Good News that NAR Will Consider New Rules for Listing & Advertising of Short Sales

News is that the National Assoc. of Realtors is considering new rules for listing and advertising of short sale and distressed properties. That's good. We need strict rules to bind owners and sellers, listing agents, and lenders, int the short sale process. The market needs all such MLS listings to identify whether there is lender approval of offers on short-sale. The market needs to have specific MLS rules on commission offered by the owner and lender to the broker Realtors for the buyers. The market and buyers deserve to know by MLS whether the property will be tied up in a lengthy process of lender determination of eligibility, whether there is non-judicial foreclosure in the works, and what is exactly being offered. After the new rules are established, the NAR, California Association of Realtors, and local MLS groups, must enforce those rules, and not allow listings that don't comply. Banks and lenders must not be allowed to set all rules and information to be provided in the MLS listings.
Posted by Harrison K. Long, Explore Group, April 24, 2008.