Petition to change NAR's MLS model rules for REO agents

Petition to change NAR's MLS model rules for REO agents
Why this petition matters
Currently, the antiquated MLS rules create an unavoidable violation for REO brokers when entering their REO listings into the MLS. REO sellers often demand that REO agents input specific language that a tech fee will be deducted from their commissions at the close. This violates current MLS rules in nearly every MLS across the country because, according to model rule 7.12, there is no option for a fee to be deducted. You may only advertise (1) A specific %, or (2) A definite dollar amount. Also, some banks only pay commission on the Net sales price after concessions. This is also a violation. Some banks do not pay commission if the buyer is a licensed real estate agent. This is also an MLS violation. Please sign our petition and encourage NAR to adopt new rules addressing REO technology fees deducted at the close of a transaction.