Bank of America short sale listing requirements within Multiple Listing Service

2/14/2013 The following information is to revise and provide additional clarity on the Multiple Listing Service (MLS) Requirements message that was sent on Feb. 11, 2013. In our continued effort to ensure fair marketing activity for all short sales, Bank of America requires all properties to be listed on the Multiple Listing Service (MLS). Listing the property on the MLS is not a new requirement in the short sale process and has always been a component of our fraud review. The following information provides clarity on the Multiple Listing Service Requirements to help you avoid delays on your short sale: The property must have been listed prior to the acceptance of an offer. All offers must be submitted by the buyer subsequent to the listing date. Any property not listed on the MLS may experience processing delays, and/or the Short Sale file may be declined depending on the specific situation. The listing requirement demonstrates that the property was listed on the open market and the offer received represents an open market transaction. We recognize that listing status classifications may differ by locale and are subject to local or regional MLS requirements. Brokers should follow MLS requirements at all times. MLS statuses such as Back Up, Contingent or Pending may be acceptable. Ensuring that the listing was properly represented and marketed on the MLS will help you show that the property was on the open market. The following actions can help prevent processing delays and/or file declines: List the property on the MLS and include all basic property detail. Ensure the MLS remarks and/or comments reflect acceptable language. How the property is marketed is a decision determined by the Seller and Listing agent. However, caution should be exercised in using terms like “cash offers only” or “property is ineligible for financing” as this kind of verbiage can be considered an attempt to exclude a financed buyer and lead to a delay in processing the short sale. All offers are subject to investor approval and are reviewed on a case by case basis. National Association of REALTORS® Certified Distressed Property Expert® Home loan assistance for homeowners