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3 Ways to Avoid Legal Trouble With REOs
Hello Everyone, Just thought I would pass on this article. The moral of the story is that we need to watch our backsides when it comes to this market. Now is more important than ever to team up with your LO and swap notes when it comes to all of these legal issues. Daily Real Estate News  |  January 7, 2011  |    Share
3 Ways to Avoid Legal Trouble With REOs REO and short-sale transactions are expected to continue to make up a big part of the real estate landscape in 2011. Real estate coach and trainer Bernice Ross offers some of the following tips to avoiding common pitfalls when working with distressed properties. 1. Make sure you have the training. If you lack the experience in handling REOs, short sales, or foreclosures, you need to disclose that fact to your clients. You’re better off not taking on a transaction if you lack the proper training in navigating these complex deals. Instead, a smarter and safer business approach: Refer the business to another agent and take a referral fee, Ross says.2. Determine if it’s a recourse or nonrecourse loan. You need to determine how many loans the owner of a distressed property has on the property and whether ... more

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