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Realtor Lawsuits - The Other Side of the Coin...

I just read a featured blog by Walter Hayes called "Realtor Lawsuits" and have to say I was shocked by the comments.

Walter's blog stated he's heard "homeowners who have lost their homes to foreclosure are coming after agents and suing because their home didn't sell and ended up being foreclosed on."

The vast amount of comments basically said "What?!? Those scummy lawyers?" Instead of looking at the possible validity of the argument, these agents are tossing blame to the attorneys.

I object!

I object!

The truth of the matter is that too many agents are practicing outside of their area of expertise! Agents who have never been trained, and have no experience in what it takes to get a short sale to the table are taking these listings (because they need the commission) instead of referring them to agents who know what they are doing. They list the property like any other and hope for the best (instead of contacting the bank on a daily (or more) basis working through the issues.)

I understand the desperation of agents out there right now. Times are tough. Really tough! But, taking a listing outside of your level of experience and scope of normal practice, is not going to help. Not only are you setting up your client to LOSE THEIR HOME (that should be bad enough!), but you are also setting yourself for a lawsuit!

AND - YOU WILL LOSE!

Short sales are a VERY labor intensive listing that require a VERY experienced agent. While I'm an SFR (BFD, I took a class), I still bring in an agent who has A LOT more experience in short sales (from a different company, no less) because that's what my clients NEED! The Code of Ethics is VERY specific here - and it's not hard to understand!

Article 11
...
REALTORS^® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service...

If you are taking short-sale listings, you'd better darn well know what you are doing! If you don't have the necessary training or experience, don't just assume you can handle it. You have a FIDUCIARY OBLIGATION to your clients to either bring someone in who knows what they are doing or refer them out to someone who does.

Sometimes acting responsibly means you don't get a commission. And THAT'S O.K. That's what Fiduciary obligation means! To put your clients well being above your own!

From Wikipedia.org...

"A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence."

A fiduciary duty is the highest standard of at either equity or law. A fiduciary (abbreviation fid) is expected to be extremely loyal to the person to whom he owes the duty (the "principal"): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the principal consents.

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Tori Stamps, MA, JD

Stamps Realty

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Info about the author:

Tori Stamps, MA, JD is a Franklin TN REALTOR® providing impecible service and attention to detail when you are looking to purchase and/or sell real estate in Williamson County, TN - including Leipers Fork, Franklin, Brentwood, Thompsons Station, Spring Hill and all other surrounding communities. Please visit me at www.Stamps-Realty.com or www.LeipersForkRealEstate.com for all your real estate needs.

If you're on the fence about buying a home in Franklin TN or its surrounding Williamson County TN communities, now is the time to buy. Today's market is providing some great deals! Now is the time to take advantage of the economy while interest rates remain at an all time low. For more information on homes, estates and farms in and around Franklin, TN and its surrounding communities, you can search the MLS free of obligation at http://www.leipersforkrealestate.com/search-mls.asp.

Tori Stamps, MA, JD - Principal Broker/Owner - Stamps Realty, Inc. - 615.512.5485 cell

Copyright © 2009 By Tori Stamps, MA, JD. All Rights Reserved

Posted by Tori Stamps MA JD ~ Broker/Owner Franklin TN Homes for Sale on 04/10/2010 09:37 AM

Comments (117)

short sales, fiduciary duty, article 11

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117 Comments on Realtor Lawsuits - The Other Side of the Coin...

APR

2010

Tori, very well put. I am always concerned about short sales. I have one now that we are working on, and believe me, although this is my first listing, I am not going in with my eyes closed, I have spent the better part of the year preparing. And I have referred others to an attorney who specializes in short sales and foreclosures and plays well with Realtors.

The question to list the property or not was a heavy one, I do feel up to this particular task and am working closely with the owners attorney. I have been vocal ad naseum to the client and attorney, demanding, honest, annoying, anything you can think of that will help to push this along. Every day I check myself on this one.

I am the first one to say UNCLE if I can't do it. It is may main goal to make sure I can represent my clients.

GREAT POST! Thank you for writing it!

Yes, I agree agents should not practice outside their area of expertise. An agent inexperienced in distressed properties should get training in that field and work with an agent who is experienced until they are comfortable. I also feel that it is important to work with an attorney who specializes in short sales. I've lost deals because of attorneys offices unfamiliar with procedures.

I don't handle short sales... and that is precisely why. There are too many agents that take a class for a couple of hours and then just assume they are experts...

So true. Short sales are a minefield for many real estate agents. They may get sued for a lot of things on a short sale

You've described nuanced aspects to the real estate agent that never even crossed my mind. Interesting.

Tori....I applaud you for taking such a stance and not being afraid to call the bad apples as you see them. I believe you are a credit to the industry and i wish there were more like you and I look forward to the day when the herd thins levaing professionals such as yourself.

Cheers!

We are pushed constantly to start taking short sales. Even in AR you see people making others feel like morons if they do not do this. Personally I have been able to avoid them in all, but one case. And I would never put myself out there as a "short sale" expert. But you are right, we see people tacking that on to the end of the name all over the place. I doubt that the lawsuits will amount to much, but in ANY situation, it is better not to over-state your abilities. If nothing else happens, your integrity and competence will be brought into question and word-of-mouth will kill you.

I will not take a short sale listing because I do not have the expertise to handle them. I agree that only agents with short sale experience should take them on. I am sure that there are incidents of foreclosures where agents made mistakes that very well may have precipitated the foreclosure sooner than it should have occurred. Blaming the agent to me is still a stretch. Even if the seller had an expert short sale agent, it is still possible that the foreclosure would have happened. Just how much more is a seller damaged by a foreclosure instead of a short sale? Everything that I have seen indicates that a short sale is almost as bad as a foreclosure on ones credit. There also may be an unintended consequence, if there are enough of these lawsuits. It may become very hard for a seller of a short sale to find an agent at all.

I hire Firstline Short Sale Company in Irvine. They have a staff attorney that talks to the seller before they accept the final offer. It works very well and they got 3 short sales approved last week!

Excellent work Tori! I do not do short sales, I will only provide advice on selecting an agent. And I do not ask for a fee.

I agree it is better not to take a listing that may present a challenge to you.

I sincerely envy you who are in markets where short sales are so uncommon you don't have to know how to do them to be a 360 degree professional in this industry. Our state real estate commission and real estate attorneys, especially in DFW, are inundated with RE and mortgage fraud complaints, among other things, leaving consumers mortgaged to their ears, among many other crazy things requiring short sale expertise. I agree with this post. Either know your stuff or get a mentor or take a pass, or, as the original blogger said, it appears you could be in the same broke, busted and disgusted boat as your upside-down clients post losing a lawsuit.

I can throw a rock and hit a dozen agents practicing outside their area of expertise...any the truly pathetic thing about it is that they don't care and if you try to warn them so they don't get themselves in trouble you are met with indifference and arrogance! It is truly frustrating! You are spot on about the Short Sales situation...there are some scary people out there parading as experts!

How does one become an expert if they never take the 1st step to learn the SS process? I accepted the challenge of a short sale & through research & diligence had a successful transaction. I don't think it is so much of being an "expert SS listing agent" it is not being a lazy Realtor.

Like so many previous issues in society, laws and lawsuits follow the development of new challenges. I am amused by the number of posts across many sites that proclaim that only "experienced" agents should do one thing or another. For goodness sakes, if brokers can't grow and adapt and train in new practise areas they shouldn't be in business. Standards of practise evolve over time, and great agents and brokers will develop new skills meet new challenges.

Tori:

Glad to see a posting from a Realtor & an Attorney. I, too, am a Realtor & an Attorney (30 yrs), licensed in OH.

I responded to the post that you addressed. My point is that a well documented transaction will not be fuel for litigation. The only way to have a well documented transaction is to know what one is doing as a Realtor. It's very simple

I have a team with my husband. We decided that we would not handle short sales. It's simple: too many opportunities for error, too much documentation per transaction & plenty of sales opportunities that are not short sales (we have not listed a short sale property & none of our buyer's have wanted or currently want to view a short sale property.

I have long had an issue with agents who claim to be experts on the backs of unsuspecting clients. I hate ambulance chasers, but I also despise the practice of pretending to be an expert when you are in fact a neophyte.

Well stated. I am primarily a Buyer's Rep (although I do know quite a bit about short-sale process) I absolutely CRINGE when I have a buyer interested in a property listed at short-sale and I see certain agents names on the other end of the deal bc I KNOW they dont know what they are doing nor do they CARE.

huh, i must not have logged in therefore I didnt get my big points credit for my comment above! ;-)

Furthermore, I instantly feel bad for the seller who probably went with that agent in the first place b/c they are either a 1) friend or 2) cut their commision. Unfortunately, yiou get what you 'pay' for. Too bad for sellers with dud agents and YES the agents are somewhat responsible. Here's another thought: when listing a short-sale hopeful property, DOCUMENT everything!!! All the phone calls into the lender...everything! Just in case you need to 'prove' you performed due diligence.

Short sales are complex and much of the ultimate outcome is really outside the hands of agents. I'm sure there are plenty who have botched it up. What I'm not so sure is how anyone can prove that the bank was not to blame. It's rampant that banks have caused many short sales to fail because they have not been staffed or that the decision maker didn't want to take the heat.

As this subject swirls around, I'm wondering if anyone has knowledge of an actual lawsuit? Hearsay is hearsay, I say!

Speaking of short sales ... in a legal class last week we talked about the use of an intermediary short sale negotiator receiving a fee for their services based on the commission paid. An apparent gray area / violation of paying an unliscensed individual in a real estate transaction! Interesting times.

Tori:

First of all, why do blog posts that feed the fear of short sales always get featured, when the ones that offer a different perspective don't?

Following your logic would mean that a new real estate agent should never sell a home because they are not "experts" at it. Should new agents try to live off referral fees for the rest of their lives, or should they jump in and do it?!

There is every reason to take a short-sale listing — because that's where the market is now, and if you don't take short-sale listings, you are not going to have any listings.

As far as agents not being equipped to handle short sales ... I say that's nonsense. If you can add 2+2, you can do a short sale. It's not difficult. It IS time consuming. It IS mundane. It DOES require patience. But anybody with e-mail, a phone, and perseverance can do it.

Should we go back and negate all the short sales done by people who never had a first one? Oh wait -- that would cancel them all!

There are plenty of companies that can help with short sale administration, and there are classes to take to learn the ins and outs of short sales — and even a nifty certification or two available.

Another thing: I think real estate agents set themselves up for failure when they call themselves "experts" at anything. REALTORS(r) are "professionals" not "experts." They bring experts together, they facilitate transactions. Who knows, maybe agents actually could be called "transaction experts" — assuming they have done a lot of transactions! I personally am a "new construction expert" because I have actually built hundreds of homes. I still don't like calling it "expert," but "specialist" won't fit in the space allowed by AR! =)

When you are an "expert" and something goes wrong, it is likely going to be considered your fault. Real estate agents shouldn't have "areas of expertise." Rather they should be considered "experienced professionals."

I am beginning the think that some ActiveRain bigwigs are complicit in the fear-mongering regarding short sales. I know a lot of the AR Ambassadors are major short-sale agents. God bless them, really. Short sales are no fun, and those willing to do them should be thanked and respected — I know, I've done the dirty work, too, and it is absolutely no fun.

I hope I don't sound overly negative. That is not my intent. But I have a very sensitive B.S. meter, and I have seen so much of it lately regarding short sales that I just had to speak up.

And I don't appreciate it when people who have ulterior motives use fear to protect their own market share.

(This comment is morphed from one of my next blog posts)

Tori: Since no actual cases were cited, the feature post in question was entirely unsupported by any evidence. I'd agree with #15 and #25. With a faulty premise, this post is saying what exactly?????????

Great points, in my little world the bank is the one who doesnt get it right.

Howdy and evenen there Tori

There are many agents in this area that have been in the business for many years, that do not follow Article 11 at all. Thats mighty sad, for the home sellers they are working for.

Hi there,

"The truth of the matter is that too many agents are practicing outside of their area of expertise!" So very true, yet it happens every single day. We recently had a situation where an owner (after being listed for more than 7 months) was 2 days away for the auction sale. My agent )who is a VERY experienced short sale agent) saved the homeowner by having the sale postponed just in time.

Imho it's far more difficult than others may think.

APR

2010

Tori- We have not seen any cases of lawsuits and his post was hear say.

Although Nestor and I do close 98% of all our short sale listings and although we do represent our sellers-

Florida agents rarely have a fiduciary duty to their clients. It is a presumption of law that all agents in Florida act in the capacity of transaction brokers with no fiduciary duty. Skill, care and diligence is stated as a duty of a transaction broker. I don't think that sort of law suit would go far in our state. Katerina

Tori- We have not seen any cases of lawsuits and his post was hear say.

Although Nestor and I do close 98% of all our short sale listings and although we do represent our sellers-

One very indicative of the knowledge of the "short selling" agent is the price they place on the property. A hard and fast rule for all FHA homes is they will only accept a NET of 88% of appraised value (for a specified time). So a house just went up for sale in the area listed at $124,900 that clearly would appraise for $150,000. So it seems inethical to attract a buyer in to make an offer on the house knowing that the lender will not accept such a value. Bait and Switch?
The SFR course did not come even close to training an agent how to conduct a short sale, imho.

Kathy:

That 88% FHA rule is not hard and fast; you can ask for a variance from FHA and sometimes get it. My broker had one close that was at 79%!

Besides, calling that "bait and switch" is a bit of a stretch, considering there is no such thing as "clearly would appraise at ..." anymore. Nothing is set in stone in the world of appraisal, especially when the banks usually just order BPOs.

I think the blog was that they were going after the E&O. And that is something altogether different

I'll agree with #15, #25, and #26. You aren't an expert the first time you do something. Yes, you need to surround yourself with people who can educate you and help you learn. But just referring everything to a more experience agent deprives you of the learning process. Sounds like a very self-serving post to me.

Interesting post and it is reminder to agent to be very careful when assisting homeowner with short sale. Short Sales are 98% of my business, here in the San Francisco Bay Area, San Mateo County, Santa Clara and Alameda County. I have closed and negotiated 100% of my short sale so far. I work very hard to help my clients to avoid foreclosure the best I can. There are many reasons why a short sale may not close and so many parties involved in the process that it would be hard to hold someone responsible. Short Sales are hard work but someone has

Wow, great post and excellent responses throughout this thread. I have found that negotiating short sales and staying on top of them is way too time consuming and a detriment to my business model. Not to mention that there are too many twists and turns, a balancing act so to speak throughout the transaction. I am not saying that I do not work with short sales. I like to work smarter as opposed to harder. There is an excellent company out of California who will handle the short sale from start to finish...keep the transaction stream lined, negotiate my commission for me, work with the banks, and get the deal done while I continue on with my business model which generates a revenue stream. I agree that the short sales need to get done and someone has to do it. Why not get paid and live your life at the same time?

Tim Bray, B.S. Real Estate & Urban Economics (UConn)

An interesting thread. I can see both sides of it. Yes, I'm sure that there are some agents who really botch what they are doing. But as a whole, we seem to have become, as a society, much to litigious.

There is a risk in everything we do. . ., if you don't want to take the risk, simply refer them

Until my company partnered with a firm that negotiates short sales for our sellers, I steered clear of short sale listings because I know I don't have the time or patience for them anymore. I also do my best to discourage buyers from pursuing short sales, and I've been successful up til now.

Hi Tori, Here in Canada, we also have a similar Fiduciary Obligation law that we have to follow with our clients! All careers have set or given responsibilities that must be followed, unfortunately most people tend to forget them! Thanks for the blog! ;>))

Tori I completely agree with you. My comment on the other post pretty much said the same thing. Agents are going to be sued. That's a fact. And they will lose. That's another fact.

Short sales are serious buisness.

Tori, you are right that agents need to be aware and know the process very well. That being said, however, if the home is overpriced, and the agent has advised otherwise, or the bank (or bank(S)) weren't willing to accept an offer, that is not the agent's fault.

If there is negligent malpractice, sure, I can see this. But many times it is NOT the agent's fault.

Tori, this is something that I have felt for a long time. It really bugs me when agents practise short sales out of their area of expertiece.

it is not surprising to me. When we call to show a short sale we also can tell in 5 minutes IF it has a chance in heck of working.

If not we move on. Why waste our buyers time.

I commented on that post that especially when it comes to short sales, agents without sufficient expertise should be held accountable. In a normal listing if it doesn't sell no harm no foul. The consequences of foreclosure is much worse. I have pondered this for a long time wondering why there were not at least ethical complaints sent to our Commission. First, these folks mostly do not have the money to use a lawyer for redress, and by the time of the foreclosure they are just too beaten down to care anymore.

I AM NOT A SHORT SALE EXPERT.

AND NEITHER ARE MOST OF THE AGENTS OUT THERE CLAIMING TO BE.

READ THE S.A.F.E. Act and then decide who should be negotiating a short sale with a bank. There is no caselaw on the books yet, but you can believe it will be coming.

Sometimes I have lawyers coming to me for advice on how to negotiate a short sale. Agents who think that short sales aren't complicated have not negotiated very many of them. Sure, every so often you may run into the straight-forward, easy-to-do short sale, but that's an exception to the rule, not the norm. As time marches on, I see short sales becoming more twisted and convoluted every single week.

Tori, I totally agree with you. I run into agents all the time who blatantly violate Article 11 of the COE. I've also heard people say how can they get the experience unless they just jump in and do it. They are missing the point of Article 11. It doesn't say an agent cannot do a short sale, commercial sale, land brokerage, etc. It states, if an agent chooses to get into an area outside of their expertise, they should: 1. Inform their client they do not have the appropriate expertise, and 2. Work with someone who has experience in the specific area. If the agent cannot comply with these two items, the transaction should be referred. I would rather learn from an experienced agent than from a court room.

Tori: I think that one faction that may be sued is the faction that is involved with the investors who participate in the short sale flips (or attempt to participate). They waste so much time trying to get those short sales for 50 cents on the dollar when the bank says 'no.' Then, when the property goes to foreclosure AND a viable retail buyer could have been produced, I think there is a real ethical and legal problem brewing there.

Tori......

Bravo....for quoting Article 11......which by the way works with Article 1 "to protect and promote the interests of their client". I give expert Real Estate advice. I care about what my client and I are trying to do. But I wont give legal or tax advice. I have an opinion and I state it say as just being an unprofessional opinion only when I am pressed. Some of my clients cannot afford legal or tax advice and in that event, they sign something that I advised them and we move on. Thank you

I used to think areas outside an agent's expertise were typical specialties such as commercial real estate. These days, short sales are very common - yet outside many agents' competence.

Melissa, I regularly re-sell short sale deals. (Flipping is such an obsolete term). Banks need people like us and the Sellers most assuredly need us. Most short sales can't be bought by retail buyers as there are tons of problems inherent with short sales, as you well know. The problem is in people thinking that Investors are just arbitrarily looking for "50 cent on the dollar" deals.

What most agents don't know how to do is obtain the REAL CURRENT market value of a property. We have never had a problem with our offers because we can susbtanitate to the bank and to the BPO agent the REAL and CURRENT value of a property. Recently we had a home we targeted and the agent had it listed for $68,900.00. The Actual REAL and CURRENT value was $38,000.00. The property also needed nearly $17,000.00 in repairs. We subsequently go the short sale approved at $13,000.00 and sold it the next day for $23,000.00 for a quick $10k profit!

So we bought this property at a price substanitally lower than the listing price and much lower than existing values. Why? Because we substantiate our numbers and we understand terms like Tiered approvals in short sales and terms like Net To Value and Offer to value.

The hardest part of the deal? The roadblock the agent threw up because she had no idea as to how to find the REAL and CURRENT value of the property. Just because an agent thinks they know the value, hardly ever do they truly know. So what may look like a 50 cent on the dollar purchase is in reality an agent pricing a listing WAY more than the home is worth and then they are surprised when they see the offers that come in.

If you really want to make money in a short sale you have to know what you are doing and you have to know where the deal is. Agents take every listing that comes their way..we're a bit more prudent and it's because it's our BUSINESS. Making $10k on a $13k purchase is a lot more than the $300 bucks the listing agent pulled down.

I think that agents who make denigrating statements about so called low ball offers need to really look at the business we're all in. We are in the liquidation business people..wake up...we're salvage workers.

This isn't a rescue mission...it's a recovery operation. There's a big difference!

Unfortunately, I don't see how future litigation is avoidable in a short sale scenario at some point, with some home sellers. Even if they have the best of representation via a Realtor, human nature and the constant changes that seem to plague the short sale arena are going to combine with a home seller who, down the road gets hit with a monetary demand or credit hit that wasn't properly explained (don't care how careful it's been, and what's in writing- the banking industry is a convoluted MESS, playing by their own rules) and that home seller, fairly or not, is going to get a lawyer. I've never liked that lawyers are such an imposing presence on a normal transaction in NY where most places don't need/use them, but in the current real estate environment, only one "referral" is going out prior to listing acceptance- and that referral is to a lawyer well versed in short sales, who can take the hit in such a mess of an environment, rather than a real estate company seeking to offer relief for a seller, but not having control over exactly what the bank does in the future to those selling short. If all home sellers haven't at LEAST (at the very least) sat down with a lawyer prior to any decisions, it's trouble in the making- opinion from a paranoid Realtor.

Sorry but I must disagree. If you believe an agent should not take a short sale until they are experienced at short sales, when do they take a short sale? Short sales don't require some special skill or knowledge. The require time. Some times alot of it. Sellers that lose their home to foreclosure, lose their home because they DID NOT MAKE THEIR PAYMENTS. Not because their home did not sell in time. But of course, someone else MUST be to blame. They are somehow the victim. So let's sue. A little personal responsibilty goes a long way. I completely understand that people are losing the home due to financial hardships and I certainly feel for them. But it is just that, THEIR financial hardships that are the cause. Not their Realtor, or their Lender, or their hairdresser, etc.

Thank you

I agree with post 25. Too many agents run down other agents in general, claiming that "I am the only one who knows how to do this".

Excellent point that you brought up! When I first started doing short sales- I hired an agnet that had completed over 100 of them to personally teach me and guide me through all of the transactions as needed- she is still my mentor if I come across soemthing and I am not sure how to handle- It was the best $400.00 I have spent on training in a long time!

I must be a paranoid Realtor like Laurie #53 because I really scan my leads and make them sit down with a lawyer. I do not list a short sale home until they have weighed all their options!!

I am not surprised if there is any pending litigation as I have seen my share of "shenanigans" within short sale transactions. Our SOL for a deficiency is 6 years. We still have a couple of years to go before people become surprised when they are told to pay up.

I just say no to short sales. Fortunately there is enough other business in this area that I can safely ignore that segment of the market. Good post. THanks for keeping me aware of that.

Tori, that was excellent and very well put. I will say I avoid Short Sales when I can.

My goodness! I log on to find 60 comments! This is going to take awhile to reply! LOL!

Andrea - exactly my point. Agents need to know when to say uncle and either ask for help or refer it out!

Katherine - agreed. It's not just agents who are inexperiencd and practicing out of their areas of specialty. In the legal world, it's called Malpractice. :o)

Lane - Exactly! There's no way an 8 hour course (plus 3 webinars) is going to make anyone an expert.

Russ - True! Minefield is a great way to describe it.

Andrew - Glad I could help you get a little more insight.

Radio Guy - :o) Thanks! *blush*

John - I've been fortunate enough to be in a market where they are not the vast majority of sales. Not sure how much the lawsuits will amount to but it will be interesting to watch it unfold.

Tom - it's not always the agent. It could have gone into foreclosure anyway. However, to a court, if an agent doesn't know what they are doing, it's FORSEEABLE that the house will go into foreclosure. The damage comes after the fact when the bank comes after the deficiency or the IRS comes after the taxes on the deficiency (because the IRS is considering it income) solely because the agent failed to insure "immunity" from the deficiency was part of the short sale deal.

Richard - that's awseome tha tyou have someone like that to help you.

Dan - I hope you get a referral for those clients. No need to get absolutely nothing! :o)

Tammie - challeges are one thing (aren't most sales challenging in one way or antoher?) But when agents have no experience, they need to call in some assistance from someone who does - or refer it out.

Kristen - your market sounds scary! Agents shouldn't b afraid to ask for help you they don't know what they are doing.

Jeani - ditto here! Those are the scariest agents - the one's that just don't care!

Stapleton - I'm not saying agents shouldn't try a SS. I'm saying IF THEY DO... bring in someone who KNOWS what they are doing until they have enough experience to do it on their own.

Leslie - To grow and adapt, pleople need to learn...and they learn by being taught by someone sho KNOWS what they are doing. I AM a broker and I still ask for help because I'm knowlegeable enough to know what I don't know. There's no shame in asking for help from an expert until you, yourself, know what you're doing. To do otherwise is a detriment to your cleint.

Pat - Maybe iwth a law background, I'm extra cautious. BUT, I'm much rather insure my cleints get the help they need that just "wing it."

J. Philip - LOL! I'm with you on both accoutns. Don't know which is worse.

Sibley - Documentation is key! True! But agents that don't know what they are doing won't be codumenting the right things - bcasue they won't know WHAT to document.

Frank - It's true it can be botched from any angle. My post was directed towards the agents who take short sale listings without knowing what they are doing. All it will take is a client proving the agent didn't know what they were doing for them to win a claim against the agent.

Scott - Interesting! I'm curious to see what willc oem with that!

Aaron. Article 11 is very specific. If you can't see the logic in bringing in help until you know what you're doing... YIKES! I've taken the class. It doesn't teach you how to do them. Telling someone they will get sued when they are blatantly doing something that WILL cause harm is not fear mongering. It's a heads up!

Matt - this post is saying this: 1. We are REALTORS. 2. We follow the Code of Ethics. 3. Article 11 of the COE says if you don't know what your'e doing, bring in someone who does or refer it out. It's not rocket science.

Dale - That is sad.

Lynda! Yay! Glad your experienced agent was able to save the day.

Katerina - Florida is a different bird! *wink*

Kathy - True re: SFR. Only experience (or a mentor) is going to let an agent learn the nuances of a SS.

Superb post.

Just in case some do not know it...there are areas of the country NOT involved in SHORT SALES.

Note changes in the Code of Ethics. Even selling a commercial listing without proper education may put you in peril. The buying public deserves an educated agent. Figure out what your area of expertise is and stick with it.

Carla - E&O is only up to a certain $$ amount. Clients can sue for more... and win. I'm curious to see if E& O will settle cases where an agent was blatantly working outside of theri area of exertise (or worse - misrepresenting their SS experience). That's not an error or an omission - it's fraud.

Jeff - re-read my post. Article 11 says exactly what you're saying. If you don't know what you're doing, bring in someone who does. You don't HAVE to give it away. As to why you think this post is self-serving?????????

Tim - exactly! You can do both!

Richard - I agree, BUT sometimes people do things that deserve a lawsuit! :o)

Fernando - there is risk, but the risk shouldn't be at the client's expense.

Ann-Marie - Hopefully this little reminder will help some people see the light! :o)

Bryant - Of anyone, I knew you would! *wink* It is serious.... and it needs to be taken seriously.

Marney - You're right, it's not always the agents fault. However, if an agent can't ge the seller to price it right in a SS, then the agent hasn't taken control of the situation and explained the process corretly. So, in effect, the agent IS at fault. As for banks not taking an offer, then THEY deserve to be sued. But that's a whole other ball of wax.

Missy - me too! Big pet peeve! (obviously LOL!)

Joe - Very, very true! and very, very sad!

Jeanna - and my guess it will be coming sooner rather than later.

Elisabeth - I was thinking the exact same thing when reading some of the comments here. Those that don't think it's a big deal haven't done them.

Michael - DING! DING! DING! EXACTLY!

Melissa - True! That's a whole other can of worms ready to explode!

Richie - I do the same. Even with a law degree I won't cross that line!

Brian - It's funny how the times are changing even the ordinary thoughts of what is and what isn't.

Laurie - it's not paranoia you're feeling. It's reality!

Scott - re-read Article 11. If doesn't say you ahve to turn it down. It says you need to invormt he client you have no experience, bring in assistance from someone who does OR refer it out. Short sales DO require knowledge only gained from experience. Timelines can be specific as can various bank requirements. An experience agent isn't going to know the components of an effective short sale package or that it needs to go to each lienholder. As for financial loss - yes, they didn't make their payments - but an inexperienced agentis going to make them incur additional costs if they don't cross every t and dot every i. Failure to do so could result int he bank coming after the deficiency or the IRS coming after taxes b/c that deficiency is now considered income - solely because the inexperienced agent didn't know how to keep that from happening.

Bill - no one is saying I'm the only one. We're saying "if you don't know how, pull in the guy that does."

Shanna - I'm doing the same thing. I'd rather share and leanr than lose it all (both for my client and me!)

Renee - me too! CYA!

Glenn - I'm lucky enough to not have to do them to survive. I'd rather they be done by others that thrive on them!

Connie - Thank you! Me too!

Charles - true! Article 11 covers much more than just SS. The public DOES deserve agents who know what they are doing. Anyone who doesn't agree with that doesn't need to be in the business as far as I'm concerned.

Tori - What a great post with lots of interesting comments! I read the above referenced blog by Walter Hayes first and agreed with your side of things...if you don't know how to do something well, it's in the client's best interest for you to refer it to someone who does...forget fiduciary duties for a moment and just remember it's the right thing to do. The argument of "when do you learn, then?" is very valid and was answered by a few others...get a mentor to help. We all just need to remember to keep our minds open, continue to learn, AND offer the best advice to our clients' that we can (even if that means referring out) - that's our real job! As professionals, we should definitely know more than our clients, and strive to know more than our colleagues...if you're the one your colleagues come to for advice, even if you don't know everything about the subject, you're probably the best person for the job! Then, just document everything you do in case it does become litigious.

Applause applause....cheer cheer...any agent who mistakenly believes "it can't happen here....not in my state..." needs a check up from the neck up....legal sources tell us it not only can it will....and to our minds, as well it should...thank you thank you thank you thank you thank you thank you !

I would change the line "you would lose" to "you could lose." This type of suit is easily defensible, and there are many parties and factors involved.

And laws do vary from state to state so I would refrain from making blanket statements so as not to encourage frivolous litigation.,

Thank you Scott (#54) for your comments - I agree with you!

Richard, I respectfully disagree. If an agent is practicing outside their area of expertise to the detriment of their client, there is no "could" about it.

Brett - it so true. It's amazing how just doing the right thing is a big part of the job.

Pam - Unless you KNOW WHY the payments weren't made (were they just sleazebags or is she a recent widow that also lost her job and is upside down due to the market), don't be so quick to judge the SS client. Regardless of how someone got into the situation, if an agent portrays themselves as an expert capable of helping them to get OUT of the situation - and isn't - then litigation is a fair recourse if it has caused ADDITIONAL harm to the client. If someone doesn't know HOW to do the job, then they need to pull in someone who DOES KNOW HOW.

You have really hit the nail on the head!! I actually think that the buyers agent should also be trained---a ton of buyers have no idea on what they are getting into when they submit an offer on one of these....why?......because their agent has no clue either---no forewarning, no explanations on what to expect, and then what...many decide to walk away during the process, or end up calling the listing agents constantly trying to find out what the 'story' is! It is a FREE FOR ALL out there--or as I also I refer to it as the Wild West!

NO matter what situation I am in (regular residential sale or a short sale etc) I always have a paper trail where I consel my clients to seek professional advice from their CPA, tax attorney or real estate attorney. Call it paranoia if you want but I call it being safe.

I do a lot of short sales, in fact 90% of my listings right now are short sales, and I spend quite a bit of time with my clients going over their options. Sure I want the listing and sale but really it boils down to servicing your client and what is in their best interest. I think that if I go over thier options prior to listing the property and give them paperwork and websites that will enable them to make the right decision I'll have less of a chance of finding myself in a deposition.

Set expectations. counsel your clients, refer them to other professionals that can work in conjunction with your efforts and communicate, communicate, communicate. There are so many agents out there that just want the deal. I want what is right for each individual client or prospective client. If I do come across a client that has a situation where I don't have much expertise (ie a probate sale) I would co-list/co-partner with an agent in my office that had much more experience than I did. It allows me to service my client fully AND I get to learn from the experience.

AMEN, sister! I work with short sale sellers, that is pretty much all that I do. My husband works with buyers, and quite often assists them with submitting offers on short sale properties. We are in AZ, a state with one of the highest foreclosure rates....and I can tell you, I often feel SO BADLY for the seller on the other side of the transaction when I see how the listing agent is handling the transaction. The number of agents out here listing short sales that have no business doing so are RAMPANT. It is very, very scary.

Agents are so hungry these days they won't turn down a listing even if it's out of their realm of experience. We just lost a deal (we had the buyer) in a short sale. Listing agent had NO CLUE how to handle the transaction.

Hi Tori, very well thought out and presented case for any agent thinking about accepting a short listing. If you are not well verseed in something consider a referral.

In many of the comments that have been posted in response to this posting I am seeing two threads that I find amazing.

1. Only agents experienced in short sales should take on such a listing. To me this is a very self-serving comment. I don't care how experienced one is, all of us at one time or another had to do something for the first time. Yes, when doing something for the first time it is smart to learn as much about the subject as possible and it is smart to ask for the guidance of someone who has done it before and possibly even offer a commission split.

2. A short sale is not just a real estate transaction. For the homeowner it involves legal issues - possible deficiency judgement to name one ite- and it involves potential tax issues. Personally my wife and I will not list a home that is going to be a short sale unless the homeowner agrees to bring an attorney - usually one we recommend - on the team from the very beginning. Done the road we also want a CPS on the team to handle potential tax matters. We do none of the negotiations with the lender. That is the job of the attorney. They have leverage that we do not. We do one thing and one thing only and that is handle the real estate transaction. For any Realtor trying to do the job of the attorney or the cpa, well, in my opinion, you are asking for and probably deserve any trouble you might get into.

Because short sales and folllow on foreclosures can be so involved and complex, we strongly advise those that seek our advice to cover yourself at every step along the way. For us, we would rather take a few less dollars in net commission if it provides us with a layer of protection. One of the things we do is to hire at our expense a professional appraiser to do a full appraisal and to determine the market value of the home. Before meeting my wife 17 yers ago and joining her in her real estate business, I use to do title searches for attorneys. Therefore whenever we have a short sale listing, one of the first things I do is a complete title search which I give to the attorney. If we are helping a buyer buy a short sale home we ask the listing agent if a title search has been performed. If not, we do one. We would rather know the problems from day 1 and turn those problems over to the attorney.

We are Reators. Our only job is a short sale should be to facilitate the real estate transaction itslelf as we do with any normal real estate transaction. We hould not stray outside of sphere of expertise and licensing.

#77 Bob that is an excellent point, I basically handle them the same way-----I work very closely w/an attorney who is extremely proficient in shorts. I would never take the liability on myself when explaining the 'possibles' to my sellers---there is waaay to much at stake!

I see that most of the comments are supportive of the article. I totally disagree. Certainly an agent should be adept at handling short sales if they are taking the listing, but this is just the latest in a long list of methods for attorneys to attack realtors and make a fee.

The home went to foreclosure NOT because the agent didn't negotiate a short sale correctly - the home went to foreclosure BECAUSE the home owner failed to pay the mortgage. Whether they lost their job or had an illness or just bought above their means, they failed to pay the mortgage and are assigning blame on the realtor who failed to put it together.

This is akin to suing your stock broker because your stock portfolio went down in value (and some people ARE suing because they believe their broker should have protected them - hogwash!)

Also, regardless of HOW good an agent is, MANY short sales do not close. Many lenders still, despite the new HAFA rules as of April 5th, are not allowing agents to propose price to them until an offer is received. At that point, the lender has an appraisal and may reject the offer based on a bad appraisal or may renegotiate, which may lose the buyer and start the process over again.

Again, YES an agent should be experienced in Short Sales in order to attempt them (or work with someone experienced), but NO, attorneys should not sue the agent - tying them up in court and potentially costing the agent thousands in legal fees (even though E&O may cover part of it) and lost time because a short sale doesn't close.

There are some great stories about attorneys going after realtors for anything and everything to make a quick buck in Keim's book about real estate problems "Life Lessons from the back seat of my car". The book doesn't have any short sale stories, but I'm sure it will make the hair on the back of your neck stand up!

Great points, Tori! And since I am one of those much maligned attorneys, as well as a broker who knows short sales, I can tell you that far too many people in both professions are trying to do more than what they are qualified to do. Frivolous lawsuits are nearly always tossed out at the very beiginning if the person being sued has a litigation attorney. And in many states, the person who sued and had the case tossed would have to pay the attorney fees of the agent.

When you hear about those attorneys getting huge judgments against people it's because those people were at least negligent, and probably did something bad enough to be charged with punitive damages, and the attorney fought to get their clients justice for what was done to them. Remember, attorneys don't decide cases, judges and juries do after they have heard the evidence. Evidence laws require that the attorneys present provable facts - not conjecture or pleas for sympathy. The news doesn't always give the public the evidence - just the verdict and maybe some whining from the person who has to pay a judgment.

I was going to check to see how many here agreed with and had posted otherwise on the original blog. Then I thought of those thoughtful words of Rodney King, "Can't we all just get along?"

I think that anyone who does not learn how to do short sales will be unemployed in the very near future.

AMEN Sister Preach On!!!!! Coming from Sue Happy California there very may be some unhappy agents in the near future with their failed short sales. Get help and learn if you don't know how to do something is my motto.

Tori, as I stated on my comment on the first post, I'm not surprised. I have seen some short sale listing agents hang the sign and do nothing more for these distressed sellers who ultimately lose their house in the sheriff's sale. Well written post.

APR

2010

I disagree that agents should not take short sale listings, especially if they've taken the time to learn as much about the process as possible. That's how they grow. If they're taking the listing with any other motive than to help the homeowner, and do not represent their best interest, then they deserve to be sued.

Tori - I agree with you 100% and my comment to Ralph stated I felt you were spot on with your comment. Everyone has to start some where, but they also need guidance and knowledge to do so.

Not to long ago I read a post regarding a clueless short sale listing agent and the buyer's agent who is very experienced with short sales offered to help, but the listing agent turned down their help. Now the house is going to be foreclosed on. In my opinion that agent should be held responsible.

Short sales are alot of work. I've done a couple and in the process of another as i'm typing this. The point of having someone more knowledgeble than yourself to assist you makes perfect sense. I don't how many times clients call on commercial deals. I just get out the old referral form and let someone who is more qualified handle the process.

The short sale 'experts' got their expertise by just jumping in and doing it. Some did it well, and others didn't. Just like every other area of real estate. Some of the short sales that don't have a successful close may not have been good short sale candidates in the first place. I'm still amazed when I represent a buyer on a short sale to learn from the listing agent that the seller doesn't have their packet completed and ready to submit with an offer. The seller's willingness to cooperate in this difficult situation is paramount to the deal even having a chance to close. When I encounter a listing agent who hasn't got the sellers on board, I encourage my buyers to move on.

Ok, here is my 3 cents for whatever it's worth. If we refrain from getting experience in transactions beyond our current expertise, how does an agent ever grow? If we had not worked through our first short sale, we would not have learned how to do it. I think the trick is...ask for help (kinda like asking for directions I guess, some people just can't do that).

I am greatful to the company we are associated with, because in our environment we help each other, we offer our expertise to others in our office who need it; we ask for advise and counsel from those who Have the expertise we need. We answer questions for those who need answers that we have, and ask questions and get answers that we need. It's kind of a synergy thing that makes the whole bigger and better than the sum of it's parts.

And, it also helps to have a broker who is always there for you.

I have 100% success on short sales. I learned by doing, and every time I do one, things are different.

No doubt, an agent that is clueless on short sales should not be taking listings on them without assistance from someone experienced in doing them. At the same time though until 2009 or so, a lot of lenders were just jerking people around and no matter what a Realtor did they could not get them approved.

Great post,

You are so right about being an expert and knowing how to handle short sales. So many folks are of the "Do It Yourself Mentality", and they don't value real expertise. It takes all kinds!

So, what qualifies one to be an EXPERT! Attorneys must have 10 years experience in a specific field. Drs, complete specialized training and internship.

The real estaet professional with SFRA, TREB, DOPE, PAID designations or any alpabetical soup you choose to pay for. but no closed transations?

The real estate professional with no designations and 10 closings?

The real estae professional with no designations but refers all short sales to an attorney?

It seems from the miles and miles of text on the hundreds and hundreds of blogs about short sales the only common demoninator is 'one who does it like me.'

The entire short sale principle if unethical and hopefully will come to a quick end when reduction in principle becomes the law of the land.

I have seen many infraction being deliberately done on short sales, from under pricing to over pricing to agent that do not have a clue as to what they are doing. What I find hard to understand, is that many times the listing agent will not present all offers---in hopes of double ending the deal.

As I recall I thought the post had more to do with suing the agent that helped them purchase the home in the first place. Maybe I am wrong.

I have done a few short sales-- one worked, and one didn't. The one that didn't-- the seller chose to have the property go to foreclosure. Short sales are here to stay-- and if you don't know how to do them, get someone to help you. It does take time and lots of patience. But it can be done. I learn something new with each short sale -- in time maybe I'll be an expert at it!! (not hardly) ;-}

Wow, Tori, this hits close to a similar issue I posted to my AR blog today: http://activerain.com/blogsview/1595551/should-you-have-a-tax-attorney-on-your-short-sale-team-

I think you have addressed a major issue for real estate professionals, one that has been ignored until now. It would seem that NAR should publish specific guidelines to help their members wade through the legal minefield that surrounds short sales.

Many thanks, Al.

Our clients deserve the best representation that we can provide them, thats why we go to short sale classes, we mentor with more experienced and therefore build up our competance.

As gfar as the argument about that if we are sued the other party would loose is irrelevant. If you are sued your E & O company will probably defend you, most companys have a "first defense" clause in their policy (some call it something else) which says that if they defend you that your broker is responsible for your deductible, even if you prevail to help defend the insurance companys cost. If your deductable is $2500 ( very common amount) that means even though you won the case or even settled, your responsible for $2500. In most offices here, the agent will be required to pay that $2500, the idea is, you got us into this mess, you pay to get us out of it.

So how many of you want to fork over $2500 because you thought that even if I'm sued I'll win?

In my market area if you are not doing short sales or REOs then you might as well not be in real estate at all. I believe that the way you handle a short sale is the same way you handle your very first transaction as a new agent, you get the knowledge and you have someone, usually your broker, to guide you thoughout the proccess.

Personally I have not done any short sales as either listing or buyer's agent (only REOs so far). However, I have done many BPOs (in the high hundreds) for short sales and always amazes me how uncooperative some listing agents are. In general there is always going to be some agents that are very unprofesional and should not be in this business at all.

So - if I was a skier and wanted to get better at skiing, would I just sit back at the lodge and watch the slopes?
It so happens that I spent a few days skiing, and took more than my share of the spills... If you don't crash, you will never learn.

My point is, when I take a buyer to a short sale, talk to the listing agent and am told there are 2 loans, the second being a heloc for $180k... I have been down that hill before and know the deal is likely to require the seller to bring something to the table, or the listing agent will ask the buyer to pay outside of escrow...

Because I have done short sales, and some of them crashed, I know this is not something you want to get into. So I can adequately help my clients. Personally, I would have turned down the listing as it is a waste of time in my eye.

What you are saying, sounds to me like people should just pass the experience up... What is the point of that? To sit at the lodge and be safe all day?

Ok, suit yourself, be safe - DON'T learn, DON'T evolve, DON'T serve your next client better...

That kinda makes the post pointless doesn't it?

I did my first short sale back in the 90's when they were not very common. The routine is much different now, and the rules seems to change constantly. Keeping up to date is key; documenting each step has always been important. In my neighborhoods, 40% of the transactions are now short sales. To not do them because of inexperience would be a mistake...co-list if you need to.

On a side note, with the MLS potentially going statewide, I believe it is a big problem for an agent from Northern California to come to my area in Central Californiat (Santa Barbara) and try to represent buyers and sellers. A co-list is appropriate, a referral even better.

Terkel, perhaps you should go back and actually read the blog.

Using your analogy, it said... If you don't know how to ski - admit it, get a professional to HELP YOU LEARN, or don't go skiing.

Great post Tori. I've only listed two short sales with the help of a much more knowledgeable agent. One worked, the other didn't. It was the seller's attorney who advised the seller to foreclose, not us. The whole process was draining. I won't do another short sale where there are two loans, it's just not worth it to me.

Terkel: To quote one of the most knowledgeable philosophers of our time... "You cannot be serious !"

Your analogy about practicing on a ski slope. How silly. If you fall on a ski slope, you break your own bones. If you fall on a "short sale"... you can ruin the seller's life... or mess it up for a very, very long time."

You want to "learn" on something ? Don't you dare try and learn at the expense of MY seller. Wow.

I also think I know where you "pulled" this analogy from. Just look at the first half or so of the word... LOL.

Tori: By the way... great post... thank you for being so thorough with it.

I am amazed at all the complexity of the responses from everyone here. It is so obvious that there is not agreement on this issue at all. I have 5 short sale listings at the moment and some of them I negotiate myself, and some I hire a third party. It is more work, but I feel like I can handle the task.

I have done a number of short sales. They are not difficult. The banks tell you what they want. You give it to them (if you are any good at your job).

They are extremely time consuming and frustrating because lenders tell you over and over that they never received your information so you send everything in 4-5 times (no exaggertion - never send originals).

In the beginning, get help with short sales so you realize you're not doing them wrong, the banks are just difficult to work with.

After one or two, rock on alone.

Exactly Tory and completely agree with you! I was one of the few that mentioned the fact that there are far too many Realtors that don't have a clue about short sales but list them anyway. It is a disgrace to our industry!

That is where team work pays off!

Tori, I expect to see this happen very soon in our resort and second home market. Right now we are flooded with short sales.

I also agree with #48 and #53.

And to the Realtors out there who say most of their short sales are cut and dry (easy), try doing them in a resort and second home market where none of the primary residence short sale- exceptions apply to second home or resort condo mortgages. Also, almost none of these mortgages had PMI.

On second homes and particularly resort condos in SC, there is a high probability of getting a deficiency judgment on a short sale one way or the other. You can try to negotiate these away, but many lenders won't accept the short sale contract that way. This is just the tip of the iceberg in dealing with second-home short sales. The banks are a lot tougher to negotiate with when it's not a person's primary residence.

In fact, many of our condos were financed through portfolio loans "commercial investor loans". The investors who backed these types of loans even have the right to say NO to a short sale, period. The seller doesn't even get the option. I've seen Realtors list properties as potential short sales only to find out that the only remedy some of these lenders will accept is foreclosure (aside from a possible loan mod, which these lenders were forced to offer as of last year) .

On second homes and resort condos, you BETTER be a short sale expert or start working with one until you know the ropes. I'm not saying this for self-serving reasons at all; I've done my share of them and no longer have the patience to deal with them. I haven't lost any business over it either.

I refer them out now!

APR

2010

I am glad to see that prices in general have come down so much that I have no reason to take on short sales. Here in south Florida, short sales are no longer the only sales. I worked with several buyers on short sales and it was such a long process that left everyone in limbo. Even so called short sale experts do not handle buyers professionally.I have found that it is not worth losing my good reputation and my customers' confidence over, not to mention any potential complaints.

APR

2010

I have friends on the grievance committee at our local board of Realtors and they say that 90% of the complains are of agents in short sales and it's always an Article 11 issue. One local broker in town tells their agents to go and hire a 3rd party but the third party is more incompetent than the agents. There have already been lawsuits stemming from a short sale gone awry but with little coverage or press. Expect to hear more as the time goes by.

Sounds like there already has been a lawsuit where an agent lost their license:

First Thing to do with your short sale clients

I highly recommend clients consult with an attorney, better yet a tax attorney. Even if we knew EVERYTHING about a client's financial situation (and none of us really know it all), advising them that a short sale is in their best interest is outside of a Realtor's scope of consulting. We can offer possible benefits, but ultimately, the seller should weigh all of his options given his particular situation. We don't know what the consequences of a short sale may be when someone has a complicated financial situation.

Short sales don't solve ALL of a homeowner's financial problems. I work with a lot of high-end clients who are in trouble and their situations are just that....complicated. Some forms of bankruptcy actually work out better for some people, it all depends on their situation. It may not be lucrative for us, but we have to admit when we are out of our league as a consultant.

Deficiency judgments placed on investors and second-home short-sellers in SC are common.

APR

2010

""REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service..."

Your blog reiterated to bring in someone who IS Familiar with short sales to work with a person who is not. Nothing to misinterpret there. When inexperienced, get help to protect your client, your broker and yourself.

This is so true of so many agents in my area. Without the training and the constant calls to the banks, these short sales do not close. I've have several classes and starting more to make sure we are doing our jobs. We can't learn enough right now.

I'm not a realtor but it does seem like common sense but obviously lots of folks needed to hear your message.

APR

2010

As a Realtor, I have a problem with any profession that has to dictate what ethics and morals are but that is me. I have always lived by the Golden Rule and it has got me through life pretty well.

That being said what constitue and expert or even someone good at short sales, amount of closings, listings what. I hate to burst anyone's bubble but "we are just not all that". That is why anyone even felons can get a Real Estate licenses.

APR

2010

Tori,

Oh, that's old "banks are greedy", "lawyers are only for money" and how conveniently missing agents. Angels, just angels.

I am going to the court foreclosure auctions for my clients and I am surprised by the niumber of foreclosures on properties that are shown in MLS as under contract short sales... Disaster

JUL

2010

REALTORS who violate the REALTOR Code of Ethics deserve to have complaints filed against them.

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Tori Stamps MA JD ~ Broker/Owner Franklin TN Homes for Sale

Franklin, TN

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Stamps Realty

Address: 4044 Old Hillsboro Road, Franklin, TN, 37064

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