The Minnesota Association of Realtors put out a couple of videos this week regarding some short sale practices and the legal implications that could go along with them. It is really informative on what to be careful of, should you decide to be the buyer of a clients home, and then assign the contract to a third party. The process is common in short sales, but the problem arises when the Realtor is also the listing agent, and could be putting his interests ahead of his clients. Like always, transparancy is the keyword in these types of transaction.

 

5 Comments on Some Legal Advice for Realtors when it comes to Short Sales

FEB
26
226,742 Points
Thanks for sharing.. We are in Nh but the basic info must be the same
4:10pm • #1
609,202 Points 80 Featured Posts Outside Blog

In Georiga we cannot advise, that is considered practicing law because of all the implications.

4:19pm • #2
112,343 Points 10 Featured Posts Outside Blog
Jim - if you cannot advise a client, then what is the point of representing them? Just curoius.
4:43pm • #3
618,747 Points 59 Featured Posts Localism Sponsor Outside Blog

That was darn interesting.  Our laws are different.  We could not become a facilitator but it still makes me think about how it would be here. 

4:51pm • #4
FEB
28
Localism Sponsor

Excellent information, Jennifer.  So many people are in need good advise, but they don't always find it.

12:20pm • #5

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Jennifer Kirby, the Luxury Agent

Minneapolis, MN

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Exit Realty Ventures

Address: 8160 County Road 42, Suite 300-342, Savage, MN, 55378

Cell Phone: (651) 785-3400

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