Realtor Group Cites Lack of Expertise a Major Cause of Legal Disputes over ... - PR Web (press release)

Short sale disputes were designated as the most significant legal issue facing Real Estate professionals today and three in four real estate professionals believe it will be one of the top three legal issues they face in the future. The short sale niche for Realtors could be a bottomless pit unless they really know what they're doing. Short sale disputes were designated as the most significant legal issue facing real estate professionals today and three in four real estate professionals believe it will be one of the top three legal issues they face in the future. Negotiating a lender-approved sales price, compiling a complete documentation package and following all disclosure guidelines is unfamiliar territory for most real estate agents. The government's Home Affordable Foreclosure Alternative (HAFA) program continues to remove restrictions to make the short sale option more attractive, and lenders' proprietary short sale programs are outpacing the governments' programs with 113,000 recorded short sales in the 1st quarter alone. Real estate agents find themselves unprepared for these complex negotiations and disclosure requirements that involve the lender, distressed borrower and buyer. Not surprisingly, the result has fueled a spike in litigation over mishandled transactions. When you look at all of the dynamics, it's easy to see why it's in everyone's best interest to bring in a short sale specialist," Tal concluded. As a leading authority in the real estate industry, The Peak Corporate Network provides a full array of comprehensive real estate services nationwide including brokerage services, mortgage financing, loan servicing, escrow services, foreclosure processing and 1031 Exchange. Realtors