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Answers (9)
Best Answer
- Beth Jenkins, "MiamiBeachBeth"
- Contributions:106
Hi,
Technically yes, they are required to at least on our South Florida multiple listing service to disclose that the lisiting is a short sale. A bank owned property will always say that it is lender owned.
The rest of the details are not required to be listed, but are definalty quesitons I woudl have your realtor check into. Make sure your realtor has experience dealing with short slaes or you may have a very frustrating experience.
Beth Jenkins
Technically yes, they are required to at least on our South Florida multiple listing service to disclose that the lisiting is a short sale. A bank owned property will always say that it is lender owned.
The rest of the details are not required to be listed, but are definalty quesitons I woudl have your realtor check into. Make sure your realtor has experience dealing with short slaes or you may have a very frustrating experience.
Beth Jenkins
- Gary Brey, "garybrey"
- Contributions:73
In my market the answer is yes & it is stated on the MLS printouts.
- Pedro Guerrero, "Pedro Guerrero"
- Contributions:28
The reason I asked is because I was the buyer on such a situation. I put my offer back in end of Nov 09. Extended it etc and just recently found out there was a 2nd mtg. The owner and primary lender supposedly accepted my offer and were negotiating w/ the 2nd mtg. lender who decided they weren't getting enough money. Finally, at the last minute I was given the choice to come up with this difference in cash at closing. Once I refused and restated my original offer and a smaller prior offer of cash towards 2nd mtg. everything came to a halt. The listing agent relisted the property as a "new" to the market house (has been in Zillow for almot 1 year now! and in the MLS system probably longer) and doesn't mention anything about being a short sale requiring the approval, etc. Seems unethical at best to me. It is one of the big names...
- Ann Griffin, "Ann Griffin Realtor"
- Contributions:95
This will vary by state. In Washington state, the seller must disclose if the property is bank owned, or a short sale. Note this is a seller disclosure, not the agent disclosure, but since the agent represents the seller, the agent too must provide the information.
Requirements for lender approval and existence of 2nd mortgages are not required to be disclosed. However any and all mortgages will show up on the title report. Be sure to get one. The seller cannot usually dictate the lender approval the buyer must have, but if a buyer's loan seems shaky, the seller can negotiate for more down payment or other terms.
Requirements for lender approval and existence of 2nd mortgages are not required to be disclosed. However any and all mortgages will show up on the title report. Be sure to get one. The seller cannot usually dictate the lender approval the buyer must have, but if a buyer's loan seems shaky, the seller can negotiate for more down payment or other terms.
- Mark LeMenager
- Contributions:1716
Yes they are on the MLS. EVERYPLACE else is just an ad, not different than the newspapers.
- Ofe Polack, "Ofe Polack"
- Contributions:1416
Yes we do have to disclose if the listing is a short sale or bank owned. Oftentimes, it falls through the cracks but you always can find out by asking the listing agent.
- Joseph Domino, "ScottsdaleAZHomes"
- Contributions:176
In Arizona Listing Agents are required to indicate that it is a Short Sale in the MLS. The existence of multiple loans is not required.
It is up to the Buyer/Buyer Agent to investigate. This is why a Buyers Agent can be so valuable.
However, consider this situation: The home is listed at $200K, the Seller owes $190K. This is not a Short Sale situation. But you come along and offer $190K. After commissions and closing costs the Seller is now short. The Listing Agent counters your offer with a Short Sale addendum. Did he/she hide anything? NO. Do you have to accept? NO.
That fact that the home could have gone traditional, if a Buyer that was willing to pay means it is not a Short Sale for listing purposes.
It is up to the Buyer/Buyer Agent to investigate. This is why a Buyers Agent can be so valuable.
However, consider this situation: The home is listed at $200K, the Seller owes $190K. This is not a Short Sale situation. But you come along and offer $190K. After commissions and closing costs the Seller is now short. The Listing Agent counters your offer with a Short Sale addendum. Did he/she hide anything? NO. Do you have to accept? NO.
That fact that the home could have gone traditional, if a Buyer that was willing to pay means it is not a Short Sale for listing purposes.
- Michelle Cecchini, "Michelle Cecchini"
- Contributions:221
In our MLS system, it is required to disclose to other agents that the home is being sold as either a potential short sale or bank owned foreclosure. The buyers agent will disclose the status to buyers.
- Victoria McCormick, "VictoriaSells"
- Contributions:98
Here in Anderson SC, it is up to the MLS service that agents belong to. The 2 MLS services that I belong to, have added the short sale and bank owned fields to be checked Yes or No. They are required fields if I am to enter a listing into these MLS services.
Are realtors required to indicate if their listing is a short sale or foreclosure?
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