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Auction Listings on the MLS NAR Mid-Year Meetings May, 2008
You are a South African bush pilot working for Blue Sky Aviation. You fly in some critical medical supplies,then enjoy a quick lunch at the hospital.It’s a stifling 100 degrees in the shade and you’re eager to get back up to the cool, high blue yonder. On the way back to your plane, you discover that the only bit of shade within 1 mile has become very popular… You start calculating the distance to the plane door and wonder…
MLS PIN • REALTOR® Broker Owned MLS • Database of property information • Coverage • Approx 30,000 users • Over 6500 offices • 60,000 + active listings
Who uses MLS PIN • Brokers/Salespeople • Appraisers • How access is defined & who owns listings…
MLS Access MLS PIN ABC Realty Participant Firm Broker/Owner Individual Participant Agent Agent Agent
MLS Access - Auctions MLS PIN ABC Realty Participant Firm Auctioneer Broker/Owner Individual Participant Agent Agent Agent
Auctions Defined • Auction Listing • Exclusive Right to Sell at Auction • Signed by Owner. • Non‑distressed property • Currently may not be a bankruptcy sale, a foreclosure sale or any other sale that is ordered or compelled either by a court or by any other third party that is not the title holder of the property. • Task Force met last week to determine expanding to allow for additional types of auctions.
Rules & Regulations • Auction Listings subject to Rules • Photos • 24 hour changes • Etc… • Cooperation & Compensation • Unconditional • “Bottom Line” percentage, flat dollar amount
How to Subscribe • Must have brokers or sales license • Must be licensed auctioneer in Commonwealth of MA • Must be a Participant in MLS PIN
How Does it Work? - Input • Who can input? • Tied into licensure • Types • Minimum Bid • Absolute • Other fields • Seller’s Confirmation (yes/no) • Preview Date & Time • Deposit Required • Abbreviated Terms • Buyer’s Premium (yes/no) __%
Adding an Auction Listing • Specify the proper Listing Agreement Type
Adding an Auction Listing, cont’d • Include Auction-specific information
Searching for Auctions • Include the Listing Agreement Type as criteria