Friday, May 30, 2008

Short Sale Advice: Realtors and Sellers

Yesterday I had one of my Short Sale sellers email me, "Wendy, I think Sue told you that we were served with foreclosure papers a week or so ago, and we need to file a response by early next week. Is there a file number or reference number and dates that we can include in our response to prove that we are in a negotiation for a short sale? Also, is there anything that we would need to include in our response? ".
I asked an attorney how I should respond to inquiries like these from Short Sale sellers who don't want to hire a lawyer. He said:
"If they are served then they really have to get to an attorney. If you advise them otherwise or help them prepare responses then you could be liable for damages they sustain and practicing law without a license. There is also a recent law that may apply that could entitle the person losing their house to $15,000 damages judgment and attorney fees if they can categorize you as acting outside the scope as a Realtor and promoting foreclosure relief... especially dangerous for Realtors if they are not arms length with the buyer or can be shown to coerce a sale, etc."
Good advice.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

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