Short sales

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Jan 16, 2010 1:39 pm

i know several FA's that are currently in the process of doing a short sale.  many of them are successful brokers and making good 6 figure incomes.  i am even contemplated looking at this process myself since i am underwater on my own house.  However, from the guys i know going through this process, none have yet to actually close on their short sale.  most are in the final stages of the process. 


My question is has anyone here either completed a short sale, or knows somebody that has completed the whole short sale process?  And if so, how did the employer treat the disclosure.  was the FA terminated, placed on heightened supervision, or were they just told to report it on their U-4?  thanks for any info.
Jan 26, 2010 5:01 am

hello,


             yes you are right about that. so if i will get any information related to that then i will tell you.buy the way great information by you.

thanks

_________

Jan 26, 2010 6:30 am

today1, What relevance is it how another B/D handled it? 

 
Like most "transgressions", what your B/D will or will not allow is probably very much dependent upon the revenue generated by the broker.
Jan 26, 2010 11:31 pm

the relevance is that i dont want to get canned for short selling my house.  the few guys i know that are going thu the process are all 500k+ producers.  if it comes down to production then i wouldnt be so worried.  but its hard to go thru the process especially in this compliance environment with all the unknowns.