Listing and Pending: "arm length" or "listing"?

[gregb]

uad

Fannie instructions regarding listings and pendings.
https://www.efanniemae.com/sf/lqi/umdp/pdf/uadappendixdfieldreqs.pdf

 

[J Grant]

Originally Posted by J Grant
listing information is confidential till it closes
Now where is that written?

It is not "written", it is local custom. Yes, an agent will mark a listing as pending or contigent on MLS when they have a contract, but they typically will not disclose the contract price or other sensitive information about their pending deal. That is what I meant by the information is confidential.

 

[Mike Garrett RAA]

I beg to differ...it is written and it is written in the MLS rules from the board of REALTORS®.

 

[J Grant]

What is "written"? in the MLS rules? (since Howard said it is not written), what are you refering to?

 

[Howard Klahr]

I beg to differ...it is written and it is written in the MLS rules from the board of REALTORS®.

Sorry Mike, that may be true in YOUR local area, but not in Florida nor is it contained in information produced from NAR.

It is not "written", it is local custom. Yes, an agent will mark a listing as pending or contigent on MLS when they have a contract, but they typically will not disclose the contract price or other sensitive information about their pending deal. That is what I meant by the information is confidential.

I understand your point, however, I routinely obtain this information in the confirmation process, even on pending transactions. Yes the information disclosed will vary to some degree but I can usually obtain what I need to properly perform an analysis.

 

[J Grant]

If RE agents are giving out contract prices on pending and contingent listings, the parties to the deal could sue them, the agents are giving out confidential information, but that is their problem.

 

[Howard Klahr]

If RE agents are giving out contract prices on pending and contingent listings, the parties to the deal could sue them, the agents are giving out confidential information, but that is their problem.

Clearly you are unfamiliar with the provisions of listing agreements used by agents throughout Florida as well as the NAR ethical obligation for Brokers to cooperate with each other inclusive of information related to listed property (Standard of Practice 3).

You are making statements that are just factually untrue.

 

[J Grant]

This is from my five years spent as a RE agent...but that was awhile ago, perhaps things have changed. Re, brokers can cooperate with each other about sharing information about listings, but they are advised not to disclose price and sensitive information regarding property in contract to non brokers.

 

[Howard Klahr]

Just one more benefit to being a licensed real estate professional (i.e. Broker for over 25 years)

Besides, not all advice shared among real estate licensees is any more correct than what occurs in a group of appraisers. There are many misconceptions.

 

[NorthTexValuation]

Mike - As stated I select the contract box and enter the contract date. My disagreement is reporting that it is Arms Length rather than Listing. What if the listing is in an Active Option or Active Contingent status? It still has a contract on the property but I don't think entering Arms Length (or REO, Short, etc) is appropriate. I've seen many times here in the Dallas/Fort Worth market where the property will go from Active Option to Sale on MLS, the agent just never changed the listing to pending.

Absolutely correct and I am very well acquainted with D/FW MLS.