The Federal Trade Commission recently released a statement reporting that Real Estate agents “in good standing” will no longer have to abide by some MARS Disclosure requirements in assisting clients with short sales (the rules still apply to other transactions). The FTC will forebear enforcement only to real estate brokers (and agents under their direction and control) that are: “(1) licensed and maintain good standing pursuant to any applicable state law requirements; (2) in compliance with state laws governing the practices of real estate professionals; and (3) assisting or attempting to assist a consumer in negotiating, obtaining or arranging a short sale of a dwelling in the course of securing the sale of the consumer’s home.” Of course, deceptive practices and false statements will still be prohibited by the FTC. However, Real Estate professionals will face one less hurdle in their pursuit of the coveted short sale.
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