Why MLS sold data is bad, and a note about the comma

by Victor Lund on November 16, 2011

MLS Sold Data

Oversights are interesting. They are even more interesting when they are fixed.  Let me explain a little bit about “reporting Sales to the (MLS) Service” in the model MLS rules. Up until the recent meeting of the MLS Issues and Policies Committee meeting at the NAR Annual Convention, agents were required to change the listing status to Sold when a transaction closed. This is a case whereby the rule did not clearly indicate the behavior. As written, the agent was required to update the status of the listing, not enter the sale price from the contract. This is a significant rule change – especially if you are in a non-disclosure State. The new rule requires agents to change the status AND report the sale price. In many areas around the country, agents may have assumed that they should enter the transaction price when changing the status. But as a matter of fact, not all agents have been doing that, and the MLS has not had a rule to enforce the reporting of price. Now they do, under the amendment to the rule.