Short Sale listings on the MLS account for 6% of the total residential sales over the last year, and 7.8% of the current Active residential listings (data pulled on 6/24/14). Our Tech Support group regularly answers questions about entering short sales, searching for or excluding short sales, and our policies on short sale listings. We hope this guide will provide some clarification.
When entering Short Sale Listings to the MLS, keep in mind the following policies:
The Short Sale Status must be disclosed in the Listing Input section. You must also indicate whether the price is previously approved, or if the price is subject to 3rd party approval.
You must also disclose if the listing has an Offer Under 3rd Party Review (within 3 business days).
A Short Sale listing with an Offer Under 3rd Party Review may select that the listing have No Showings. To do this:
- Edit the Listing.
- Select Yes next to Offer Under 3rd Party Review
- Scroll down to the Show Instructions field, and select No Showings
- Then scroll down to the Public Remarks field, and enter language explaining the ‘No Showings’ status.
Failure to follow these steps could result in an immediate fine. See our guide here: Short Sale Policy Reminder
In addition, we strongly suggest keeping your remarks and listing updated to reflect the current status of the short sale. You may include updates on the Short Sale and Offer status in the Agent Remarks on the listing.
When searching for, or excluding Short Sale Listings from your search:
When searching for listings on the MLS, Short Sale Listings are automatically included in the search.
To search for only Short Sale Listings using a Full Search, scroll down to the Short Sale field, select Includes, and then check one or both boxes below.
To Exclude Short Sales from your search, select Excludes, and then check one or both boxes below. (If you do not see an option to Include or Exclude, make sure to change the Advanced Search to Yes, in the yellow bar at the top of the search page)
To exclude only those short sales that have an Offer Under 3rd Party Review, select No under the Offer Under 3rd Party Review field.
If you do not wish to exclude short sales from your search, but wish to exclude listings that have selected No Showings, scroll down to the Show Instructions field (under the Listing section). Select Excludes, and then select No Showings from the list.
If you have any questions, please contact our Technical Support department at firstname.lastname@example.org, or by calling 1-800-236-1462, between 8am and 5:30pm, Monday through Friday. Thanks!