Short Sale Listing Maintenance

By Carolyne Ogaye

MRIS, September 1, 2008-Make it easier for agents to find short sales or foreclosures for their buyers or investors by entering the information correctly into MRIS. Revise your listings by selecting “Subject to a Potential Short Sale” in the Disclosures Pick List. If the property is bank owned due to a foreclosure, revise the listing to indicate “Foreclosure” in the Current Financing Pick List.As a reminder, it is imperative that you update your listing status once the contract is ratified. Article XIX, Sections 1 and 2 of the MRIS Rules and Regulations require the listing agent to update the status of their listing within 48 hours excluding weekends and holidays.

The status change policy applies to all listings in the data including Potential Short Sales. For example, if an offer has been accepted and signed by the seller and the buyer pending 3rd party approval, the contract is ratified and the status must be changed to Contingent/Kick Out (CNTG/KO) or Contingent without a Kick Out clause (CNTG/NO KO) with a third party approval contingency. Even if the buyer and the seller agree that the listing may be kept in an active status, the listing should be placed in the correct contract status.

Once the contingencies have been met, the status must be changed to contract. For example in a short sale situation, once the contract has 3rd party approval from the bank, status must be changed to Contract.

Contact the MRIS Support Center for assistance in updating your listing at (301) 838-7100. Get answers to your questions on the MRIS Rules and Regulations at http://www.mris.com/compliance/ or contact the Compliance Department at (301) 838-7140 or compliance@mris.net.

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