MLS Rules & Procedures Section 312.1: Disclosure of Potential Short Sales requires all listings to be substantially complete and accurate at the time they are submitted to the MLS. Participants must disclose potential short sales when reasonably known.
A short sale is defined as a transaction where:
- A transaction where title transfers
- The sale price is insufficient to pay the total of all liens and costs of sale; and
- The seller does not bring sufficient liquid assets to the closing to cure all deficiencies.
Steps to Correct This Violation:
- Review your listing to determine whether the property may be a potential short sale.
- If applicable, update the Special Listing Conditions field to disclose that the listing is a potential short sale.
- Verify all other listing information is complete and accurate before saving or resubmitting.
Additional Information:
This rule can be found in MLS Rules & Procedures Section 312.1: Disclosure of Potential Short Sales.
For more information, or to view this specific rule, please visit Rules and Procedures