Required MLS Fields for Rules & Regs Changes 2011
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Metrolist (Denver) MLS Rules & Regulations changes take effect on January 1, 2011. New required MLS fields have been released to accommodate these changes. Learn how to use these fields.
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Required MLS Fields for Rules & Regs Changes 2011
- 1. Revised MLS Rules & Regulations, November 1, 2010 Required Fields for Status
- 6. How to Use New Required Fields
- 8. Individual Seller Listing Example
- 13. REO / Lender Owned Listing Example
- 17. Short Sale Listing Example
Notes de l'éditeur
- We will provide specific examples so that you can become more comfortable with these new options. This is a quick overview of the steps you would take to enter a new listing in the MLS after December 22, when these fields are available. Step 1 – Indicate the listing status Step 2 – Indicate the status condition to identify the availability of the listing for accepting showings or offers Step 3 – Indicate the approval condition to clearly communicate Approval Disclosures of the listing for showings and offers Step 4 – Indicate the seller type at time of listing entry, as opposed to time of sale
- This may be among the most common types of listings you will encounter. This slide is an illustration of the fields and may not appear exactly like this in the MLS system on December 22, when the fields are “live”. Step 1 - The listing will be submitted to the MLS as an Active listing (select Active under Status). Step 2 - The seller is accepting offers (select Accepting Offers under Status Conditions). You may not choose Not Accepting Showings or Offers Submitted to 3 rd Party for Approval if Accepting Offers is selected. Step 3 - There are no circumstances that affect the approval of the offers such as Short Sale (select None of the above under Approval Conditions). Step 4 – The seller is the current owner of the property (select Individual under Seller Type). As you can see, this clearly communicates the availability of the property for showings and offers. As the Realtor using professional-grade tools, you have access to the most comprehensive information possible regarding listings for your customers and clients.
- Now, you’re seller has accepted an offer and is no longer accepting showings for the property. There are no conditions that affect the final sale of the property such as a contingency to sell another home on behalf of the seller. You would go into the MLS and change the Status to Under Contract. Next, Change the Status Conditions to Not Accepting Showings. This lets other Realtors know that this property is no longer available for showings or accepting offers. Nothing changes under the Approval Conditions or Seller Type fields.
- In the event that the seller has an accepted offer but would like to continue taking backup offers, you have the flexibility to use the new fields to indicate this to other Realtors. Select Under Contract under Status. In order to continue taking backup offers, you would not change the Status Conditions. By leaving Accepting Offers selects, this action replaces what we was formerly the “backup” field option and the MLS Rules & Regulations have been updated to reflect the changes in accepting backup offers for a listing. For more details, please refer to the newest set of MLS Rules & Regulations available from our website www.metrolist.com.
- Using the same listing that we started with, in this instance the seller has accepted an offer that has a “kick out” or first right clause. This may include an offer with a contingency for the buyer to sell another property in order to finalize the transaction. First, you would change the Status to Under Contract to reflect an accepted offer. Then, you would check Kick Out/First Right under Status Conditions in addition to Accepting Offers. This lets other Realtors know that true status of the listing and that the seller is willing to take additional offers, and that there is already an offer accepted that includes a Kick Out/First Right clause. This particular field will replace the First Right option that is currently available. Approval Conditions and Seller Type remain unchanged. Again, please refer to the newest version of the MLS Rules & Regulations to learn more about the Kick Out/First Right field option.
- In this instance, you have a listing that is an REO or lender-owned property. Let’s go through the steps to enter this listing into the MLS as a new, Active listing. FYI: The Department of Housing and Urban Development publishes a wealth of information on the mortgage purchases of Fannie Mae and Freddie Mac, two Government Sponsored Enterprises (GSEs) that HUD oversees. Step 1 - The listing will be submitted to the MLS as an Active listing (select Active under Status). Step 2 - The seller is accepting offers (select Accepting Offers under Status Conditions). Step 3 - There are not circumstances that affect the approval of the offers such as Short Sale (select None of the above under Approval Conditions). Step 4 – In this case, you will select Bank/GSE (government sponsored enterprise) as the Seller Type. Lender owned will no longer be available in the Description field options. You must use Seller Type to indicate that the seller is a bank or GSE (Fannie Mae or Freddie Mac). As you can see, this clearly communicates the availability of the property for showings and offers. As the Realtor using professional-grade tools, you have access to the most comprehensive information possible regarding listings for your customers and clients.
- An offer has been received for the property, but needs to await signatures. You can change your REO or lender-owned listing as follows: Change the status to Pending. All REO/Lender Owned properties must use the Pending status with a verbally accepted offer that needs to get signatures for a mutually executed contract. Please refer to the MLS Rules & Regulations for more information about Pending status. You must select Offers Submitted to 3 rd Party for Approval under Status Conditions. This is a required selection with Pending status. As the listing broker, you may review with your sellers the option to continue Accepting Offers. If they choose to do so, do not change the Accepting Offers option. If no more offers will be accepted, uncheck this option under Status Conditions. Your seller also has the choice of making the property available for showings. If the seller no longer wishes to continue showings, select Not Accepting Showings under Status Conditions. Approval Conditions and Seller Type remain unchanged.
- An accepted offers means that there is a mutually executed contract. At this point you would make the following changes to this listing: Select Under Contract under status. Since all required signatures have been obtained, you would remove the check or unselect Offers Submitted to 3 rd Party for Approval under Status Conditions. You still have the option to accept offers on behalf of your seller. If this is the case, select Accepting Offers. Again, this replaces the backup option that is available before the new fields are in place on December 22. If you will not be accepting offers, simply leave this unselected. In this case, you may have more than one option to select under Status Conditions. As an Under Contract listings, you may choose the options that best meet your seller’s needs. You can also indicate whether your seller is still accepting showings while the listing is Under Contract. Should your seller decide not to accept more showings, select Not Accepting Showings under Status conditions. If your seller does want to continue to show the property, simply leave this option unselected. Approval Conditions and Seller Type would not have any changes for this Under Contract status.
- Let’s take a look at a short sale listing and how this would be handled in the MLS using the new required fields. Step 1 – Select Active under Status Step 2 – Select Accepting Offers under Status Conditions Step 3 – Select Short Sale under Approval Conditions to communicate to other brokers that this listing is subject to short sale approvals Step 4 – Select Individual under Seller Type since your seller is the owner of the property
- Your seller has received an offer and must submit the offer to a third party for approval of the short sale. As the listing Realtor, you can consult with your seller and choose the most appropriate status that applies to the listing. Keep in mind that Pending listings are available to public websites and IDX websites and in most cases will appear as though they are still active. Under Contract listings, however, will only be available to IDX websites using the Premier service level, which includes Under Contract and Sold listings. At this point, select the status most appropriate to your seller’s expectations. You may select either Pending or Under Contract under Status. You must select Offers Submitted to 3 rd Party for Approval under Status Conditions with either Pending or Under Contract. This clearly communicates to other Realtors that an offer has been sent for final approval. During the process of waiting for final approval and signatures. Your seller may choose to accept other offers. To indicate this, you would leave Accepting Offers selected under Status Conditions. If your seller decides that they would no longer accept offers, unselect this option. Your seller may also decide whether or not to continue showing the property. If the property will not be available for showings, select Not Accepting Showings under Status Conditions. This will let other Realtors know that they may not try to contact the listing broker or office to set up a showing. This clearly identifies the availability of the listing and reduces the number of calls to the listing broker or office. There are no changes needed under Approval Conditions and Seller Type.
- Once the third party has approved the offer and there is a mutually executed contract, the following changes can be made to the listing. It is required that the listing Status is updated to Under Contract. If the seller wishes to continue accepting offers, which replaces the backup option available before December 22, ensure the Accepting Offers is selected under Status Conditions. If no additional offers will be accepted, be sure Accepting Offers is not selected. Your seller may also choose whether or not to continue showing the property. You may select the appropriate option using the Not Accepting Showings (if selected, no more showings can be scheduled; if not selected, showings may be scheduled). Since there would be no changes made to this listing for Approval Conditions or Seller Type, you would not need to update these options.
- In this example your seller is an estate, which is any entity that administers assets and liabilities of a deceased person. See MLS Rules & Regulations Glossary for a definition of Estate under Seller Type. This particular estate sale of real property is subject to court approval prior to obtaining a mutually executed contract. Step 1 – Select Active under Status Step 2 – Select Accepting Offers under Status Conditions Step 3 – In this instance you would select Court under Approval Conditions since any offer would be subject to review and acceptance by a court Step 4 – Select Estate under Seller Type
- You’ve received an offer to purchase the estate property, but must submit the offer to the Court for approval. Update the listing to Pending under Status to reflect the true nature of this listing, showing that there is an offer, but not a mutually executed contract. You are required to select Offers Submitted to 3 rd Party for Approval. As with the other examples, you seller may choose whether to continue to Accept Offers (currently known as backup) and whether to accept showings. Choose the appropriate options under Status Conditions. Approval Conditions and Seller Type would not have any updates.
- Once the court has issued an approval of the offer, you would need to change this listing to Under Contract under Status. Unselect Offers Submitted to 3 rd Party for Approval under Status Conditions. As with the other examples, you seller may choose whether to continue to Accept Offers (currently known as backup) and whether to accept showings. Choose the appropriate options under Status Conditions. Not changes are necessary for Approval Conditions or Seller Type.