The state Department of Real Estate is warning troubled homeowners seeking a “short sale” — a deal where the lender agrees to accept less than what is owed at closing — that they are suspectible to unscrupulous “helpers” who may improper demand fees; give misguided advice or take the property away at an unfair price.

A DRE consumer advisory — IT IS HERE — says “If you are considering engaging in a short sale transaction, you should fully educate yourself about the mechanics of the process and the related legal and ethical issues and work only with legitimate professionals.”

Things the DRE says to look out for …

  • Licensees wishing to collect an advance fee for short sales must get DRE approval first.
  • Any fees to be paid “outside” of escrow may be the red flag that the payment is illegal.
  • Buyer that is fictitious person or entity; under a power-of-attorney; or is a limited liability company may be a red flag that fraud is involved in your transaction.
  • Unlicensed processor, negotiator or facilitator handling your short sale is a red flag that unlicensed activity is taking place.
  • Only real estate licensees, California lawyers acting as lawyers and investors acting on their own behalf can engage in short sale negotiations.
  • Ask for license info for any “negotiator” or “processor” or “expeditor” or “short sale expert.”

As a community, we all know people that are currently in trouble with their mortgages or on the verge of possibly losing their home.  Here is how you can help your neighbors, family or friends.  Please refer them to me for a FREE CONSULTATION.  As a certified “Home Retention Consultant”, “Certified Short Sale-Foreclosure Resource” and a “Certified Distressed Property Expert” I have the knowledge & expertise to discuss & review their options.  I will help educate them so they can make a decision that is best for their family.  So please give me a call with their name & number and I will meet with them privately to assess their situation.  The time to help others is NOW...let’s keep our communities strong together. 

Call me today, I'm here to help:  (949) 922-2200