New MLS Rules Should Help Market And Home Searchers
August 18th, 2008 categories: Local Issues, Real Estate News
Searching for homes has become a lot like digging through a bag of your friends thrift store pile to hopefully find one good shirt that may fit.
You can find 80 homes within your price range. But to actually find one that is not a short sale or foreclosure in decent condition has become an art form.
Who has time for this?
The good news is that MRIS (the Northern VA MLS provider) is now requiring Short Sale homes that have contracts signed by the seller on them but are simply awaiting bank approval to be removed from active status in the MLS. They now go under a status called Contingent Kick Out which in the computer looks like “Cko.”
This is good news for buyers who don’t want to waste their time looking at homes that already have offers on them. For those who want to bid on these homes while they wait bank approval, they still can.
Many Realtors have not adapted to this rule yet and some do not like it since they want to receive multiple offers. However, it is much better for the market as a whole and makes it a lot easier for purchasers to find the deals they are looking for.
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