Short-sale disputes ranked as the most significant legal issue facing real estate professionals, according to a recent study conducted by the National Association of Realtors (NAR). NAR conducted a study combining legal data and research with survey results from key industry participants.
Approximately 55 percent of survey respondents listed short sales as the cause of “a significant number of disputes.” One cause of short-sale disputes is a lack of sufficient short-sale training among agents, according to respondents.
More than 48 percent of respondents listed REO- related issues as a cause of “a significant” number of disputes.
Respondents reported insufficient training in REO marketing and contracting processes as a cause of REO disputes.
In addition to short sales and REO disputes, respondents listed agency issues, property condition disclosures, and the real estate settlement procedure act (RESPA) among the top legal issues real estate professionals face.