cancelation of purchase agreement, can they back out?

[Souix]

However, our MLS does not require that the listing is changed to pending, they encourage it, but it is not required. [/B]

**I wish our's was like that, but unfortunately we can be fined up to $500 for not reporting a sale pending within 2 days of mutual acceptance of an offer to purchase. I don't know about Minnesota though.**

 

[HomeGuru]

**Well Mr. Guru, if a property is listed with a realtor, then it is listed on the MLS.

**A: Souix, for reader clarification, are you in agreement that your statement is true in general but incorrect and not true for all Realtor listings?

 

[Souix]

**Well Mr. Guru, if a property is listed with a realtor, then it is listed on the MLS.

**A: Souix, for reader clarification, are you in agreement that your statement is true in general but incorrect and not true for all Realtor listings?

**No because the key word is "realtor".....for instance, the property can be listed with a real estate agent who is not a member of MLS, last time I checked, those real estate agents cannot be called Realtors because they are not affiliated with the Realtor organizations. A builder is not a "realtor" therefore, the property is not listed on the MLS.**

 

[HomeGuru]

**No because the key word is "realtor".....for instance, the property can be listed with a real estate agent who is not a member of MLS, last time I checked, those real estate agents cannot be called Realtors because they are not affiliated with the Realtor organizations. A builder is not a "realtor" therefore, the property is not listed on the MLS.**

**A: ok, let me clear this up since you appear to be twisting things a bit. Are you in agreement that properties listed with a real estate broker are not always listed with MLS? And do you agree that there are builders that are real estate brokers and Realtors? And therefore a builder could be a Realtor?

 

[Souix]

**A: ok, let me clear this up since you appear to be twisting things a bit. Are you in agreement that properties listed with a real estate broker are not always listed with MLS?


**Why do I feel like I am on the stand?....lol.....I am not sure I will check with MLS Rules & Regs


And do you agree that there are builders that are real estate brokers and Realtors?

**Yes


And therefore a builder could be a Realtor?

**Yes

 

[HomeGuru]

**Yes

HomeGuru: thank you, no further questions at this time but I reserve the right to call on you again in the event further testimony is needed from you. You may step down. Your Honor, may i call the next victim...oops....I mean witness.

 

[Souix]

**Yes

HomeGuru: thank you, no further questions at this time but I reserve the right to call on you again in the event further testimony is needed from you. You may step down. Your Honor, may i call the next victim...oops....I mean witness.

**I reserve the right to report RMLS Rules and Regs when I have the info, is that ok with you?.....lol

 

[Souix]

**A: ok, let me clear this up since you appear to be twisting things a bit. Are you in agreement that properties listed with a real estate broker are not always listed with MLS?


**In answer to this question I refer to RMLS Rules and Regulations Article No. 5: "Every listing obtained by RMLS members must be made available to the RMLS system, (except for Office Exclusives supported by a written refusal from the seller to submit the property to RMLS")"

In addition to this:

Article 1 states: "Each participant in the RMLS System must be a Broker or Certified Appraiser with a current valid license; and a member of a Board or Association of REALTORS."

So in answer to this question, if the property is listed by a real estate broker and it is not in the MLS system, then it would appear that it is an Office Exclusive and the seller has signed something saying they don't want it in the MLS system.

Does this answer your question?**

 

[BrokerRE]

Boy, I hate to throw a wrench into the works.

If the property is listed with a Realtor, that doesn't guarantee that the property will be in the MLS.

Our MLS rules say that single family residences, listed in the county of membership, and listed on an exclusive right to sell listing have to be inputted to the MLS.

This means that "Exclusive Office" listings, one party listings, listings that are commercial, multi-family, or vacant land are not obligated to be submitted, and listings that are outside of our county are also not required to be submitted.

However, it is our policy in our office to submit everything simply because of the exposure you get with the MLS.

I have found it's a bad marketing plan to keep listings a secret.

 

[HomeGuru]

Boy, I hate to throw a wrench into the works.

If the property is listed with a Realtor, that doesn't guarantee that the property will be in the MLS.

Our MLS rules say that single family residences, listed in the county of membership, and listed on an exclusive right to sell listing have to be inputted to the MLS.

This means that "Exclusive Office" listings, one party listings, listings that are commercial, multi-family, or vacant land are not obligated to be submitted, and listings that are outside of our county are also not required to be submitted.

However, it is our policy in our office to submit everything simply because of the exposure you get with the MLS.

I have found it's a bad marketing plan to keep listings a secret.

**A: you have proven my point.

 

[Souix]

Hey you two....I can only go by what our MLS Rules and Regs are. It appears they are different in each state

 

[HomeGuru]

Hey you two....I can only go by what our MLS Rules and Regs are. It appears they are different in each state

**A: yes, I agree to a degree.