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Seeing Double with Short Sales and Foreclosures

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By Suzanne Foley, MRIS Compliance Coordinator

MRIS, March 30, 2009-Tired of seeing double? The Compliance Department needs your help.

Sometimes a property that is subject to a potential short sale goes to foreclosure before the short sale transaction can occur. Sellers may not notify the listing agent that the foreclosure has taken place. In addition, some agents are inadvertently failing to withdraw the listing when their client no longer owns the home. After the foreclosure proceeding are complete, the bank may list with a new broker and this broker enters a new listing. If the previous listing has not been withdrawn, there are duplicate active listings in the system.

When a valid listing agreement no longer exists, agents are requested to take appropriate action with their listings. The appropriate action for these situations is to withdraw the listing.

Prior to entering a listing into MRIS, please verify that there is currently no active listing for this property. If you find an active listing please contact the former listing agent before entering a new listing.

MRIS rules and regulations, Article XI Section 6 state that “Prior to adding a listing to the system, the listing agent shall check to verify that the property is not already entered into the system with another Principal Broker Subscriber. Adding a listing when a property is entered into the system shall result in an additional fine.” The only situations where duplicate listings are permitted are cross property situation; lot land and residential or sale and rental.

The Compliance Department is happy to answer any questions or concerns about this issue at 301-838-7140 or compliance@mris.net.

To send feedback on this article, email communications@mris.net.

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