Anyone Heard About Bank Restrictions on Non-MLS Sales?
From: Dave and Diane (daveanddeeverizon.net)
Date: Fri, 21 Dec 2012 05:28:24 -0800 (PST)
Hi everyone,

At Jamaica Plain Cohousing in Boston, we have been doing our own unit sales since 2005 when we moved in. The other day I showed a unit for sale to an appraiser and she asked me why it was not listed in the MLS. (Answer: We've never had a problem selling units on our own. Why pay for MLS?)

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?

Diane Simpson
Jamaica Plain Cohousing
Boston, MA

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