MARS the Red Planet of Short Sales
I'm sure over the past few weeks there have been numerous blogs & interpretations written regarding the new rules issued by the FTC (Federal Trade Commission) that may impact the Real Estate practitioners who represent clients in short sales or advertise their experience in dealing with short sales. I for one just completed a difficult short sale from hell. Everything that you possibly could imagine going wrong - guess what - it did! I literally "lived" and "breathed" that one for almost a year. I'm sure short sales take up a lot of time for everyone, so my episode is certainly no exception.
Short Sales are hard enough, nevermind keeping up with all the documentation, red tape and follow up that goes along with a successful short sale closing. What I don't appreciate is the fact that now I have additional paperwork to deal with.
However, I do appreciate the fact that I have some great resources to get me through another short sale ordeal, knowing that all the information, forms, and documentation I need can be found on two dependable websites. One is Florida Realtors website. They've set up a MARS Information Center, along with providing links to four disclosure forms. Additionally, more information on these new disclosures (Roadmap to the new FTC disclosures for these Short Sale Transactions, a link to the FTC rules and interpretation) can be answered by NAR's legal team.
I guess we'll be traveling to MARS frequently.
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