The MLS is a form of advertisement. Protect your exclusionary items!

The MLS is a form of advertisement. Protect your exclusionary items!

Every market has its own Multiple Listing Service. We all have rules, most of which are similar. In the Greater Houston area our MLS is known as HAR.com, or Houston Association of Realtors (founded in 1918.) Almost every time a Realtor puts a home on the market he begins so by uploading the information to the MLS/HAR. Currently we have 43 pages of rules and regulations that we have to follow while using the MLS.

It’s important that everyone know that our MLS is a form of advertisement. Not too long ago an agent I know made a $2,000.00 mistake. On the MLS he “advertised” that the seller wished to exclude a flat screen television from the sale of the home. Usually the listing agent and the seller discuss exclusions while signing paperwork to list the property.

Some time later an offer was received and signed by both the buyer and the seller thereby making it a legal and binding contract. Unfortunately the listing agent forgot to ensure that the the flat screen television was written into the contract. He assumed because it was listed on the mls that it was somehow automatic and understood that it didn’t come with the home.

The agent representing the buyer noticed the exclusion on the MLS but ignored it. His buyer wanted the nifty Plasma so he didn’t included the exclusionary item on the offer. And I don’t blame him!

The listing agent screwed the pooch and was put in a very simple situation. Reduce his commission by 2 grand or face some hefty and bona fide complaints from his own client.

But what had this plasma television been irreplaceable? Perhaps a sentimental chandelier? What then? The whole deal could have crashed because it was overlooked when signing off on the offer. Or worse, a nasty little legal battle.

Just because it’s offered on the MLS doesn’t mean it’s written in stone. Just like the price, everything is negotiable!

– See more at: http://activerain.com/blogsview/4318485/the-mls-is-a-form-of-advertisement-not-a-contract-or-agreement-#sthash.x28vYk3E.dpuf

Every market has its own Multiple Listing Service. We all have rules, most of which are similar. In the Greater Houston area our MLS is known as HAR.com, or Houston Association of Realtors (founded in 1918.) Almost every time a Realtor puts a home on the market he begins so by uploading the information to the MLS/HAR. Currently we have 43 pages of rules and regulations that we have to follow while using the MLS.

It’s important that everyone know that our MLS is a form of advertisement. Not too long ago an agent I know made a $2,000.00 mistake. On the MLS he “advertised” that the seller wished to exclude a flat screen television from the sale of the home. Usually the listing agent and the seller discuss exclusions while signing paperwork to list the property.

Some time later an offer was received and signed by both the buyer and the seller thereby making it a legal and binding contract. Unfortunately the listing agent forgot to ensure that the the flat screen television was written into the contract. He assumed because it was listed on the mls that it was somehow automatic and understood that it didn’t come with the home.

The agent representing the buyer noticed the exclusion on the MLS but ignored it. His buyer wanted the nifty Plasma so he didn’t included the exclusionary item on the offer. And I don’t blame him!

The listing agent screwed the pooch and was put in a very simple situation. Reduce his commission by 2 grand or face some hefty and bona fide complaints from his own client.

But what had this plasma television been irreplaceable? Perhaps a sentimental chandelier? What then? The whole deal could have crashed because it was overlooked when signing off on the offer. Or worse, a nasty little legal battle.

Just because it’s offered on the MLS doesn’t mean it’s written in stone. Just like the price, everything is negotiable!

– See more at: http://activerain.com/blogsview/4318485/the-mls-is-a-form-of-advertisement-not-a-contract-or-agreement-#sthash.x28vYk3E.dpuf

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