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REALTOR CORNER: Samson Realty has Smart Request for MRIS to Add Short Sale Information to Information Database to help speed and smooth Closing Process on Short Sale HOMES

Thursday, March 6, 2008
Hello All!We need to request that MRIS implement changes in the listing process for Short Sale properties. We have written a letter (see below) that we request that you copy and paste into an email to be forwarded to MRIS staff. These requests are intended to remedy the Short Sale epidemic currently overwhelming our market. As you can see below. We request that these listings be re-classified and full disclosure is made by the listing agent regarding payoff, approval status and time necessary to obtain bank approval. We hope that these changes will have a positive impact on our business in the coming months. If you agree with these changes, please copy and past this letter into an email and forward it directly to the following email addresses as well as forward it to any Real Estate professional that you can. The more people that send this to MRIS, the more likely MRIS will take action.suggest@mris.net

Thanks for your participation!!!

Regards,

Doug Hall and Donny Samson
Associate Brokers
Samson Realty

3/6/2008——————————————————————–

To Whom it May Concern,

The Washington DC suburban real estate market has an overwhelming number of Short Sale and auction properties available for sale through MRIS. These short sales are typically listed at “teaser “prices that are not reflective of the actual price that the buyer will pay for the property. Because of this, these listings are causing much distress for purchasers, their agents and the industry as a whole. We feel that these listings need to be separately classified through the MRIS MLS system in a way that accurately discloses the constraints that will be imposed on any contract submitted. Disclosures including: time needed to obtain a 3rd party approval, whether the sellers lender has already approved the short sale and payoff amounts. We propose the following solution and request that MRIS quickly implement these changes to take effect immediately:

Create new separate “status” heading of:

AUCTION/SHORTSALE

Instead of short sales and auctions being classified as ACTIVE the listing agent would use the above status when listing a property.

For Short Sale listings add required field for:

Number of days required for short sale approval
Payoff amount of first mortgage
First mortgage bank
Has bank agreed to short sale yes/no

Payoff amount of second mortgage
Second Mortgage Bank
Has bank agreed to short sale yes/no

The benefits of these changes are that they will allow agents to better educate their buyer clients about short sale listings. This will also require agents to provide full disclosure through MRIS to prospective buyers and their agents.


Excerpt from email blast by Casey Samson

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