Do Short Sale Negotiators have to be licensed Real Estate Agents?

I am a licensed Real Estate Agent that has been working short sales for the past 4 years. Besides my own short sales I also do short sales for other agents. The questions has been asked of me if a person has to be a Licensed Real Estate Agent or Attorney to do a short sale. I guess I don't know the answer for sure, is it state specific?

Also, I am licensed in Minnesota and an agent licensed in Florida has a listing that he has asked to negotiate for him. So if you do have to be licensed to negotiate does it have to be state specific?

I do have an LLC, but I run all my commissions and fees through my broker.

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Comment by Smitty on February 2, 2011 at 9:05pm

It's a state specific law.  Some states have strict regulations on who can negotiate short sales and who can't.  There are all sorts of 3rd party negotiators.  Some are great and some...well, you never know, but it's the same for agents.  I've talked to agents who didn't even know there was such a thing as a HAFA short sale. 

All negotiators of short sales must now be FTC MARS compliant however.  Short sale regulation is getting a bit more stringent.  Unless you are a lawyer, anyone that negotiates short sales has to be compliant with the new law.


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