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New Rule about Short Sale Disclosures in the Tucson MLS

June 28, 2009 | By Kelley Koehler | Filed Under Tucson Foreclosures and Short Sales

News from the Tucson MLS regarding Short Sales today.

The notice, in its entirety:

After reviewing changes implemented by the National Association of REALTORS®, the MLS Board has implemented the following Short Sale rule, effective immediately.

As used in these rules, short sales are defined as a transaction where title transfers; where the sale price is insufficient to pay the total of all liens and costs of sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.

Participants are required to disclose potential short sales to other participants by stating the following in the Agent Only Remarks: Potential Short Sale.

No references to commission or co-op fee splits, apportionments, or reductions are permitted in the MLS. In addition, documents referencing commission or co-op fee splits, apportionments, or reductions are not permitted in the MLS. The cooperating brokers do retain the right to negotiate the commission/co-op fee outside of the MLS.

Within two (2) business days of seller’s acceptance of written contract, the listing broker shall change the short sale listing’s status in MLS to ‘Active Contingent’, ‘Active CAPA’, ’Pending’ or ‘Sold’, as is appropriate per MLS Status Definitions. Disclosure of short sale shall not be made in the Property Description, Marketing Remarks, or any other publicly viewable component of the MLS without the seller’s written permission to the listing broker.

What that means is that short sales will no longer be disclosed to the home buying public unless the Seller has given written permission. So if you’re a trying to buy a home in Tucson and you’d rather avoid the short sales – as many time-sensitive buyers do – you’ll probably have to ask your agent to check the private agent-only comments for you on a house-by-house basis.

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