MRED is finding incorrect information in
the Ownership Field in connectMLS
“Taking ownership" of the Ownership Field of attached properties in connectMLS is critical to ensure buyers, sellers, and their brokers are aware of financing options for purchase of a particular property. While the ownership type might seem unimportant, it is in fact one of the most important data fields when listing an attached property.
What mistakes are being made?
Condos are being identified as Fee Simple w/HO Assoc, and vice a versa.
REMEMBER - if your sellers do not own the land you should not be identifying the ownership as fee simple or fee simple with HOA
How Do You Know What Ownership Type to Choose?
The best ways for listing agents to ensure the accurate property ownership are to:
- Contact the property manager and ask them whether or not the association is in fact a condominium form of ownership; or
- Check the Universal Land Use field in the Property Detail Report in Realist
The incorrect choice has wide ranging impact behind the scenes, and the consequences include:
- Incomplete and/or incorrect search results
- Incorrect display of FHA indicators due to errors in type of Ownership
- Hampering the marketability of the listing to FHA buyers
- Wasting time, including delaying or even preventing closings
- Why have buyers attempt to buy something they can't get financed for?
- Impacts upon other MRED products, services and MLS functionality
And there is always the possibility of an MRED fine . . .
So - take ownership of the Ownership Field in connectMLS!