We are consultants who get hired by Realtors to process and negotiate short sales for them.  Although we are a licensed mortgage company, we do not have a real estate license.  We have not figured out how to get access to Equator.  It appears you have to have a real estate license or be a lawyer.  Are we looking at this correctly?  Are we missing something?

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If you are negotiating real estate contracts, you are practicing real estate, and if you are not licensed, then you may be violating your state's real estate laws. That would most likely be why Equator is available real estate agents and attorneys that are licensed to practice real estate.

Equator will ask for your real estate license number.

 

You better stop any negotiations you're currently involved in & get a real estate license or you're going to open yourself up to a lawsuit.

As other have said, you need to be a Licensed Broker / Agent in your State to get access to Equator.

 

More importantly, to negotiate Short Sales (in California at least) you MUST be licensed in good standing with the DRE.  To work with most banks, you must also have E&O insurance covering you as a Real Estate Broker.

 

Best of luck!

 

Thom Colby

Broker / Negotiator

Newport Beach CA

You are exactly right.  I cannot believe someone in the real estate industry, even mortgage industry, does not know that you have to have a real estate license to negotiate a real estate contract. This is also what gives our industry a bad name because consumers do not know the rules and they will lump good agents in with the bad, agent or not.

Emily S. Knell said:

Equator will ask for your real estate license number.

 

You better stop any negotiations you're currently involved in & get a real estate license or you're going to open yourself up to a lawsuit.

OK guys. Be sure to check you State's laws. Not all States require a real estate license to negotiate short sales. There are many 3rd party negotiators that are perfectly legit and good at what they do. Now getting a deal into Equator is a different story. I believe they do require you to be licensed to be a member of equator although I could be wrong.
They do require you to be licensed, they also require you to be who you say you are and not a third party pretending to be the listing agent. Currently they do not even permit co agents to negotiate. I am not sure how one would stand legally if they were to pose as the listing agent in the negotiation.... I would have thought there was a liability issue there.

Bryant Tutas said:
OK guys. Be sure to check you State's laws. Not all States require a real estate license to negotiate short sales. There are many 3rd party negotiators that are perfectly legit and good at what they do. Now getting a deal into Equator is a different story. I believe they do require you to be licensed to be a member of equator although I could be wrong.

BofA absolutely allows for 3rd party negotiators, who are licensed Brokers in their state, with E&O coverage, and with the authorization of the seller / borrower, to initiate and negotiate short sales on behalf of Listing Agents.  I have done MANY of them for Listing Agents / Brokers throughout California.

 

Best,


Thom Colby

Broker / Negotiator

Newport Beach CA

 

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