The MARS FTC rule - has any one come across good disclosures for Realtors?

By
Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

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:

THE FTC AND MARS – ARE REAL ESTATE AGENTS INVOLVED? Richard Zaretsky

The MARS FTC Rule- Intended for Short Sale Agents or Loan Modification Scam Artists?  Bob Hertzog

Does the FTC MARS Rule apply to Real Estate Agents who do short sales? Trent Chapman

FTC gets MARS involved, where is NAR in all this? Paul Antonelli

NEW FTC MARS (Short Sale) Legislation: Effects on Real Estate Professionals and Third Party Negotiators Stephen "MyTitleGuy"

The FTC Ruling That Could Affect Agents And How Short Sales Are Handled. Bryant Tutas

Confused About FTC MARS? Enough Rumors – I Called The FTC! **EDITED and UPDATED  (Members Only)Wendy Rulnick

Posted by

 

 

Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East

Website David.DavidHalpernRealtor.com

(502) 664-7827

 

 

View Dave Halpern's profile on LinkedIndave_halpern twitterhalperndave_facebookDave Halpern QR CodeLouisville Foreclosure Realtors Dave Halpern

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Rainmaker
638,544
Maria Morton
Platinum Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

Dave, I'm not sure how the new ruling will end up affecting us in this area. We do have a Short Sale Addendum required by KCRAR. We also have a Notice to Buyers Regarding Short Sales and Foreclosures which I give to all buyers at our initial consultation. To me, the most important thing is making your buyers are well informed. The verbiage in the MARS FTC Rule is ambiguous and could probably be better written.

Feb 18, 2011 03:02 AM #1
Rainmaker
1,555,191
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Dave,

I'm from Toronto, no short sales here, but I am curious about the rules. I'll check back later to see the responses.

Brian

Feb 19, 2011 10:22 AM #2
Rainer
135,577
Ute Ferdig
Ferdig Real Estate Solutions - Auburn, CA
Because Getting It Right Matters!

I recently attended a webinar hosted by Trent Chapman of the Short Sale Genius out of San Diego.  His position is "rather safe than sorry."  With a possible $11,000 fine for non-compliance, I'd have to strongly agree.  You can fill out a short form on the short sale genius website and you will receive their version of the MARS/FTC disclosure form http://theshortsalegenius.com/ftc-looks-to-mars-to-regulate-short-sales-are-you-in-compliance/2011/01/25/

I hope this helps.

Feb 20, 2011 01:54 PM #3
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Dave Halpern

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