Important Disclosures – MARS

The FTC has recently ruled that there are some very important disclosures that must be provided to a seller/borrower during a short sale transaction whereas your realtor will be negotiating a resolution with your lender.  Below are the excerpts from our standard California form entitled “Mortgage Assistance Relief Services,” specific to short sale negotiation services.  As a note, as a broker/realtor I do NOT charge any fee if you decide at any point not to proceed with the short sale, but as noted, you may have a liability to a buyer if you cancel too late in the transaction.  You can always cancel an agreement with me with no penalty or fee.  Neither Windermere Bay Area Properties, nor Catherine Myers, broker associate, are associated with the government or any lender.  (the images below can be clicked so you can read the full text)

California Department of Real Estate License Numbers:
Windermere DRE #  01815347
Catherine Myers DRE# 01337828

1981 No Broadway Suite 120
Walnut Creek, CA 94596
925-683-2125

This is the notice to be given to a short sale seller at the time of listing the property, or when an agent becomes aware the sale will require lender consent of a short sale:

Important disclosure for sellers of a short sale

This is the notice that should be given to you when you receive the short sale approval from your lender:

Notice to be given to short sale sellers when approval is received from lender

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: