****QUESTION**** Is this the end of Short Sales as we know it???

So a nasty little rumor made its way through my mortgage company today. Some “big shot” investors had a meeting with my wife today and they insisted that within the past week or so there was a federal law passed stating that in order to negotiate the terms of a short sale you must be a licensed, practicing attorney.

Has anyone else heard this? Is there any truth to this?
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Well you know what that means? No more short sales for you. Ah Ha. :lol:

I heard that in some states that is true, not all states - but maybe it is now federal. BUT, it may also mean that if you are a “licensed” realtor, you can do them. I know realtors do them all the time. Another great reason to get your RE license. More research is required on your post. ???

There is no license to do short sales, unless you collecting a commission. If you are doing short sales so you can buy them and make a living, then by all means you can.

If you question the fact whether or not you can do short sales. Then maybe you need to learn more, don’t hit the streets until you really know what you are doing.

In theory alot of things sound great. But if you don’t know for sure. Then you are get yourself as well as other into trouble.

Hi - I think he was saying that you can do them, but must be represented by a licensed attorney. At least that’s what he has been told or read somewhere. Like I said, there is a huge push for licensed real estate people to do short sales to get listings.

A licensed is used when you are represent someone else. If you want a listing, then you need a license. If you want to invest, you need the know how.

While you are wondering, others are performing.

Besides within the past week, i have submitted short sales packages. No lenders have said anything like that to me.

If it was law, they would have asked me do i have a license to negotiate short sales. Thats just like saying, you need a license to do creative deals.

Charlotte - You’re right. I am reading an excellent book about short sale listing - as a realtor listing homes with short mortgages. I personally think that there are better and easier ways to get a deal after reading. Short sales will be at the end of my to do list for now. I’m not one to jump in on something without feeling I understand the process. Some can do that, I can’t. I don’t care to look foolish by not knowing something especially with a bank I may have to deal with over time. The short sale process is not for beginners. Some may not agree with that though. Good luck on you deals.