To help clarify the steps you must take if your Sellers change their minds about “no offers until”, the Board of Directors approved several changes to Section 2 of the MLS® Rules and Regulations.
The chart below shows the original wording of Section 2, Subsection 2.15 of the MLS® Rules and Regulations in the left column, and the new wording in the right.
Note the changes to the first parts (2.15 and 2.15 (a)) have been amended by the addition of the words in bold, and section 2.15 (b), shown in all bold text, has been re-worded from the original to provide more clarity.
The complete rewriting of Section 2.15 (b) is based on the Registrar’s Bulletin from February 21, 2017, titled Written direction for multiple offers. The Bulletin provided an excellent overview of how to convey offers to your clients in a preemptive offer situation and stressed the importance of using a fair and transparent process.
These changes are now in effect.
- Read the Registrar’s Bulletin (February 21, 2017) titled Written direction for multiple offers. Not only does it talk about how to deal with preemptive offers, but also discusses multiple offer situations generally.
- View a video tutorial for OREA’s Seller’s Direction re: Property/Offers Form #244
As always, if you have any questions, please contact our MLS® Department at 905.667.4650 or firstname.lastname@example.org. Our staff will be happy to assist you.