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Should the REO Bank Sign and Approve the MLS Sheet?

Should the REO Bank Sign and Approve the MLS Sheet? Yes, why not?

After you receive a listing and have added it to the MLS (Active or Non-active status), send a copy to the Asset Manager for him/her to review and sign. Make sure you highlight the broker and agent remark section, commission, etc. Once the Asset Manager signs the active/non-active MLS sheet, activate the listing and return the signed copy along with the listing agreement in one secured PDF.

Why? To prevent any miscommunication or problems after the fact with the information on the MLS. It may seem like a lot of extra work but you are protecting your agency and the REO bank from any claims of misrepresentation of information such as the commission terms, disclosure availability, repair and warranty statements, etc.

A simple stamp with the Bank Name, Signature, and Date on each page will do. I have suggested this method to several of the brokers and agents I work with. The Asset Managers did not have a problem with signing the MLS Sheet. They have welcomed the idea! It’s all in the approach.

You can also use the stamp for traditional real estate listings.

Carolyn Nelson

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Comment by Michael Howard on October 14, 2009 at 5:59pm
The larger banks already require you to send them a copy of the mls.
Comment by George Bellino on October 13, 2009 at 10:03pm
I don't really see the necessity. Once you fax the mls sheet they'll either approve it or tell you to modify it how they see fit. Maybe it's because misrepresentation isn't big in my area. Our maiin issue is a lack of details. My am's don't like to see "bank owned" or "foreclosure." Even if it's a total rehab they want comments that positively reflect the property which is a challenge sometimes.

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