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5 Things Agents Need to Think About with Short Sales
Thanks for your insight on short sale potential agent liabilities. We in the real estate brokerage business have led a sheltered life. We can thank the long term uptrend in real estate prices for the absence of a significant number of lawsuits.
If fact, there is a growing level of public anger over the huge loss of equity in real estate values. We can count on this growing anger to manifest itself in a barrage of lawsuits by buyers and sellers of real estate. It will bring in a new day for our industry, changing the way we all evaluate how we deal with customers. We are all on thin ice in this regard.
Unfortunately, even if we farm out the loss mitigation to a lawyer, title company or loss mitigation company...we will still be defendants because we deal with the customer and routinely give advice.
We in the real estate brokerage business need to act like people in other fields that routinely live with lawsuits....sort of like defensive driving.
I know I am in the minority here when I say agents should not be negotiating short sales. (which I have written about ad nauseam) I am fully aware that in some markets, 90% of the ... more
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