Re: Anyone Heard About Bank Restrictions on Non-MLS Sales? | <– Date –> <– Thread –> |
From: Holly McNutt (holly.mcnuttgmail.com) | |
Date: Sat, 22 Dec 2012 08:40:27 -0800 (PST) |
Nope, haven't heard of that before. Lending guidelines are tough now, no doubt about that, but this seems quite absurd to me. MLS services are business and just one of many places to advertise. It's kind of like saying they will only lend on listings that appear on Zillow or something like that. However, unlike Zillow and all the other property websites, I think appraisers tend to rely heavily on it for their comps and they do not like having to do extra research and dig around in public records to find values for properties that sold without the use of the MLS. So maybe it has something to do with that? And a bank is allowed to create odd rules like that as long as they don't violate fair lending laws, which this probably wouldn't. If this really did prove to be a serious stumbling block for a sale, you can always get a property listed on an MLS yourself - you doesn't need to go through a broker - but you do have to pay to join that MLS and the fees can be high, and the learning curve is steep. Or you might be able to find a broker to take pity on you and add it to the MLS for you for a modest fee. It does take some time to do an MLS listing as there are A LOT of fields to fill out, but if the property is already under contract and you just need to do this to satisfy a bank, they could probably do a "quick and dirty" listing pretty fast just to get it on there. Many brokers would not be willing to do this, but some might. I don't think it violates any realtor code of ethics, at least not here in CO. They just need to update it with the sales price at closing, and this might actually be of service to your community for future sales as it really is the easiest way for appraisers to pull comps. Just some thoughts from someone in the field. - h Holly Wilder (formerly McNutt) Visionary Properties LLC www.visionaryproperties.vpweb.com hollywilder23 [at] gmail.com (303) 517-4180 cell (303) 447-8204 fax On Dec 22, 2012, at 8:06 AM, Sharon Villines wrote: > > > On Dec 21, 2012, at 8:28 AM, Dave and Diane <daveanddee [at] verizon.net> > wrote: > >> She said that the banks have tightened lending standards and some >> will not loan to properties that are not listed in the MLS. The bank >> she is working with only allows one non-MLS property per development. >> Anyone else heard of this situation? > > I've never heard of this and find it as absurd as the National Rifle > Associations pledge to develop gun response squads in all public schools. > > MLS listings are businesses that list properties for sale for the convenience > of real estate companies. To use a business listing as evidence of resale > value is a criterion unrelated to the quality of property or to the ability > of the purchaser to pay the mortgage. It's very close to saying that they > will lend only for homes sold by real estate agents. This has to be in > violation of some law about monopolies and bias. Freedom of religion? > > Takoma Village has allegedly had a refinance refused when an assessor for the > bank said that FHA wouldn't insure loans in cohousing. I have yet to see that > on paper but the broker has refused to take an application on my unit on that > basis. I've been asking to see it in writing but I'm not the owner and the > mortgage broker isn't pushing getting it on paper. They are just going to a > different bank. The problem with insidious rumors and vague criterion is that > no one wants to push it. If it becomes public it will cause all kinds of > problems. > > We need a legal inquiry into this. Is anyone from CohousingUSA listening? > Perhaps we need a national fundraising effort to hire a lawyer? Lawyers to > donate their time? > > Sharon > ---- > Sharon Villines > Takoma Village Cohousing, Washington DC > http://www.takomavillage.org > > > > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > >
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Anyone Heard About Bank Restrictions on Non-MLS Sales? Dave and Diane, December 21 2012
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Re: Anyone Heard About Bank Restrictions on Non-MLS Sales? Sharon Villines, December 22 2012
- Re: Anyone Heard About Bank Restrictions on Non-MLS Sales? Sharon Villines, December 22 2012
- Re: Anyone Heard About Bank Restrictions on Non-MLS Sales? Holly McNutt, December 22 2012
- Re: Anyone Heard About Bank Restrictions on Non-MLS Sales? Sharon Villines, December 23 2012
- Re: Anyone Heard About Bank Restrictions on Non-MLS Sales? Holly McNutt, December 23 2012
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Re: Anyone Heard About Bank Restrictions on Non-MLS Sales? Sharon Villines, December 22 2012
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