Real Estate Blog - Trendmls members do you know what happens if you forget to change settlement date ?

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Trendmls members do you know what happens if you forget to change settlement date ?

Our multiple listing service allows us to post changes . When a house in under contract we input P for pending and also input name of selling agent, settlement date,and sale price.

We receive messages from mls reminding us of settlement regularly.

If anything has changed we can change the information. Sale price can not be viewed by others, till after settlement.

I recently heard about a listing where settlement did not take place and it came back on the market after the scheduled settlement date.

Now people who look for history can find out what was acceptable price. Fortunately the price was not much different from list price.

This is a lesson for us to be cautious . I wonder what will happen if the price is much lower than listed price.

Posted by GITA BANTWAL, REALTOR BUCKS COUNTY, PA HOMES on 07/28/2008 05:37 PM

Comments (10)

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10 Comments on Trendmls members do you know what happens if you forget to change settlement date ?

JUL

2008

This is true for other MLS systems as well. Important to be watchful.

JUL

2008

Bob and Carolin, Thank you. I agree it is important to be watchful.

Gita is your state Pennsylvania in a Rapatoni kind of MLS? We have an updated MLS that doesnt sound like what you are describing or as far as I know hasnt happened when using our system! We can input a pending date and a possible settlement date which like you say can change. We can of course search for property history and find out price reductions and selling price after its been sold!

We have a great system.We have to input the correct information.The agent should have changed the settlement date.

Yes, if the agent does not update it and it does not go through, it will show as settled with the terms so anyone can see it. Once the agent changes it back, I believe all of that information is deleted.

The flip side is that I have had several settlements that settle where the agent chooses to update it himself and forgets so it just stays pending until the agent updates it (even after the settlement date)

Philadelphia Real Estate

Ours works a little differently here as we don't put in the dates or the prices. It seems like to much effort to put in settlement dates.

JUL

2008

Christopher and Stephanie, Yes it happens sometimes.

Gene , I do not mind putting in date and price . It is more of an effort locating office code and agent code.

I understand that there are certain boards that have initiated a fee service that allows the settlement price to remain private... in essence creating something like a trust.

Chuck, Thanks for the comments.

JUL

2008

There is also a bunch of confusion with Trend introducing a bunch of new listing status abreviations for all sorts of situations.

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