The Colorado Real Estate Commission says Dodd Frank is too complex and creates liability for both the Realtor and seller. They have basically told Realtors not to get involved in any seller financed transaction. They say refer buyers and sellers to a LO or a lawyer instead. You can’t find a LO who wants to get involved with a seller financed transaction. Not all buyers and sellers can afford a $250 an hour attorney. Now property owners and buyers who want to use an installment sale are being denied access to a Realtor”
“Real estate brokers are prohibited by Colorado law from taking a residential
mortgage loan application or offering or negotiating the terms of a residential
mortgage loan, including a seller-financed loan. A real estate broker should not
even assist a seller or buyer in any way with the application process or related
documentation or engage in any loan term discussions if the seller-financed loan
involves residential property. This caution would include not giving a seller advice,
including as to whether or not the seller might be “exempt.”
See link:
The frank dodd bill/ obama might was well as add real estate, mortgage or any kind of residential financial
illegal in USA.
Janette Kurucz had a good headline for this one. Pot is legal, but seller finance is not