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From: ARMLScompliance@ARMLS.com
Date: Wed, 24 Jun 2009 15:02:47 -0400
To: Michele J Somers<msomers@westusa.com>
Subject: Reinstatement of Former Short Sale Policy
|  |  | Reinstatement of Former Short Sale Policy At the May 2009 NAR Mid Year Conference, ARMLS, with the support of many large and small MLSs around the country, appealed the decision made by the NAR during the November 2008 Conference to mandate that if an MLS requires disclosure of a listing being a potential Short Sale, it must also allow any potential reduction of commission required by the lender to be disclosed through the listing in the MLS. The outcome of the appeal resulted in the NAR commission rule becoming an optional rule rather than a mandatory rule. As a result, the ARMLS Board of Directors voted in May 2009 to return to the original policy of not allowing any conditional commissions to be offered through the MLS. This includes any field, Remarks or otherwise, as well as any media or attachments to the listing. To review the ARMLS position and appeal, click here. In addition, the property status of offers signed by the buyer and the seller but not signed
by the lender, may now be changed to Pending or AWC-I depending on whether or not the seller
desires to entertain backups. To review a copy of the Short Sale Policy as amended by the ARMLS Board of Directors, click here. The Short Sale Policy is also available on the flexmls Dashboard under the Links pane and also |
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