Changes To The HMLS Status Timeline
In a time of low inventory in the housing market, there have been some change in the Heartland MLS regulations to make sure inventory is entered into the MLS system in a timely manner.
The Board of Directors approved last week a change to the time required to enter a new and/or Pre MLS listing into the system and to edit listing statuses in the Heartland MLS system. To enter a new or Pre MLS listing, members now have two calendar days, rather than three business days, which was the previous timeframe before this change. Other status changes now must be entered in HMLS within one calendar day. This applies to all status changes except the closing of a sale, which will remain at 14 business days. These changes will go into effect on July 1 and will be reflected in the HMLS Rules and Regulations.
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HMLS previously had one of the longest allotted timeframes for entry and status changes compared to other MLSs in the country. In its meeting, the HMLS Board of Directors expressed concern over the three-business-day allotment during a time of such low housing inventory. The Board agreed on the changes to extend a professional courtesy to agents who otherwise may not have opportunities to view properties on Matrix before they go under contract. This way agents will have a chance to be more competitive.
There will be teaching seminars to go over how to avoid penalties for issues including late submission of property waiver forms and listing agreements, late entry of Pre MLS status onto the Matrix system, late entry of listings to ‘Active’ by the future on market date and not submitting the correct paperwork after a request has been sent.
This is intended to streamline the process for realtors and help move the home buying process along. In a time where the market is fast moving, these changes will help ensure everything is done in a timely manner. A1 Mortgage is here to help with all mortgage needs.
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