When an offer is written on a home, there are usually several timed contingencies that an agent inputs into the MLS system . When the contingencies are removed, the MLS requires that we update the system to reflect the changes accurately. Accuracy seems to be VERY important to the MLS, ironically MRIS forces inaccuracies to occur.
Real Estate agents who list property are occasionally threatened by the MLS with fines for not updating the listings when the time frames have passed. Agents who don't make the changes will get one of these:
** Notice: Please Review Your MLS Listing for Compliance **
Your MLS listing is not in compliance with the MLS Rules and Regulations. Please take a look at this notice and update your listing. If it is not corrected by the grace date indicated, you will be assessed a fine. The most value that MRIS can offer its subscribers is the accuracy of the data in our database; therefore data integrity is priority number one for us. We want to ensure that the data you are using from the MRIS database – and passing on to your customers – is as accurate and timely as it could possibly be. For this reason we audit listings to ensure compliance with MRIS Rules & Regulations.
Unfortunately the listing agents who are threatened are not the ones who should be threatened or fined for the most common offenses... the financing and appraisal contingencies.
When a home is sold there can be a variety of contingencies before the home is firmly "Under Contract". Common contingencies to all home sales include:
- A home inspection contingency that sometimes includes checking for radon
- A financing contingency
- An appraisal contingency
The home inspection contingency is rarely a problem and listing agents change this the moment the home inspection has been resolved. The common contingencies that receive the complaints are the financing and appraisal contingencies. The agent responsible isn't the listing agent though, it's the buyer agent for not releasing the contingencies in the first place, which forces the listing agent to artificially extend the contingencies, falsely remove the contingencies or input all contingencies to occur on the same day as settlement which causes the MLS to be completely inaccurate, thus the irony. The correct way to remedy this farcical dilemma is to hold the buyer agents accountable since after all, it is their sole responsibility. If buyer agents were held accountable, we would truly have an accurate MLS system instead of the completely inaccurate one we certainly have now.
Redfin Listing Specialist in Northern VA