MRIS, August 11, 2008-Recently, MRIS released its updated “Short Sale Policy.” The Short Sale Policy and a list of Frequently Asked Questions may be found on the MRIS website at http://www.mris.com.The following changes to Keystone will assist agents in complying with MRIS’s Short Sale Policy.
Under the Contract Pick List – Remove “Comp- Subject to 3rd Party Approval”
The amount of compensation offered to the cooperating broker is determined by the listing broker. A third party such as a lender does not determine the amount of compensation offered to cooperating brokers.
Under Contract Pick List – Add “Subject to 3rd Party Approval”
Agents will be able to disclose to other agents/consumers that a third party must approve the contract. This should not be confused with the contingency type of “Third Party Approval.” Once a contract is ratified and is pending third party approval, the status must be changed to Contingent No KO (CNTG/NO KO) or Contingent KO (CNTG/KO) with a “Third Party Contingency.
Under Contract Pick List – Add ” Compensation on Net Sales Price”
Net Sales price can be the base sales price on new construction or it can be the sales price minus any seller subsidy. Seller Subsidy is defined as the amount of the closing costs paid by the seller on behalf of the buyer.
Under Current Financing/Loan Pick List – Remove “Short Sale”
A short sale technically does not occur until settlement. It is a misnomer to call a listing a short sale under current financing.
Under Disclosures Pick List – Add “Subject to a Potential Short Sale”
“Potential Short Sale” is a disclosure that allows the listing agent to disclose to other subscribers that the property may be subject to a short sale scenario. The Disclosures Pick List is required. “Subject to Potential Short Sale” is searchable in Matrix. The Short Sale data found in the Current Financing Loan Pick List will be converted to the “Subject to a Potential Short Sale” pick list item. As a result you will be able to search for short sales in one spot.
MRIS’ Short Sale policy is not intended to conflict with state regulations. Specific questions on working with short sales or state regulations should be addressed to your broker. Contact the Customer Support Department for assistance in revising your listings.
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