BrokerBryant.com: December 2012

MLS Rules Require The Seller To Accept A Full Price Offer. Really?

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I know most of us are members of an MLS (Multiple Listing Service). The MLS I belong to is run by MLXchange and is called My Florida Regional MLS (MFRMLS).The Rules and Regulations are 38 pages long.


I've read them all. Being a Broker it's my job to know these things. And it's your job too. Have you read your MLS's Rules and Regulations? If not now would be a good time. Go into 2013 being fully informed of what you can and can't do.


Here's an interesting clause in the MFRMLS Rules and Regulations:


ARTICLE 7 - REFUSAL TO SELL


  • If the owner(s) of record of any listed property filed with MFRMLS refuses to accept a written offer satisfying the terms and conditions stated in the listing, such fact should be transmitted immediately to MFRMLS and to all Participants by withdrawing the listing.

 

WOW!! Does your MLS have a similar rule? What they are stating is that if the seller doesn't accept a full price offer then the listing needs to be removed from the MLS. Really?


I do not agree with this at all. Negotiations are between the buyer and the seller. PERIOD. I'm not aware of any law that would prohibit a seller from negotiating upward from the asking price. Heck this is standard practice with REOs. List low and create a bidding war. This technique helps to insure a "market value" contract price.


I guess in order to  fully protect my sellers I can just add this clause in the MLS Realtor remarks:


  • "Seller will only accept cash offers that are at least 20% higher than the list price. No financing contingency and no inspection contingency. All other offers will receive a counter offer"


My opinion is that the MLS needs to step away from telling us how to market and negotiate our listings.


Whay say you?


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Comment balloon 19 commentsBryant Tutas • December 30 2012 06:19AM
MLS Rules Require The Seller To Accept A Full Price Offer. Really?
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