IMLS Rules - Tip!
Posted by Chris Peterson on Monday, May 13, 2019 at 4:38 PM
There are two ways to reflect that a listing has an accepted offer: Contingent and Pending. Section 1.6
of the IMLS Rules and Regulations addresses this topic.
When entering listing information be sure to use the correct status for when a listing has an accepted offer.
- The listing is still being marketed and will be transmitted to the internet (there is "right to continue to market")
- Offer are still being accepted (back-up offers)
- Bump Clause in Agent Remarks (required)
- Offer is accepted (not continuing to market)
- Back-up offer are not considered
- Listing is not transmitted to the internet
Bank Owned Properties (treated the same)
- Bank is looking at multiple offers simultaneously (back-up offers)
- Bump clause required
- Bank is looking at one offer at a time (no back-up offers)