The FTC recently put into effect a new rule that adds regulations to 3rd party negotiators, attorneys and Realtors who help sellers in need of a short sale.
Realtors Need Clarification and Authoritative Disclosure Language
Short sale Realtors nationwide are waiting for clarification from NAR and from their state and local Real Estate Associations and Real Estate Commissions.
Many real estate attorneys are also unsure about the interpretation of the MARS rule as it pertains to Realtors. Emphasis on the word "interpretation" because is not clear cut. As Florida Real Estate Attorney Richard Zaretzky points out "The issue regarding real estate agents and the new FTC MARS Rule (as in Mortgage Assistance Relief Services) is that there is no clear cut rule."
In the Meantime, Does Anyone Have a Good Disclosure or Good Clauses That Can Be Shared?
Any thing that can be shared with the group would be great, with the clear understanding that every one should consult with their own attorney to confirm compliance with laws and regulations. Please do not violate any copyright laws. Does anyone have good sources of current interpretations?
Here are links to recent Activerain posts on the subject: