This post will serve to gather a list of all the states that require a real estate license to negotiate short sales.
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This post will serve to gather a list of all the states that require a real estate license to negotiate short sales.
You need to be a member of Short Sale Superstars to add comments!
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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.
And people wonder why consumer confidence ratings in Real Estate agents are now as low as used car salesmen....
One of my co workers has an assistant that helps with short sale negoation Does she need to be licensed to carry out the calling of the banks for her employer the sales agent ?
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 it is sad. Most new licensees are sent out to do this job if they are licensed in a market where the short sale is 50% of the market as it is in my market. I educate Realtors, provide consultant services and support the enrichment of knowledge any way I can, but it would be wonderful if they had to get the information before they put a homeowner at risk. There is just so much to know and at best, the guidelines and rules on this unregulated transaction is a moving target. Ongoing education should also be a requirement in my opinion.
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 buyer was a limited partnership and had LTD on the end of their name, he rejected because "LTD is used in Europe"
Too many on both sides that really have no clue which is why short sale closing rates SUCK overall
Really, that did happen!
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.
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!!!!
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.
www.ssprocessors.com
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.
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?
Cameron, Here is what South Carolina says about Short Sale negotiators - http://screaltors.org/news/2010/10/short-sale-negotiators-must-be-l...
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