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Do's & Dont's of MLS Lisiting descriptions of property... Watch Out!

By
Real Estate Agent with Better Homes Realty
Well,  recently I was fined a whole $50.00 (it's not the money that upsets me), because I put what I think is an important disclosure into the body of the description of my listing on the MLS.  The listing was a pre-foreclosure and I was told to make sure I wrote on the listing that the offers were subject to "lender approval", which they are.  Instead of just putting that statement into the agent remarks section, I also put it in the "public" remarks section.  I thought, as far as disclosure is concerned, it is important that the potential buyers know the "rules" of the purchase so no stone is left unturned during the transaction.  However, I found out that you can NO LONGER put ANYTHING in the PUBLIC remarks section that doeas not pertain to JUST the technicals of the property.  When a listing is for a pre-foreclosure or leading towards a short sale etc., I think the buying public needs to know right off the bat that the typical "seller" is NOT the homeowner and the only way to say that in a listing is "lender approval necessary". I don't know, i'm just a Broker/Associate who has had the word DISCLOSURE knocked into my head too many times I guess.  Do you think this "fine" will go on my permanent "Realtor record"????  If my recored is flawed due to my insistence on full disclosure, especially in these type of sales, well, I GIVE UP!!!!  Be careful out there with what you put onto your listings in the public remarks section... you may write something the buying public needs to know or something.
Cassie Hansley
Wilikinson and Associates - Lincolnton, NC
That doesn't seem right. Maybe if they have the rule then warn you about it, but fine you.
Feb 12, 2008 05:27 AM
Zen Ziejewski
Keller Williams Realty - Laguna Niguel, CA
Laguna Niguel Real Estate
Leslie, Thanks for the info, I was not aware you could not put that info in the public section.
Feb 12, 2008 05:28 AM
Leslie Tucker
Better Homes Realty - Middletown, NJ
Exactly, I can't be the only Realtor in New Jersey who has done this....  and what I wrote is correct and true. PLEASE, the Commission must be low on funds.. not like I don't pay enough each year. Thanks for being on my side.
Feb 12, 2008 05:29 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County
Sounds like a reasonable disclosure to me. Why not let the public/potential buyer know?
Feb 12, 2008 05:44 AM
Membership Cancelled
Pullman, WA

That is crazy! Your disclosure lets less experienced prospective buyers know what to expect if they want to place an offer on a home that probably won't last. You are actually helping them compete with seasoned buyers.

Feb 12, 2008 05:48 AM
Lance Winslow
The Car Wash Guy - Malibu, CA
Its too bad that they fined you, you don't deserve a fine, as it is in keeping with the spirit of the MLS rules, for proper and full-disclosure. Too bad, that fifty bucks could have been used to buy some kitty litter for the fat cat running the MLS, who fines folks for doing their best? Lance
Feb 15, 2008 05:04 PM
Christopher Hallmark
The People's Home Mortgage Corp. - Matawan, NJ

Lelsie,

it is pathetic, but I think you are right..the Commission is low on funds and now they're trying to penalize agents for the most nonsensical crap..anything they can think of.  I've never seen such cases of nickel and diming in the 8 1/2 years I've been involved in this industry.  All I can see is keep one eye open at all times and be careful.

 

Regards,

 

Chris Hallmark

Nov 14, 2008 03:14 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I do not see the city/states you are working in, but in my mls, NOD and SS is a public disclosure. I do add more details in public remarks, but yet, we must disclose to the public if the sale is regular, trust, short sale, etc.

Aug 29, 2015 04:56 PM