Short Sale Third Party Coordinators

THIRD PARTY SHORT SALE VENDOR CONSIDERATIONS

If you are working with a short sale third party coordinator to assist you in short sale listings here are two things to consider according to an excellent article in the Nevada Residential Real Property Blog.

Licensed Real Estate Facilitator/Vendors – Have the licensed real estate agent assisting you sign the Duties Owed By A Nevada Real Estate Licensee indicating that that they are also representing the Seller. This renders the scenario in compliance with the applicable laws. Working on a loan modification, which is what a short sale is, requires a Loan modification consultant license. A Nevada real estate licensee is exempt from this law and has been since 2007. However, to be exempt you must do the loan modification as a “part of a real estate Transaction.” The real estate licensee assisting you, after signing the Duties Owed, can have access to the entire real estate transaction folder. If the licensees are from separate brokerages, each company will have to retain a copy of the transaction folder 5 years.

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