Palm Harbor Office
Short sales have presented many challenges to Realtors such as limited experience, absence of a uniform process and application and multiple lenders. Finally on May 14, 2009, the Obama Administration announced its upcoming Foreclosure Alternatives Program which among other things establishes financial incentives for servicers, sellers, and second lien holders to encourage the completion of short-sale transactions.
Under Article 11 of the Code of Ethics and Standards of Practice of NAR it states that REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client.
So I pose this question: Why then do Realtors continue taking short sale listings if they have not been trained to successfully close these transactions? We have a fiduciary duty to our clients and I think that perhaps it’s time that the successful SS Realtors start giving their fellow Realtors free classes and show them how it’s done. We propose to start doing this.