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Sandicor Rules Changes

posted Jul 14, 2015, 10:09 PM by Richard D'Ascoli   [ updated Jul 14, 2015, 10:10 PM ]

The Sandicor Rules and Regulations have been updated! Please take note of the following three changes.


 

1)  7.11.2 Variable Range Listings

 

The Mandatory Remarks field will be automatically populated with the value range pricing upon entering Yes in the Value Range field during the input process. The list price range stated in the MLS, must be within the range the sellers are willing to entertain, as included in the listing contract and any amendments thereto. In all cases, the default List Price shall be the high end of the range and the low end of the range can be no less than 80% of this price. Statistics, CMAs and Hot Sheet updates are based on the High List Price. Price range may be included in the Remarks and Advertising Remarks sections within the MLS listing.

 

Here are some helpful VRL tips:

  • To determine the existing difference in a value range listing, the low list price would be divided by the high price.
  • If there is a high price established, multiplying the high price by .8 will determine what the low list price could be if the full 80% is going to be utilized.
  • If a low list price is established multiplying the low list price by 1.25 will determine what the high list price could be if the full 80% is going to be utilized.
  • The difference between the high and the low price can be anywhere in between the range stated in the rule.

 

2)  12.5 Misuse of Remarks and Supplemental Remarks

 

Changes are indicated by the use of bold text as seen below in a full display of this rule.

 

12.5 Misuse of Remarks and Supplemental Remarks.  The  remarks shall be limited to the physical characteristics and descriptive property and/or community information. Participants and Subscribers may not use the public remarks in a listing input form sheet or listing submitted to the MLS or input directly into the MLS database for purposes of conveying information about other offices, disparaging other real estate agents, the transaction or subject property. The  remarks may not include the listing office name, agent names, contact information, phone numbers, email addresses, website addresses, owner’s names and phone numbers, title company names, mortgage company names, compensation or bonuses offered to cooperating brokers, showing instructions including references to open house, lockbox, alarm, gate or other security codes, seller’s terms, buyer’s incentives, disclaimers, disclosures required outside of the MLS, or the occupancy of the property (e.g. vacant).  Confidential Remarks may include agent contact information, showing instructions, open house information and if applicable the required language outlined in 7.15.2 for Lender Approval Listings. Confidential Remarks may include reference to unconditional compensation and/or bonuses offered to cooperating brokers. Confidential Remarks may not include specific buyer’s incentives, but may refer participants and subscribers back to the listing broker for further details. By submitting remarks to the MLS, the Participant and/or Subscriber grants the MLS and the other Participants and Subscribers the right to reproduce and display the remarks in accordance to these rules. If a listing broker desires to use the remarks from a former or current listing made by another Participant or Subscriber (the “Original Listing Broker”) the listing broker shall first obtain the written permission of the “Original Listing Broker” to do so.

 

3)  10.1.1 Contingent Status.



Listings in the Contingent Status are considered on-market listings and should be allowed to be shown per the MLS rules. A listing in the Contingent Status that is pending lender approval of a short sale and is not   available for showings may be updated to a Pending status by choosing a new option under the drop down menu under Mandatory Remarks. By choosing the new option (f) Offer accepted pending lender approval no further showings – the listing will be moved by the system into the Pending Status.

 

Changes are indicated by the use of bold text as seen below in a full display of this rule.

 

10.1.1 Contingent Status. The Mandatory Remarks field in the MLS must be modified within twenty four (24) hours if any one or a combination of circumstances listed in (a) through (e) are in effect and meet the criteria below:

 

(a)    Offer accepted contingent on court approval

(b)   Offer accepted pending lender approval of Short Sale

(c)    Offer(s) submitted awaiting lender approval of Short Sale

(d)   Offer(s) submitted awaiting REO approval

(e)   Offer accepted with __ hour first right of refusal

(f)     Offer accepted pending lender approval no further showings – listing will be marked pending

 

 

Offers submitted to parties other than the seller as described in (c) and (d) are under review and are not considered accepted offers. Once the Mandatory Remarks have been notified the listing shall be moved into a Contingent status. Listings in a Contingent status are considered to be on-market and under a valid listing contract.

 

 

Click here for a copy of the complete set of Sandicor Rules and Regulations.