For a Short Sale to be accepted by Tower Mortgage Short Sale:
- The property must be listed by a licensed Georgia Realtor® and the listing agent must obtain all short sale paperwork and financial package information from the Seller,
- The sales price must be $100,000 or more, and
- Each listing agent and selling agent must agree to split a commission that may be as low as 4%.
There are no upfront or subscription fees to sellers or listing agents.
Listing agents interested in engaging Tower Mortgage Short Sale may:
Our office hours are Monday – Thursday 9am to 5pm (Eastern), and Friday 9am to 2pm.
In May of 2011, the Georgia Department of Banking and Finance issued Cease and Desist Letters to two real estate agent sponsored short sale services, asserting the real estate agents were engaged in residential mortgage brokering activities, without a license, and without cover of an applicable exemption in violation of O.C.G.A. § 7-1-1002.
Pursuant to Georgia law it is prohibited for any person to directly or indirectly solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others, without a mortgage license, or pursuant to an exemption from licensure. According to the Department of Banking and Finance, this includes negotiating short sales.
In recent years, many law firms and attorneys have offered short sale services, relying on an exemption from licensure, if the work is an ancillary matter to the attorney’s representation. However, several of Georgia’s largest real estate firms have recently stopped offering short sale negotiation services, in acknowledgment of the Department’s position that negotiating a short sale for a homeowner/seller is not “ancillary” to the lawyer’s engagement of their client, the buyer’s lender.