OR Broker Docs

SHORT SALES

OREGON
The distressed property brochure is directed to buyers who may be interested in purchasing short sale or REO properties. This piece includes general information about the short sale and REO processes including potential pitfalls for buyers. The foreclosure brochure provides information to homeowners considering the sale of their property to avoid foreclosure. The information in this brochure is intended to provide general information about foreclosure, bankruptcy, credit counseling, or other alternatives that may be available to a homeowner facing foreclosure and is not intended as legal advice.

CLICK HERE for the "Purchasing Distressed Property" Brochure

CLICK HERE for the "Are you a Homeowner Facing Foreclosure?" Brochure

WASHINGTON
CLICK HERE for "Short Sales: Guidance for Licensees". Make sure you read this before
                  listing a Short Sale.

CLICK HERE for the "Short Sale Seller Advisory" to be signed by the Seller

CLICK HERE for "MARS, Short Sales Negotiators, and DOL/DFI" (NWMLS Legal Bulletin 188)


BROKER PRICE OPINIONS (Agents/Brokers CANNOT be paid directly for BPO's)

The Oregon Real Estate Agency has received many questions from licensees about issuing Brokers Price Opinions and whether or not the licensee can receive payment for these directly. A Brokers Price Opinion, which is often referred to as a Comparative Market Analysis or "CMA", is any oral or written report of property value.  Individuals producing Brokers Price Opinions are required to be licensed.

The Oregon Real Estate Agency has determined that an individual receiving the payment must be actively licensed in order to issue a Brokers Price Opinion. **Please be advised that it is considered a violation of State Law for any licensee to receive, compensation, commissions, or any other form of payment or valuable consideration from ANYONE except the licensed real estate broker (Principal Broker) with whom he or she is licensed.


EARNEST MONEY (Get Earnest Money deposited on time or you will be fined)

ALL EARNEST MONEY IS TO BE DEPOSITED WITH ESCROW
WE DO NOT MAINTAIN A TRUST ACCOUNT

Routine audits of broker transaction files still indicate that a large number of firms are not complying with the delivery and/or deposit requirements regarding earnest money.

All earnest money funds must be deposited into the brokers trust bank account not later than the next banking day unless the purchase and sale agreement states the check is to be held for a specific period of time or the occurrence of a specific event. The delivery of the funds to escrow is the buyer broker's responsibility.

We continue to receive complaints from sellers when the transaction fails that the funds were not deposited or never delivered to the escrow company. Not only is the untimely delivery of earnest money a licensing problem, but also not providing this information to the seller that the earnest money was never collected or delivered can be considered failure to disclose.