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The local MLS does not allow the words "Short Sale", "REO", or "Bank Owned"  in the Marketing Remarks.

I suppose, if asked, they would respond that those statement indicate the property is probably vacant, and that they do not want the liability of vandalism or break-in by announcing to the world that any particular property is vacant.

Although I also suppose that if the would-be vandal took the time to drive over to a particular property, they could discover whether or not it was vacant easily enough.  Ya think?

On the other hand, there are serious buyers searching for properties online, and knowing whether or not a particular property is bank owned, or is a short sale, would be useful information for that buyer.

Just my humble opinion.

 

5 Comments on MLS Marketing Remarks

AUG
15
2009
801,506 Points 35 Featured Posts Outside Blog Called Shot Master

Oh yikes...surprised to hear that comment from California...even Wisconsin...not always at the top of the "progressive" list allows that..AND has a category  that you can choose when you list or search for shorts or bank owned that you are required to complete or be fined....it's truth in advertising...Short is not vacant necessarily....ours never are...
6:49am • #1
1,157,707 Points 117 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

We  have required fields in our MLS to check whther the property is bank owned or a short sale.  Guess that shows the difference between MLS systems.  You can then use that field in a search to find just short sales or foreclosures.  It eliminated a lot of guess work for agents who had clients looking for "regular" sales.
6:59am • #2
316,586 Points 2 Featured Posts Attended Rain Camp Called Shot Master

We also have a required field as to Yes or No if it is a short sale here in our MLS. Also we have verbage in the Realtor only remarks with reference to subject to 3rd party approval. I am sure that is driving you and your clients crazy to know whether or not it is a short sale. Oh and here alot of short sales are owner occupied, in fact almost all are occupied!
7:03am • #3
1 Featured Post Outside Blog

I think many MLS's are run by the dinosaurs of the business, unfortunately. I am not sure that REO or bank owned is so important as you can telll by the price most times and the as-is condition. However, not letting a buyer or agent know about shortsales is a disservice to the buyer who is going to be tied up in the process for months and may miss a good deal on a good house while they are getting false hopes about the short sale which may not even work out!

Someday the mls will be run by progressives or they will be taken over by outsiders. Adapt or die.
7:10am • #4
447,089 Points 28 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

The words "Short Sale", "REO", or "Bank Owned" can be included in the private agent remarks.... but my thought is "What's the point?"  What purpose does it serve to withhold that information from an online searcher?
9:15am • #5

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Cheryl Johnson

Highland Park, CA

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Cheryl Johnson, Bob Taylor Properties, Inc., Los Angeles, CA

Address: 5526 N. Figueroa Street, Los Angeles, CA, 90042

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