New Fields Make Entering Information Quicker and Easier
To allow you to more easily enter information for the disclosure of additional sale terms related to a listing, the following new fields have been added to the Brokerage Information section:
- Short Sale: a new required, Y/N field.
- Bank Owned/REO: a new, non-required, Y/N field found under the Additional Sales Terms group.
- Third Party Approval Req.: a new, non-required, Y/N field found under the Additional Sales Terms group.
In order to stay in compliance with the recent NAR-DOJ settlement, these new fields have been added to the Location section under the group Seller Opt-out Options:
- Allow AVM on Internet: a new, required Y/N field.
- Allow Comments on Internet: a new, required Y/N field.
The addition of these fields will allow for more accurate listing information in the MLS and gives you the ability to disclose all known information regarding a listing with just a few simple clicks.
Searching Made More Robust
The addition of the new Short Sale, Bank Owned/REO and Third Party Approval req. fields means you can search for, or exclude, listings that fit within a certain criteria. If your client wants to exclude all properties that are short sales in Philadelphia, you can use the "View Fields" button on the Listing Search page to do that. Additionally, if you are an appraiser or are listing a property and want to look at comparables that have sold in the area, you can exclude all short sales, which can skew the picture of the market.
Using the View Fields button to narrow down your search will help to ensure you receive only the listings that interest your clients and assist you in making everyday decisions.
Add Detailed Information at Time of Settlement
In an effort to strengthen the data in the MLS and maintain the most accurate records possible, you now also have the ability to add information that represents the final sale terms of a property
at the time of settlement. For example, if the property is sold as a Short Sale, Bank Owned or Third Party Approval property, that can be reflected by selecting Yes or No in the Final Sale Terms category when adding Agreement of Sale information. This can help distinguish between what was known when the listing was active, and what came to pass at settlement. Additionally, a new field has been added to account for seller concessions. The field, named "Concessions Description," will accompany the current "Concession Value" field, allowing you to differentiate between the value of the concession and the explanation of it.
The additions of these fields and the information that corresponds with it will strengthen the data in the MLS and offer a more accurate and clear picture of the real estate market.