MLSPIN in MASS and new regulation on listing information

Hi,

Just waated to let MASS MLSPIN realtors know ....I learned today that Multiple Listing Services in Mass (MLSPIN) no longer allows the wording subj. to 3rd party approval on commission, conditions and terms.

They state that if you offer a specific amount on the comssiion section then that is what the other agent gets paid. So, if you offer3 % to buyer agent and the demand letter only pays out 2.5 then you take the hit on your commission. Apparently, this was created becasue of a past law suit.

The one loop hole, you can just say that the commision is 50/50 based on net sale.

Has anyone heard of this in mass or other states?

Views: 43

Comment

You need to be a member of Short Sale Specialist Network to add comments!

Join Short Sale Specialist Network

Comment by Terry L. Osburn, SFR on May 3, 2010 at 1:29pm
HAFA will not allow you to list more than 6%.
Comment by Terry L. Osburn, SFR on May 3, 2010 at 1:28pm
The California CBC form(4/09) Item 3 iv addresses the short sale commission. Should be filled out upon receipt of purchase offer.
Comment by Penny Howard on May 3, 2010 at 12:20pm
Hello Cidalia,

California MLS rules also state that the commission stated on MLS is the commission owed to a buyer's broker - if the buyer's broker is not agreeable to lowering their commission than it is paid as stated and the seller's broker takes the hit. We use the verbage that any commission reduction ordered by seller is split 50/50 and so far this has not been a problem - I sure hope our MLS does not adopt Mass.'s ruling. I do like Mike's idea of offering 2.5% to buyer's agent with the possibility of the seller's agent getting more out of a successful close. I am going to bring this topic up at our next office meeting - thanks for sharing.
Comment by Mike Linkenauger on April 27, 2010 at 9:27am
We haven't run into that YET! We can still use that verbage in our listings. I have just recently starting listing them at 6.5% with a 2.5% co-op, that way if it does get negotiated, we still should get 2.5%, if it doesn't we get that extra money like we SHOULD get for the extra work in getting it approved!

Forum

Ocwen Contacts Short Sale Package

Started by Jan Baron in Rants and Raves. Last reply by Anna Wilk Jan 14, 2016. 5 Replies

Shellpoint Mortgage

Started by Celeste ODea in General Discussion. Last reply by Brett Goldsmith Sep 4, 2015. 3 Replies

Extension Fees & Closing

Started by Colleen J Couse in Rants and Raves. Last reply by Brett Goldsmith Sep 3, 2015. 1 Reply

© 2019   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service