Article 5.1: Submission of Listings

ARTICLE 5 - LISTING PROCEDURES 

Section 1: Submission of Listings.  Participant’s listings of real or personal property of the types shown in below which are located in the counties of MFR’s service area shall be submitted to the MFRMLS within two business days after all necessary signatures of the owner(s) have been obtained.  Listings of property located outside these counties will be accepted if submitted by a Participant, but are not required by MFRMLS.

·         Single family homes for sale or exchange;

·         Condominiums, co-ops and townhouses for sale or exchange;

·         Vacant residential lots or parcels for sale or exchange;

·         Mobile homes with land for sale or exchange;

·         Duplexes, triplexes or quadruplexes for sale or exchange;

·         Long Term rental units (more than 6 months)

·         Properties outside MFR’s service area will not be required.

All new listings will be automatically placed in “PH” status and will not show as active until one front exterior photo or rendering, aerial photo or water view from property (unit) is added in the 1st slot of MLXchange. Once a photo is present, the system will automatically move the listing to “Active” status. Listings in a “PH” status will be purged out after three business days from the entry date.

A.     Sold Data/Entry Only: These entries are optional; however Participants must adhere to the following guidelines.

1.    Sales must be loaded within 30 days of the closing date.

2.    Must upload one front exterior photo.

B.     Commercial/Business Opportunity Listings:  Are not required to have a photo, driving directions or address.

C.    Short Sale Listings: In instances where the listing broker becomes aware that the sale price maybe insufficient to pay the total of all liens and costs of sale and the owner(s) of record may not be able to bring sufficient liquid assets to the closing to cure all deficiencies (the Potential Short Sale Circumstance), the listing broker shall :

 1.  Written Consent.  Obtain owner(s) of record informed written consent (in either the listing agreement or an addendum thereto) to disclose the potential short sale circumstance to cooperating brokers, buyers and the public;

2.   Disclosure Options. Clearly and promptly disclose the potential short sale circumstance to all cooperating brokers and, when and if appropriate, disclose that the sale of the listed property may be conditioned upon the approval of a court, a lender, or other third party. It is required that such disclosures occur at the time of MLS input, if known, or within one (1) business day upon receipt of knowledge.  Such disclosure must be included in the “Realtor Only Remarks” and the “Public Remarks” Sections of the listing. (revised 9/17/10)

If after the initiation of negotiations the listing broker receives knowledge of the existence of a potential short sale circumstance, or that the sale of the listed property may be conditioned upon the approval of a court, a lender, or other third party, then such disclosures must be made in writing in the “Realtor Only and Public Remarks” Sections of the MLS listing. All confidential information related to short sales must be communicated through required dedicated field and Realtor Only Remarks, available only to Participants and subscribers.  In making the permitted disclosures, ONE of the following provisions must be used: (revised 9/17/10)

a) OPTION ONE:  If the listing Broker DOES NOT want to bind the cooperating Broker to acceptance of a reduced commission amount as determined by owner(s) of record lender(s), then the following remarks must be placed as the first words in both Public and the Realtor Only Remarks section:

                             “Short Sale”

b)    OPTION TWO:  If the listing Broker DOES want to bind the cooperating Broker to be obligated to accept a reduced commission amount as determined by owner(s) of record lender(s), the following remarks must be placed as the first words in the public remarks:

                             “Short Sale”

And the following remarks must be placed as the first words in the Realtor Only Remarks:

“Short Sale; approval of the owner(s) of record lenders(s) may be conditioned upon the gross commission being reduced, any reduction of the gross compensation will be apportioned (insert apportionment or split) between listing and cooperating brokers.

c)  Disclosure in Special Sale Provision Field is required and you must select “Short Sale” in the designated field.

3.  Commission Apportionment Disclosure.  If the listing broker elects not to disclose to a cooperating broker how any reduction in the gross commission will be apportioned between the brokers, then the listing broker will be obligated to pay the cooperating broker the compensation stated in the listing.  Timely disclosure of the manner of apportionment of any commission reduction must be made by either placing the disclosure in the listing or providing the disclosure to the cooperating broker prior to the cooperating broker submitting an offer of purchase. (revised 6/17/11)

 

4.  Where participants communicate to other participants 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 the listing and cooperating participants, listing participants shall disclose to cooperating participants in writing the total reduction in the gross commission and the amount by which the compensation payable to the cooperating broker will be reduced within 24 hours of notification from the lender.(NAR 5/10)

 

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