Florida attorney general issues opinion to Realtors(R) on the Foreclosure Fraud law FS 501.1377

By
Real Estate Agent with Sand Dollar Realty Group, Inc. BK627826

Florida Attorney General Bill McCollum issued an official opinion to the Florida Association of Realtors(R) last week regarding the Foreclosure Fraud law a/k/a FS 501.1377.

     

Basically what it boils down to is that real estate brokers and associates who are listing properties, negotiating short sales with lenders, and getting paid a commission at closing are fine as far as the AG is concerned.  Of course a court might just rule differently but hopefully not. 

You can read the specifics about the Attorney General's opinion on the FAR website.  So far a copy of this memo has not been published online anywhere that I could find.

If you are a Realtor(R) and trying to be creative by using land trusts, getting the deed, or getting paid upfront mitigation fees, you might be asking for trouble.  But if you are just doing a normal boring real estate transaction for a short sale you should be good to go.  If you are working the foreclosure market in Florida, you should definitely get to know the details on this new foreclosure law.

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(Copyright © 2008. Sand Dollar Realty Group, Inc. All rights reserved.)   Subscribe to my blog via RSS feed.

Rob Arnold - Your full service and investor friendly Realtor(R) in Orlando and Central Florida.

ABR, CPL, CRB, CSP, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public

407-389-7318 / 1-877-389-7318 www.SDRhouses.com/ We Buy Houses Florida

We sell foreclosures, short sales, and bank owned REO properties throughout Central Florida. We sell and list Central Florida real estate and Orlando real estate. Free list of foreclosure and short sale houses available.

I also provide flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Central & South Florida, the Space Coast, and the Treasure Coast including Orlando, Winter Park, Maitland, Ocoee, Winter Garden, Apopka, Altamonte Springs, Casselberry, Longwood, Winter Springs, Oviedo, Lake Mary, Sanford, Deltona, Debary, Deland, Mount Dora, Eustis, Clermont, Kissimmee, Winter Haven, Lakeland, Tampa, Sarasota, Bradenton, Miami-Dade, Fort Lauderdale, West Palm Beach, Port Saint Lucie, Melbourne, Daytona Beach, Ocala, Gainesville, Volusia, Brevard, and more.   

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Ambassador
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Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Rob, That is far better than what happened in Washington State. Our legislature jumped in and caused all sorts of havoc. Our buyer agency law is now obsolete as My buyer and I are responsible to see that the seller gets the best deal possible for their property. Our AG wasn't consulted when the law was passed and has been waiting for the past 6 months for the legislature to reconvene to fix the law...

Nov 13, 2008 05:42 AM #1
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Roberta Vittozzi

I am the owner of  Probates At Your Fingertips, Inc. As an experienced researcher in Orange County, Florida. I provide a service that takes the leg work out of your busy schedule. With a few clicks of my mouse, I gather the most pertinent information from probate listings before entering them unto my website for your easy viewing. Please visit www.probatesentoyouremail.com where you can sign up as a valued member.

Roberta Vittozzi_ Owner/Researcher_ Probates At Your Fingertips, Inc. 407.462.6386

 

Nov 25, 2008 06:53 AM #2
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Rob Arnold

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