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For Managing and Principal Broker's Only: Free CE Short Sale Seminar Featuring Lem Marshall
In response to the number of sales of distressed properties in our region, the Virginia Association of REALTORS® is sponsoring a free continuing education (CE) short sales seminar for brokers at the DAAR offices in Leesburg on October 9th, 9:00 am -12:00 pm. The event is for managing and principal brokers, education directors, and corporate counsel only. Featured speaker is Lem Marshall, VAR's Special Counsel, who will discuss "Foreclosures and Short Sales: Ethical and Practical Considerations", approved for three hours of broker management continuing education by the Virginia Real Estate Board. Visit the VAR event registration site to register.
The course will highlight how the sale of a distressed property introduces a host of ethical and legal considerations agents scarcely encountered years ago:
- As a listing agent, am I required to disclose that the property is in distress?
- Once an offer on a short sale has been accepted by the seller and forwarded to the bank for approval, do we have a ratified contract?
- As a buyer agent, can I advise clients to submit offers on multiple distressed properties, writing the contracts in such a way as to allow them to get out of bank-approved offers, in an effort to potentially speed up the buying process for my clients?
- As a listing agent, what level of communication with buyer agents is expected once an offer has been submitted to the bank?
If they don't know the answers to these questions, agents may be inadvertently running afoul of the Realtor Code of Ethics, Virginia Real Estate Board regulations, and other laws. Register now for this critically important event on October 9 at DAAR's offices in Leesburg.
Please also check out VAR's Short Sales & Loss Mitigation Resource Center .You'll find practical, authoritative information you and your agents can put to use right away, including a 29 minute webcast on the ethical considerations of short sales and a list of agencies that can help your clients avoid foreclosure.
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