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Seattle Area MLS introduces Short Sale Rules

seattle real estate Introducing Form 22SS: The MLS's short sale addendum for Washington state (Hallelujah!).

It isn't perfect, but it is going to help clarify a lot of the process and steps that have been unclear in the past. First of all the from states that the property is a short sale and that the lien holder has to approve the offer. The form then gives the seller so many days (default is 30 days) to get that approval. Mutual acceptance is explained as when the lien holder approval is delivered.

22SS Gives the buyer the option of checking a box to either say that the seller can accept other offers for lien holder approval while they wait for their answer or not. My advise on that to buyers is check the box that allows your deal to be the only deal in town. Of course, my advise for a seller is usually the opposite depending on the situation.

Lastly, the new from gives the buyer the right to back out of the deal at any time prior to lien holder approval.

Read more info on the MLS short sale changes.

Courtney Cooper ....For all your Seattle Washington Real Estate Needs! Seattle Area Real Estate Agent: Broker and Realtor serving North King & South Snohomish County. Seattle Real Estate and Seattle Suburbs! Cooper Jacobs Real Estate Services: Experienced REALTOR with a background in accounting - I love my clients and work hard for them! Please call me if you are looking for a home or investment property (including short sales, preforeclosures, foreclosures, and REO properties) in Seattle (Ballard, Crown Hill, Phinney, Ravenna, Maple Leaf, Green Lake (Greenlake), Greenwood, Northgate, Lake City,University, Sand Point, Laurelhurst, Windermere, Fremont, Wallingford, Queen Anne, Westlake, Eastlake, Lake Union, Downtown, Madison Park), Shoreline, Edmonds, Brier, Lynnwood, Mountlake Terrace, Lake Forest Park, Bothell, Mill Creek, Everett, or other Seattle Suburbs!

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Posted by Seattle Realtor Courtney Cooper Seattle Real Estate, Seattle Washington on 04/09/2008 02:32 PM

Comments (12)

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Originally posted at: Seattle Real Estate Blog : Seattle Area MLS introduces Short Sale Rules

This post has been included in Washington Information King County, WA Information Seattle, WA Information

12 Comments on Seattle Area MLS introduces Short Sale Rules

APR

2008

Lucky, Lucky, Lucky You!! We need that too!

Courtney- I am really happy that they have put the new form in place. I hope that it will make it easier for all parties to complete a short sale. (Not that there are many in our area) ...."right"

Best,

Scott

Sign of the times.

PS - I love the ferry shot. I am trying to figure out how to get a photo up there. Having some dificulty. I'll figure it out.

MAY

This is pretty intersting.. Wonder how many other areas will do the same.. We actutally have 3 new Short Sale documents...

Disclosure of Short Sale Information for Buyers and Sellers
Short Sale Amendment to th listing agreement
Short Sale Addendum to the purchase andsales agreement

Great news for you. I wish we had some additional documents here.

It would help all parties involved. It would also bring more consistency to the Real Estate Community in general. Folks here do whatever, say whatever, some agents have no clue.

Nothing more frustrating than a listing agent that has no clue so we just don't show that house or condo.

IMO it violates our Professional Standards by working in a field you are not qualified to do.

I wished I was in your MLS....mine takes 20 steps back anytime you shake up the apple cart.

Bettina

Courtney -

We have a similar rider here in Chicago, which spells out due dates for demand letter and closing.

No option to show the property, however - it is presumed that the seller can show, but any other contracts have to be back-up offers.

New status on MLS required - "SS", for "Short Sale Contingency."

Thanks for the share!

DEAN & DEAN'S TEAM CHICAGO

That default of 30 days is amusing. it takes Countrywide(BOA) that long to upload the offer in the system before they even look at it. Your MLS Board looks unrealistic to me. As to a buyer backing out, to put that in the form doesn't look good to me. When my team gets a short sale we accept one. Sending multiple offers to a lien holder is not only foolish and wrong, it can violate ethics. The worst thing would be to have buyers that are not really committed. I know I am commenting on something without full context, but some of this troubles me.

This has been one of the better changes to forms.

The thing this new form makes really explicit is that the offer is completely conditional on Lender Approval. And that none of the time lines start ticking over until that happens.

And to respond to some of the concerns: The deadlines can be changed with an extension- just one piece of paper. And the 30 day thing is the default, there is space to write in a different number. As far as buyer being committed, I feel they were committed enough to write an offer on a home they might be in love with, but know they may not get it. So this gives them and the seller a heads up that they need to keep their options open. It is totally unrealistic for a short sale buyer not to keep looking.

My buyers have responded really well to it.

Courtney: I hope this helps speed things up for you. Now if they could figure out the pay in your favor! Take care.

Weird - I worte this over a year ago and all of the sudden so many of you are leaving comments.... hmmm Thank you - I just wonder what little glitch happened:)

It is showing you as the sponsered featured post, so you are at the top of the page. Interesting changes, it would help if we had something along these lines, with a couple of modifications.

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