Did you get the ARMLS email? Thursday morning they sent an email out all members notifying us that they changed the field title Lender/Corp Aprvl to Relo/Corp Aprvl. Many agents were using the Lender/Corp Approval field for all potential short sales – when that wasn’t its purpose. That’s what the Short Sale field is for. Hopefully this move helps differentiate the two – I think it will.
As you can read in the email linked above, ARMLS did it’s best to correct listings that appeared to be incorrect. If you have any Relocation or Short Sale listings, you may want to double check everything is set the way you want it. Also while you are in there, if you are the listing agent on any of the 125 listings that are categorized as both short sales and lender owned you might want to correct them as well!
Thanks for the additional communication on this Phil.
There will still be many listings that are mis-categorized, now as Relo/Corp when in fact they may be short sales. Those that used Lender/Corp approval and did not also state that it was indeed a short sale in the remarks (which is not required) were left alone and now are under the Relo/Corp feature. The reason for this was that we only moved those that we could definitely determine through the two fields that they were short sales and not relos.
Those with Short Sales should definitely make sure they are in the proper category. If they are not (or didn’t select a category at all) please correct your listings or call the ARMLS Compliance Department for assistance between 8 AM and 5 PM at 480-303-7021.
Paul,
Good to hear from you! I almost included the “Dear Paul and Bob,” like I mentioned in Orlando – but thought that might confuse the other 2 readers
It was good meeting you – thank you for commenting!
My pleasure Phil. I too enjoyed meeting you in Orlando.
One other note: REOs should only be classified in Lender Owned. They should not have been in Lender Approval Required (Now Relo/Corp) as the lender is now the owner and does not need to seek approval from itself any differently than a individual owner of a property. Many agents had Lender Approval as a selected option and now it looks like they are Relos due to the label change.