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It is mandatory but some agents don’t seem to be getting the message. Here is what was posted as a MEMO last week when we logged into the Tucson MLS as agents.
“We now have a mandatory Short Sale field in MLS. If you select ‘yes’, your listing displays and is searchable as a Short Sale. If you select ‘no’, a field appears asking if the listing is an REO, giving you the option of having REO displayed and searchable. You are able to go into your current listings and revise them to include these criteria. In addition, any revisions made to your current listings will require you to address this selection because it is mandatory.”
This is a good move in the part of the Tucson MLS. We all need to know what the numbers are instead of the guessing game and over inflated guesstimates we keep getting from the media.
I’ve been tracking these now for the past week. As of yesterday we had 616 close transactions for July with 25 of those Short Sales and 55 REO sales. A total of 80 out of 616 that is 12.98 percent of the total sales. Let’s round it up to 13%. That is quite a distance from the 30 to 45% rate we keep hearing thrown around in the media.
Now it is up to agents and brokerages to input the data which will raise this figure, the number I’m hearing is closer to 16%. I do know there are some agents that don’t seem to have gotten the memo. This is a violation and is being reported as such to the MLS by many agents (which is a good thing).
There seems to be some that think they should keep a listing active on a short sale till they get an accepted offer from the bank. This too is a violation. The rules are such that the status of the listing much change once an offer has been submitted to the bank.
Keeping the data accurate and up to date is important and the Tucson MLS is doing a good job of providing us the most accurate data it can provide. Just as in school days there are always a few turning in their papers late. Back then it only hurt them. Now it influences everyone’s perceptions of the economy.
