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Short Sale Today - Long Term Liability Tomorrow

Join WNCW attorney Jamie Platt Lyons at the Atlanta Board of REALTORS to learn about Short Sales. Topics of discussion include:

• How do you "advise" the client and when you do, what is the risk and liability you assume when you become an authorized third party to speak to the lender on their behalf? Are you then negotiating on their behalf and legally are you exposing yourself and your company to liability. 
• The price... When advertising a price that has not been established is that "false" advertising? 
• Disclosure to the other agents... Is it active till the bank sends the commitment letter or once an offer is received is it under contract? What do you tell them and how much information do you give? 
• Does the seller sign the offer prior to the bank accepting the terms? And if they do and the bank does not accept are they protected by that short sale special stipulation?
• When is the contract binding and when are the special stipulations associated with binding agreement?
• You're at the table and the lender sends over the 6 page promissory note... What is the risk and liability to the agent and the seller? What are the buyers options once you get there and the seller does not close?
• If you represent the seller, why would you advise a short sale over a foreclosure?
• If you are the buyer, why buy it now and not wait until it forecloses? 
• Bankruptcy... Why and when? 
• HAFA and the Supplemental Directive Associated with it and the Exhibit A... How will that affect the short sale landscape?

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