Monthly Archives: August 2012
Hello, Fellow RE Professionals! I know I am a day early as I don’t usually post the new blog until Thursday, but I thought it was especially noteworthy to make this week’s changes with First Multiple Listing Service (FMLS) a part of our blog as being a productive real estate professional you should be kept in the know and as Buyers & Sellers – you will now know what to ask your RE Professional in respect to the status of the listing(s) for which you are interested. READ FURTHER TO LEARN ABOUT THE CHANGES EFFECTIVE TODAY 8/8/2012!
Per FMLS “One of the most common complaints we hear from our members is that agents do not change the status of their listing from Active when there are various conditions in place that may delay a response from the seller upon presentation of an offer. For example,
a) The seller has an offer in hand and wants to receive other offers (multiple offers) before responding to any one of them
b) Seller has set a future date for responding to any offers – “highest and best”
Lenders, banks and government agencies all have their own rules for marketing listings before reviewing offers. We understand that Fannie Mae, Freddie Mac, Wells Fargo, BOA, HUD, etc. may require a specific amount of days to pass while listed in the MLS before offers can be presented to the seller and/or before investor offers can be presented.
Therefore, to help alleviate this issue for our members, FMLS is adding a new required field to all listings:
Availability to Receive Offers:
- No conditions
- Conditions exist – see Private Remarks
As of August 8th, all current active listings will be transferred into the selection “No conditions.” At this time, members should edit all current listings that have ANY restriction or encumbrance such as those listed above, and change the selection to “Conditions exist – see Private Remarks.” Then use the Private Remarks to explain the situation.
As of August 8th, upon entry of a new listing, members will be required to choose a selection for this new field. If the listing is subject to ANY restrictions or encumbrances similar to those listed above, the user must select “Conditions exist – see Private Remarks.” Then, of course they would use the Private Remarks to explain the situation.
Going forward, whenever conditions arise that inhibit the ability of the seller to respond timely to an offer, the listing agent must change the Availability to Receive Offers field selection to “Conditions Exist – see Private Remarks”. And again use the private remarks to explain the situation.
FMLS believes this is the best solution for such a major problem that is plaguing our members. For the listing agents, it allows the listing to still be in the “Active” status. On the selling side, it puts the agent on notice that there is something going on with the listing that may cause delays in the seller responding to offers.
If a listing cannot be shown, that is an entirely different matter. The listing may not remain in the Active status if it is not able to be shown. FMLS provides the following statuses for the most common situations:
- Contingency with Kickout – under contract but contingent upon purchaser selling another property, seller willing to consider other offers
- Contingency Other – under contract with purchaser having a specified time to resolve an outstanding issue(s)
- Contingency Due Diligence – under contract pending result of purchaser’s due diligence review
- Pending Lender Approval – terms are acceptable to seller and purchaser, awaiting Lender action
- Pending Sale – under contract, awaiting closing
Thank you for your continued support. Together, we can solve this issue and serve our members in the best possible way. Should you have any questions, please email us at email@example.com or call us at 404-255-4219 (option 1). We stand ready to serve you.” Make it a WINNING WEEK!