MLS rule changes address short sales, active with contract status
Wednesday, March 13, 2013
The MFRMLS Board of Directors has approved the following changes to the MFRMLS Rules & Regulations:
Remarks and the words "Short Sale” (Article 4, Section 6 and Article 4, Section 14)
- The words "Short Sale” are no longer required in the REALTOR® Only Remarks field.
- Disclosure of any adjustments to commissions must still be disclosed in the REALTOR® Only Remarks.
- The words "Short Sale” are still required as the first two words in the Public Remarks field.
- "Short Sale” still must be disclosed in the Special Sale Provision field.
Expected Closing Date (Article 4, Section 28)
- Expected Closing Date is not required on listings indicated as "Short Sale” in the Special Sale Provision field.
- The deadline to update a listing, where the Expected Closing Date has passed, has been increased to five (5) business days (after receiving a courtesy warning notice from our automated listing data-checker program).
Active with Contract (Article 5, Section 14)
- Added REO Waiting Signatures as a contingency option.
- An Active with Contract listing will be treated as an "Active” listing for export purposes only (example: Realtor.com and IDX websites) except if REO Waiting Signatures is selected as a contingency.
- The words "Under contract taking backups” must be added as the first words in the Public Remarks.
Questions? Contact the MFRMLS Call Center at 1.800-686.7451 (option #1) or firstname.lastname@example.org.