August 2, 2010
August FYI

MLS No Longer Taking Photos.

Effective August 1st, the MLS will no longer provide a photographer to take photos of property listings. In recent months the requests for the MLS photographer to take photos for listings has dropped to about two or three per week. Members will be responsible for providing photos for all residential listings. MLS Rules - section 1.2 and section 7.0 - allows seven days (excluding Sundays) to submit a photo to the MLS for ALL residential listings including one-party and sold info only. They include single family, two family, multi family up to four units and condominiums. If after seven days there is no photo in the Flex system the MLS will issue a $10 sanction and will continue to issue a $10 sanction each month until a photo is received.

Accepted Offers.

Remember – accepted offers must be reported within 48 hours as either Active w/Offer (has an offer but the seller is still allowing showings of the property and is taking secondary offers) or Pending (has an offer and the seller is no longer showing the property) unless there is a “Home Sale Contingency”. Failure to report accepted offers may result in a $10 per day sanction. Properties that are a “short sale” and have an offer that has been accepted by the seller but not approved by the mortgage holder do not have to be reported.

Short Sales.

SECTION 5.0.1 – DISCLOSING POTENTIAL SHORT SALES: Participants must disclose potential short sales when reasonably known to the listing participant. When disclosed, participants may, at their discretion, advise other participants whether and how any reduction in the gross commission established in the listing contract, required by the lender as a condition of approving the sale, will be apportioned between listing and cooperating participants. Comments posted in the Private Remarks fields are for information only and do not change or modify the unilateral offers of compensation published in the MLS.

The MLS appreciates your business and support and looks forward to your comments, questions and suggestions regarding any subject. Contact or call (414) 778-5400.