Agents who list homes subject to short sales have been provided with specific instruction from Mid Florida MLS regarding entering these types of listings into the MLS especially as it relates to commission.
Currently agents have been across the board on how they handle the issue of banks attempting to and in some cases successful in reducing the amount of commission the agents will collect.
As the offer of commissions is unconditional it is now against MLS rules to address the commission issue as some have in the past. In a recent email the MLS stated;
"It is not appropriate to provide notes such as “50/50” or “half of what the lender will pay” in any fields available in MLXchange."
The bottom line is that if you offer a certain amount of commission to a cooperating broker, you better be prepared to pay it unless the broker would agree in writing to accepting less, regardless of what the bank says on the matter.
The MLS further goes on to state;
"An offer of compensation to cooperating Brokers which states that it may be adjusted after execution of a contract for sale and purchase by a third party without the consent of the cooperating Broker is not an unconditional offer of compensation, and is, thereby, in violation of the MFRMLS Rules and Regulations"
Stay tuned in as I am confident we have not heard the last of this matter.
Related Florida real estate views:
Appraisals + short sales = no sale
Real estate agents would be wise to pick short sales over long sales.
Battle of the short sale: Just say no
- Greg Staker - Watson Realty Corp. - 407-304-0255
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