Fred Griffin: Short Sale Question Shootout between Realtors and Lawyers on LinkedIn

Short Sale Question Shootout between Realtors and Lawyers on LinkedIn

      A question asking Realtors' Advice regarding a Promissory Note from the Bank to the Short Sale Owner/Seller quickly devolved into a heated argument between a Realtor and two Lawyers.  Other Realtors, Lawyers, and Lawyers who are Realtors have all chimed in!

 

LinkedIn Discussion Short Sale Note Advice

   

    This is a "Private Group" on LinkedIn; the Names of those commenting in the Discussion are blocked out below.

 

     From an Attorney:

     "You should send them to an attorney for legal advice on a debt obligation or settlement. To counsel the borrower or do otherwise would be the unauthorized practice of law."

 

     From a Realtor:

     "As a standard rule I always recommend my seller counter any note. Usually you can at least reduce it, if not make it go away altogether."

 

     From another Attorney who is a Realtor:

     "...as a lawyer and a Realtor I've got to tell you to rethink your "standard rule." PLEASE!!! If something was to go wrong and your client talked to a lawyer, after the fact, you could very well find yourself in court.  What you're doing constitutes practicing law without a license."

 

     From a Realtor:

     "...another classic Lawyer response to a Realtor conversation... say - isn't there an ambulance somewhere you could be chasing?"

 

LinkedIn Discussion Realtor vs. Attorney

 

     So what is the answer?

     I am not taking any chances on this one!  I called the Florida Association of Realtors in Orlando to speak with one of their Attorneys.  This is what he told me:

 

 Fred Griffin Tallahassee Florida Real Estate Broker on LinkedIn Short Sales

       A question asking Realtors' Advice regarding a Promissory Note from the Bank to the Short Sale Owner/Seller quickly devolved into a heated argument between a Realtor and two Lawyers.  Other Realtors, Lawyers, and Lawyers who are Realtors have all chimed in!

 

Frederick Griffin, Licensed Florida Real Estate Broker    850-545-1901

 

Tallahassee Florida Metropolitan Area

and the Coastal communities of

Shell Point Beach, Live Oak Island, Wakulla Beach, Saint Marks, Panacea

 

Exclusive Representation for Buyers and Sellers 

Call Fred  850-545-1901

 

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Frederick Griffin, Licensed Florida Real Estate Broker    850-545-1901

 

Disclaimer:  Nothing in the above blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comment balloon 4 commentsFred Griffin • April 18 2013 10:14AM

Comments

Much like pigs and cows who do not coexist, Realtors and attorneys...wait, wrong answer... just kidding!   To offer advice beyond either decide yourself or contact an attorney for advice is dangerous ground is my non-lawyer like advice,

Posted by Gary L. Waters, Broker Owner, Waters Realty of Brevard, LLC, ... a small office, delivering big service! (Waters Realty of Brevard, LLC) over 4 years ago

Fred, I love the Florida Association of Realtors and their help lines and hot lines.  Have you met Margie, one of the attorneys?  She does seminars for our Board and is great!

Posted by Christine OShea (RE/MAX Realty Select) over 4 years ago

LOL, Gary!  

    Off Topic - I regret that I cannot make the Palatka South / Palatka Central High Reunion this weekend.  Even though I only attended / graduated from South in 1973-1974 (before that I lived with my Mom in Brevard, North Carolina), Palatka South High School was a big part of my young life.  Are you going? 

-------------

Christine,  I have not met Margie yet!  These FAR Lawyers are great (and they more than pay for more my Realtor Dues).  I talk to them once or twice per month.  This advice came from "David". 

      This is the Email that I sent to FAR Legal; David called me back on the Telephone:

     Hypothetical: Short Sale Bank offers Promissory Note to Seller. Can the Real Estate Broker or Agent advise the Seller to accept, reject, or counter the Promissory Note? Or would the Realtor be committing Unauthorized Practice of Law by giving that kind of advice? Thanks sincerely, Fred Griffin.

  

Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) over 4 years ago

Hi Fred, promissory note- it is beyond a REALTOR® 's expertise. I will advice the seller to seek legal counsel.

Posted by Kwee Huset, Venice Florida Homes For Sale (Kwee Huset Realty) over 4 years ago

Participate