Quoted from Florida Realtors News:
"WASHINGTON – July 15, 2011 – In a move the National Association of Realtors® calls “a substantial victory for Realtors,” the Federal Trade Commission (FTC) announced that it will not enforce most of the provisions of the Mortgage Assistance Relief Services (MARS) rule against real estate licensees
As a result of the stay on enforcement, real estate licensees who provide short sale services will not have to make the disclosures required by MARS as far as the FTC is concerned. However, the FTC announcement also gave Florida Attorney General Pam Bondi the ability to overrule the FTC within the State of Florida.
Florida Realtors has contacted Bondi’s office, but an official answer isn’t expected before next week at the earliest. In the meantime, Florida Realtors Law and Policy department recommends that Realtors continue to use the MARS disclosures until further notice."
Let's hope Ms. Bondi agrees with the FTC.
Comments welcome.
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You're so right. There are so many "seasoned" agents that would never touch a short sale. Oh well, more for us right?!Great find Wendy.
What's funny is that for a large segment of Realtors, they probably still haven't heard of MARS!
No charging up-front fees in California !
http://www.realtor.org/topics/mars/politicaladvocacy
Effective immediately, real estate professionals acting in their licensed capacity will no longer need to comply with most of the Rule’s requirements, including the required disclosures, advance fee ban, and recordkeeping requirements.
This forbearance of enforcement will only apply to real estate brokers (and real estate agents under their direction and control) who are:
1.Licensed and maintain good standing pursuant to any applicable state law requirements;
2.In compliance with state laws governing the practices of real estate professionals; and
3.Assisting or attempting to assist a consumer in negotiating, obtaining or arranging a short sale of a dwelling in the course of securing the sale of the consumer’s home.
Interesting concept. However, I don't know why any Seller would do that considering the short sale lender pays the broker's commission. It doesn't save the Seller any money. In the case of that type of listing the Seller is really simply requesting it to be advertised by the broker. In Florida, the legal definition is typically No Brokerage Relationship.
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