Is it true now you must hold a Mortgage license to negotiate a SS in GA?
Thank you
There is some validity to that. You must comply with the Mortgage SAFE mortgage licensing act. Visit these 2 sites for a better explanation
garealtor dot com/GovernmentalAffairs/CurrentIssues/QAonComplyingwithSAFEAct/tabid/503/Default.aspx
hud dot gov/offices/hsg/ramh/safe/smlicact.cfm
They’ll help to better answer your question.
-dsf
The federal SAFE act is the general guideline but many states have their own version with slight changes.
In general you do not need to be licensed to negotiate a short sale. The SAFE Act is to regulate people who are in the business of originating mortgages or offering mortgages to consumers.
In a ss, you are negotiating to buy a home, not originate a mortgage.
It would affect you if you want to turn around and sell the home with “seller financing”.
Check with your state for specifics.