Real Estate Shortsale U4 Disclosure?
Will a brokers short sale of a personal investment condo be required to be disclosed in the U4?How adversely would that affect the rep's contract with an independent broker/dealer? Can they cancel the reps contract over the said shortsale and the subsequent credit score drop? Is this more of an issue to someone trying to enter the industry as opposed to someone already in the business? If you can intelligently comment on the issue at hand , your posts are welcome and much appreciated...if you are an online piker who gets his kicks off ridiculing other posters then please take ur biz elsewhere. Thank You
You need to talk to your b/d’s compliance dept. But my initial thought would be yes you need to disclose it. It sounds like you are settling with a creditor.
They probably won’t terminate you -but they could put you under “enhanced supervision”. Unfortunately, it probably comes down to numbers. If you are making them money, then they won’t care and will mark the U4 accordingly. If you are smaller, they may not want to take the risk.
Either way, you need to disclose it or you could get canned if they pull your credit and you didn’t tell them.
If you are really worried about it you may want to do some research and get your ducks lined up. You can call some headhunters and see what they think. Or you can search for other reps at your b/d under broker check as see if any of them have any issues -then call them to get their experience.