New Rule for Short Sale Listings in Charlottesville

The Charlottesville Area Association of Realtors (CAAR) has come out with a new rule for Short Sale Listings in the Central Virginia Area.

We are now required to disclose any short sales we are doing to both the other agents and the public. Here is a quote from the message sent to us:
"We have established a deadline date of August 14th to require this disclosure. Next week we will be making some changes to the MLS that allow agents to select “short sale” from a new menu of sale types. If you know that your seller is going to need third party approval on the deal, then you must select “short sale” from the menu. As stated above, you must have your seller’s approval before you disclose this otherwise confidential information. Essentially, you will have two weeks – until August 14th - to get the seller’s approval and make the change in the MLS.

VAR is currently developing forms to use for short sale transactions, but at this point we do not have recommended forms to use. This policy was approved by the CAAR Board in March, but we have delayed taking action while waiting for the forms. At this point, we can no longer delay the implementation of this policy because short sales are dramatically affecting the marketplace."

Of course, our Short Sale team here at Keller Williams already have disclosure documents that we have been using in our listing appointments, so we are slightly ahead of the game. Now that everyone is aware that short sales and REOs are really hitting Charlottesville like the rest of the nation, maybe we can start moving forward as a community to do the best we can to preserve value. Only time will tell now.

Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com