States that Require a Real Estate License to negotiate short sales
This post will serve to gather a list of all the states that require a real estate license to negotiate short sales.
Replies to This Discussion
-
Permalink Reply by Terri White on
-
Are you referring to Senate Bill 152? Is that where it is stated?
thank you!
Michael Campus ABR,SFR,SRS said:Nevada does not require a real estate license to negotiate short sales. NRS 645F is where you will find the authorized list, which includes many different types of professions, not all of which may be otherwise licensed by a different entity. It depends on who the employer is. Example 1- an escrow agent may negotiate, and they are obviously licensed. Example 2- an employee of a non-profit housing assistance entity does not need any type of licensing can negotiate. Employees of modification licensed entities do not need to be individually licensed either.
Nevada licensed real estate agents are exempt from mortgage division requirements as long as their activities are real estate related and not for the purpose of obtaining a modification.
-
Permalink Reply by Teresa Simon on -
My reply has to do with the negotiator that is working on the banks side.
Teresa Simon said:Washington State. My conversation with DOL and their requirements is to whether or not it is a state or federal bank negotiating.
-
Permalink Reply by ElizabethWeintraub00697006LyonRE on
-
In California, you must have a real estate license or be a lawyer to negotiate a short sale for compensation. Of course, that doesn't stop the uninformed from doing it or taking a risk that they'll get nailed.
Elizabeth Weintraub
Broker-Associate #00697006
Lyon Real Estate
-
Permalink Reply by Teresa Simon on
-
My conversation with WA State DOL got into whether it was a state or federal bank doing the negotiations and the relationship of the parties in the negotiations, and the jurisidiction seemed to be a concern that each agency had to deal with.
We are researching some of that and trying to get attention to the negotiators in general and their ability to effectively do their jobs based on the knowledge of the programs such as HAFA they are required to operate under.
I don't think the banks should be allowed to hide behind unprofessional negotiation companies that are noncompliant or unwilling to implement or administer the programs available for our clients, and everyone else that need the benefits of something as important as MIP insurance, including and especially the banks.
-
Permalink Reply by Bibi Zanella on
-
I would like to know if negotiating Short Sales is regulated and licensed in FL? I already know that FL Realtors are allowed to negotiate a Short Sale for FREE as we're expected to do the same work as listing and selling a property, but in addition now have to also process and negotiate the Short Sale for no additional compensation and in some cases for less money. So I would like to know if you can negotiate a Short Sale in FL without being a Realtor? Thanks.
-
Permalink Reply by Lillie Handy Dominguez on
-
Oregon requires a licensee.
-
Permalink Reply by Kevin - Greenville, SC on
-
Cameron, Here is what South Carolina says about Short Sale negotiators - http://screaltors.org/news/2010/10/short-sale-negotiators-must-be-l...
-
Permalink Reply by Sam on
-
Kevin,
If you research the act that the SC Realtors cites, it does not cover all short sales. It is citing a consumer protection code for consumer loans, which by definition does not include first mortgages (unless originated after Jan 1st, 2010) or any mortgages taken out on a non owner occupied property (investment). It only applies to second mortgages on owner occupied originations.
Unless there is a second mortgage on an owner occupied property, then the SC consumer protection code does not apply.
-
Permalink Reply by Joseph Alfe on
-
This is a classic example of lawmakers acting late, then acting wrong or overreacting. An RE licensee or debt adjuster or mortgage broker being qualified to negotiate a short sale just because they have that license? Beyond stupid.
The only way to really protect the consumer and have a minimum competency established is to provide for A SHORT SALE NEGOTIATION LICENSE. Ya ya the agents will cry and whine that it's unnecessary, but it clearly is. An RE licence CLEARLY does not qualify you to do short sales. If you are a competent agent, sitting for some additional coursework to get a special license is good for credibility, and will keep the yahoo agents out.
I have written a proposed bill that addresses this for IL and I am pushing it through. Don't cry for our agents though, because I proposed an extra 1% to be allowed to be paid to listing agent by buyer or seller for the tremendous amount of extra work that is involved.
-
-
I could not agree more...not saying that realtors cannot or should not negotiate short sales, just that it should not be required to be a realtor, and being a realtor should not necessarily qualify.
-
Permalink Reply by Smitty on
-
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 negotiate. I also know two differing "opinions" from the Banking Dept and Ass. of Realtors.
Although if there IS NO LAW, then I suppose we can't post it correct?
-
Permalink Reply by Ben Benita on
-
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 with short sales. Why SHOULDN'T you get AT LEAST 1% if you have to complete hours and hours of extra work in order to get the transaction through?
and
FACT #2 - it would be great if there were a national "licensing" required to negotiate short sales (kept us from being able to join the Better Busienss Bureaua) and, it would establish some type of MINIMUM requirement and knowledge an agent (or whomever) would need to have before TRYING to help a homeonwer avoid foreclosure......dealing with them without knowing what you are doing is just BEGGING for trouble!!!!
Love the site....keep up the great work guys!!!!
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons