Bank-owned & Short sale are legal in property descriptions again.

Published: August 14, 2009

Southwest Riverside County
Association of REALTORS

Your Voice in Real Estate – Building your community for over 30 years.

ATTENTION!!! THE TERMS: SHORT SALE, BANK OWNED/REO, AND AUCTION ARE LEGAL IN THE PROPERTY DESCRIPTION AGAIN!!!

Property Description:
The MRMLS Matrix system has several areas for text comments. One area is for “confidential” agent remarks which are used solely for agent-to-agent communications – that is, things members might communicate to one another but not to the general public. There is another area for the Property Description that should only be used to describe the property – physical and aesthetic characteristics that make the house buyable/sellable (with exception to the terms: Short Sale, Bank Owned, Auction and REO which may also be placed in the Property Description). All text comments must be entered in the English language ONLY.

Certain remarks CAN NOT appear in the Property Description field. They include:

  1. Gate, lockbox combinations, and/or security codes
  2. The term “FSBO” (For Sale By Owner)
  3. The word “vacant” (There is a separate field for that)
  4. Open House information (There is a separate utility for that)
  5. E-mail (There is a separate field for that)
  6. Internet website addresses
  7. Phone numbers
  8. Agent, assistant, co-lister or owner name(s)
  9. Title, Escrow, or other service instructions
  10. Financing information
  11. Commission information
  12. Any language that violates any Fair Housing/HUD guidelines for improper or discriminatory language in advertising
  13. Remarks may not be removed when changing a listing from active to off market status.

Any other information that does not describe the physical and aesthetic characteristics of the property may not appear in the Property Description (with exception to sale type and legally required specific Auction verbiage). The Office Comments field may be used for other information that does not have a specific field or utility.

*Please take the time to double check all of your listings to be sure that you are in compliance.

To learn more about the MLS rules please visit our website:
http://www.srcar.org/documents/CARETS_Data_Integrity_Standards.pdf
http://www.srcar.org/documents/CARETS_Standardized_RULES_and_Regs.pdf

If you have any questions or concerns please contact our MLS Compliance Administrator Jennifer Lipscomb via email at [email protected] or phone at 951-894-2571.


Last modified: August 14, 2009 at 3:17 pm | Originally published: August 14, 2009 at 3:17 pm
Printed: September 29, 2020