How does your local MLS handle disclosing a short sale in the MLS?

Our local MLS says that can't have a short sale field y/n because if the seller doesn't want to disclose we cant disclose to the client.  Right now the agent puts it in the agent notes of the MLS, but lately agents aren't even doing that.  I think our MLS people need to step it up and add this field at least if the seller does want to disclose it, we can do it, and then it will make searches for or against short sales that much eeasier.
  • June 02 2010 - Richmond
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Answers (5)

There is a category for Disclosures, and the Short Pay option should be marked, for us.

  • June 07 2010
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In Minneapolis the three choices are 'Yes' 'No' and 'Not disclosed'. Needless to say this information can't be disclosed without consent of the homeowner. But when a listing on MLS says 'Not disclosed' I think the inference is that it is a short sale. If it IS a short sale and the agent selects 'No' that could be grounds for an MLS fine.
  • June 05 2010
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Ty,
In Virginia a real estate agent MUST have a seller's permission in writing in order to disclose a short sale in MLS. If the seller does NOT want the sale disclosed as a short sale, an agent cannot legally disclose it.

It is a matter of keeping personal financial information confidential.  However, lately short sales became such a norm that most sellers disclose it - nevertheless, legally agents should have seller's consent in writing.
  • June 05 2010
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Our MLS here in Minneapolis has a field as well for "short sales" and "lender owned".  It also shows up now if it has an offer at the bank under review which is new in the last week or so.
  • June 02 2010
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MRIS in Northern VA, DC, MD offers a Short Sale field.  Surprised that not every MLS does not have this important disclosure of title.
  • June 02 2010
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