In metro Atlanta we have 2 multiple listing services, GA MLS and First MLS or FMLS. I received this notice from FMLS about some changes which I think are going to be good. This is not the complete notice, it's just a summary.
Economic conditions and other factors have made it necessary for FMLS to establish some new policies and to modify certain rules; see below:
FMLS Policies Short Sales Reference to "short sales" is allowed only in remarks, either public or private. The verbiage must include the following language: "potential short sale/subject to lender approval"
Auctions In accordance with all other requirements for listing input, properties subject to auction can be entered into the FMLS system only if they can be sold before the auction takes place. Such listings must include a reasonable list price. The following must be included in the "Remarks" field: "subject to auction, call listing agent". If the listing can only be sold at auction, it cannot be entered in the FMLS system.
If a current active listing becomes subject to auction only sale, it must be withdrawn from the FMLS system.
All improved and unimproved real estate listed for sale under an exclusive right to sell contract with a Principal Member must be listed with FMLS except as provided in Rules 3.2 and 3.3 hereof.
All FMLS listings are required to be placed in the proper class of property and in the actual geographical area in which they are located. Members shall make every effort to input accurate listing data into the FMLS system including, but not limited to, a list price that represents the amount the seller is willing and able to accept given other reasonable contract terms. Additionally, photos shall not be altered or enhanced in any way that might misrepresent the property.
This one is exciting to me: On March 11, 2009 a new field, Unit Sq Ft, will be added to the Residential Attached property type. Reference to square footage in the Remarks section is still prohibited. Reference to square footage shall not be disclosed or referenced in the FMLS computer system except for:
a) reference in "Remarks" to approximate square footage for Commercial property type
b) fields specifically provided for square footage in Residential - Attached property type (This is for condos and townhomes only.)
So many condo buyers want to know the square footage of a place and in the past it was prohibited to add it in the listing. This will make it so much easier for Buyers to compare units. If square footage is added to the listing in a residential detached (house) it will get kicked out of the system. For now, we will take what we can get, square footage in condos is a great change!
Area Boundaries were also discussed. Agents can login to FMLS for more details.
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