The Market Needs More Control Over Information on MLS Listings for Distressed Properties

The Market Needs More Control Over Information on MLS Listings for Distressed Properties.
Consumers and buyers need more accurate information on distressed property listings. The markets and MLS should have better control over listings of distressed properties, including foreclosures and short sales.
On a short sale, the owner lister should be responsible for accuracy of information and sign to certify it. The owner and their agent should be contractually and legally responsible to pay the buyer's broker the amount of commission set forth on the listing.
On a bank owned property, the bank should certify its contractual agreement to pay the buyer's broker the set commission prior to the property being listed by the MLS.
These and other simple measures would help Realtors provide better service, assure the consumer a better handle on whether and how to purchase such properties.

As of April 19, 2008, distressed properties, short sales and foreclosures, were 35.1 percent of MLS listings in Orange County, California.

Posted by Harrison K. Long, Explore Properties Group, April 22, 2008