Noting Short Sales on MLXchange
Thursday 04 September 2008
Minor Change to Short Sale Policy
To make the process of declaring a Potential Short Sale Circumstance on MLXchange easier, we provided you with specific text for you to copy and paste into the “Public Remarks” and the “REALTOR® Only Remarks” fields of a listing. Because the MFRMLS Rules and Regulations prohibit discussion of compensation in the “Public Remarks” field, we are modifying the mandatory verbiage slightly.
A listing broker has two options available when declaring a Short Sale Circumstance:
Option One:
The first option applies if the listing broker DOES NOT want to bind the cooperating broker to acceptance of a reduced commission amount as determined by the seller’s lender. In this case, copy and paste the following text in both the “REALTOR® Only Remarks” and “Public Remarks” fields:
Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of Property at full listing price may require approval of seller’s lender(s).
Option Two:
The second option applies if the listing broker DOES want the cooperating broker to be obligated to accept a reduced commission amount as determined by seller’s lender(s). In this case, copy and paste the following text into the “Public Remarks” field only:
Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of Property at full listing price may require approval of seller’s lender(s).
Then, copy and paste the following text into the “REALTOR® Only Remarks” field:
Listing price may not be sufficient to pay the total of all liens and costs of sale, and sale of Property at full listing price may require approval of seller’s lender(s), and such approval may be conditioned upon the gross commission being reduced.
In previous communications, we included quotation marks around the recommended text. We’ve found that if you paste the quotation marks into MLXchange, they may display improperly when you view the listing. The best way to avoid this is to simply remove the quotation marks (that’s why the text above does not include them).