New short-sales resource

Short sales present some additional ethical issues for Realtors® and brokers. To help create a unified approach to the process — so every professional involved has similar expectations — the leaders of five local Realtor® associations in Northern Virginia (Dulles Area, Fredericksburg Area , Greater Piedmont, Northern Virginia, and Prince William) developed the Regional Short Sales Reference Guide. It covers everything: pricing, MRIS issues, confidentially, and a lot more.

Calling themselves the Ethics Dialog Group, they’ve put the result of their work online at ethicsdialoguegroup.com; you can also access it through our Short Sales Resource Center — click on Best Practices. (The SSRC also has a lot more, including the new standard short-sales forms and video from Lem Marshall’s standing-room-only Short Sales Road Show for Brokers.)

Here’s a sample from the Regional Short Sales Reference Guide’s section on confidentiality:

A Short Sale transaction presents different confidentiality issues from a regular transaction. The most important one is whether the Seller discloses the fact that the transaction could be a Short Sale.
It’s important to note that in accordance with the REALTOR® Code of Ethics and Virginia law, a Seller pursuing a Short Sale is considered confidential financial information. The Listing Agent MUST have the Seller’s permission to disclose such information and the permission should be obtained in writing.
A Short Sales situation may present an appealing financial opportunity to the Buyer, but there are some concerns.

There are two kinds of Virginia Realtor: Those who have done a short sale and those who will. Be prepared.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *