A great answer by Lenny. Should you care to look up the law that talks about licensure in MN, you can find it at the following webpage.
If you do plan on conducting more than 5 real estate transactions for yourself in a 12 month period, you can obtain what is called a Limited Broker's License. The reason it is required is found in statute 82.55 subdivision 19, paragraph G.
Good Luck in your endeavors!!
Coldwell Banker Burnet
Licensed MN Real Estate Broker... more
Indeed sounds like you feel that your job is selling real estate, which can not be done without a license. If you are an office assistant than you should be on a salary basis. What they are trying to do is not have you as an employee on their payroll. It is almost like bird-dogging where you are 100% commission based. You only make money when you bring in business to the real estate company.
Which by the way is stupid. They are acting perfectly legally, but you are walking into a bad deal. Find a real estate broker that actually is interested in your success, because you will go broke doing real estate this way.... more
In Minnesota expect it to be about a 3month timeline if the home has already gone to sheriff sale. If it has not than there will probably be some other negotiations with the lender that might hold it up a little longer.
Also will depend on the BPO.
This is the single most important factor when it comes to Short Sales and can really cut down on the timeline.
There are a bunch of other factors to consider but it would be best to speak with someone that lists a lot of short sales down there.
If signed accepted offer has been delivered to both parties of transaction and there are no contingencies, the offer would be held as a back up offer. It would be subject to the written cancellation of your offer, due to inspection or financing issues.... more