Hi All:
At today’s Board of Directors Meeting several of you asked for further clarification regarding the new MLS rules regarding Photos and Lockboxes. Hopefully, the following will answer your questions. Also, please note that both of these rules will become effective August 15, not August 1 as was stated at the meeting:
- PHOTOS:
- Residential Listings with existing buildings will require a photograph be included in the listing within 72 hours after MLS entry.
- Short sales and listings that will, or may, require court confirmation must be designated as such upon listing entry.
- LOCKBOXES
· If a lockbox is present on a property that is located in the MLSListings service area and is listed for sale in the MLSListings system, there must be an electronic lockbox that is accessible by an electronic key issued by one of the authorized lockbox providers (REALTOR® Associations).
The question posed was whether or not the owners of REO properties, i.e., banks, are subject to this provision. The answer is “yes, ” assuming that the REO property is listed in the MLS. Owners of REO properties can choose to file a letter with the MLS and/or listing broker stating that they do not want a lockbox on the property. However, if a lockbox is present, the above provision applies. A combination lockbox can still be used but it must be in addition to an electronic box.
I hope that the above information clears up any confusion and as always, please don’t hesitate to contact me if you have any further questions.
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