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HR 137 - Distressed Property Short Sales - Must Be Careful

For the second sales meeting in a row, our brokers spent significant time reviewing Act 137, the new short sale law that went into effect in June of this year. This law, not sure how many states have a law like this, prohibits realtors from acting as "distress property consultants" and tells us what we can and cannot do. We CANNOT negotiate on the clients behalf. This seems so limiting to have prohibited realtors from assisting their clients while lenders, accountants, attorneys and the like can.

Do any of you live in a state where realtors are prohibited from helping in this way? Perhaps you can share your experience with me from Hawaii or another state with the most diligent way to serve a seller when doing a short sale.

Ron Margolis, RA, CDPE, ABR Hawaii Life Real Estate Services 808.346.7095 email: ron@hawaiilife.com

Comment balloon 0 commentsRonnie Margolis • September 23 2008 03:53PM