in a transaction. At its core the…"
"How did it turn out for you Cameron? This morning I received a message from my negotiator that Freddie Mac only contributes to the Buyer's closing costs when they are getting an FHA or VA loan. My clients are above BPO value but getting a USDA…"
"I'm in my first short sale and having this issue. Freddie says they won't pay any buyer closing costs unless they pay the BPO price. In my case the BPO is at $157,500 and the buyer's best is $152,000 and they want $3000…"
"In reading this Sam I think each poster on this thread should have put the corresponding law to their state. Law is certainly different than "opinion". I know in my state the law that allows unlicensed individuals to…"
"Straight from Washington State DOL:
"The Department of Licensing ("DOL") and the Department of Financial Institutions ("DFI") require that a person have either a mortgage loan originator license, a real estate license, or be…"
"Deborah, good post! Ongoing education for the agents as well as the bank employees. Imagine if the bank negotiators actually understood what they were doing and actually were educated. Had one reject my offer recently because the…"
"I could not agree more that an additional license or certification requirement of some kind should be obtained if you are going to negotiate a short sale. Licensing education for a real estate sales person does not cover this topic at all and…"
"Arizona requires either a Real Estate License, a Mortgage Originators License or an Attorney to negotiate short sales. The Real Estate Comissioner in AZ forbids agent to use unlicensed Third Party Negotiators, in or out of state."
"I like Mr. Alfe's comments and what he is doing (though I am admittedly biased sicne I negotiate short sales for agents all over teh country).
FACT #1 - it is NOT the agent's best use of time dealing with the non-sense that comes along…"
"If that's the case, it's not being interpreted that way. Also, who would be allowed to do Short Sales in South Carolina?
It cites -
licensed SC attorneys or licensed SC consumer credit counselors along with exemptions…"
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