Bulletins – Hawaii Information Service

Is the “Restrictions on Commission” Search Field Missing from Your Screen?
 
Due to the high demand for the ability to include or exclude short sales, foreclosures etc. from your searches, we have added the “Restrictions on Commission” field to the Quick Search and MLS Detail search bars on the main search page.  If you are not seeing it there, it may be because you customized your search bars before we implemented this change.  To add the “Restrictions on Commission” field either add it yourself from the “All Fields” list (a good idea if you have taken time to customize your searches in a certain way and don’t want to lose the changes) or follow the directions below (if you don’t mind your search screen reverting back to the “standard” screen).
 
Step 1: Open the search page in REsearch and click on “Customize Fields” in the top, right hand corner of any of the blue search bars.

Step 2: You will see a customize window open on the far left hand side of your screen.  Click on “Return to a Prior Version” under the green “Save Changes” button and then choose “The REsearch standard” and hit “Restore.”  After clicking on “Restore,” make sure you then click on the green ”Save Changes” button on the top of the customizing box. 

Please note that if you choose to restore to the REsearch standard, any changes you might have made are going to be erased.  If you have customized your screen and want it to stay that way, please just add the new search field manually.

Step 3: Check your search page to make sure that “Restrictions on Commission” is there on both the MLS portion of the Quick Search as well as in the MLS Detail.
 
 
 
Where is the Hotsheet in REsearch 4.2?
 
You may be wondering where to find your Hotsheet in REsearch 4.2.  In this new version, we have done away with the name and shortcut on REVO (your home page).  Now the Hotsheet can be accessed only by hovering your mouse over Search and selecting “Get Listing Update.”  Please see the screen shot below as an example. 

Questions? Feedback? I’d love to hear from you!
 
Mahalo,
 
Erin Shaw
Marketing Coordinator
 
Direct: (808) 748-8759
Toll Free: 1-800-628-3121 ext. #159
E-Mail: erin@alohaliving.com

Agents asked for a “short sale” button. Agents asked for a “bank owned” button.  Agents asked for a “foreclosure” button. With REsearch 4.2, we’ve added these buttons, and — with the help of our Realtor BoD — provided “hover help” explaining each of the new buttons.

However, some agents are not being selective in using these buttons, and a few agents are checking all of the buttons. Please think carefully to determine which button should be checked. Here’s a brief primer:

A property goes into the foreclosure process (pre-foreclosure) — “legal action by lender to gain control of the property” — when legal action is filed by the lender. Once the lender files a public default notice, a lis pendens attaches to the property, and the property is “in (pre)foreclosure.”

The (pre)foreclosure process can end one of four ways:

1. The owner reinstates the loan by-paying off the default amount during a state-law-defined period which is known as “pre-foreclosure.”
2. The Borrower/owner sells the property to a third party during the pre-foreclosure period which allows settlement of the loan amounts.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property through either an agreement with the owner or by buying back the property at the public auction.  The property is then REO (real estate owned) by the lender.

Therefore:

• A property can be either a (pre)foreclosure or an REO, not both.
• A property could generate a “short” sale and be (pre)foreclosure.
• A property could generate a “short” sale with no foreclosure action filed.

Please check only the appropriate boxes.

If you are using Internet Explorer version 6.0 you may notice that there are a few functions or features that are not working properly.  To solve this problem, simply upgrade to IE 7.  To determine your IE version open your IE and click Help and select the last option that says “About Internet Explorer”.  To download IE7 go to http://www.microsoft.com/windows/internet-explorer/download-ie.aspx and make sure to download Internet Explorer 7, NOT IE8.

You may be wondering where to find your Hotsheet in REsearch 4.2.  In this new version, we have done away with the name and shortcut on REVO (your home page).  Now the Hotsheet can be accessed only by hovering your mouse over Search and selecting “Get Listing Update.”  Please see the screen shot below as an example.

New Search Features Added to Version 4.2
Due to popular demand, we have revised the Listing Input Forms (aka Exhibit A or Data Entry forms) to accommodate the listing of short sale and foreclosure properties.  You will find the area in which to enter this information in the top right hand corner of the form.  You will also notice that your photo and logo have been moved to the top, left hand corner of the form so that it prints properly and saves space.  These revised forms are now available with our release of the new 4.2 version of REsearch.
 
 

Click image to enlarge
 
Up untill now, the only way to search for short sale, foreclosure and REO listings is to search for occurrences of these words in the remarks sections of the listings.  We understand how cumbersome that has been, and once the listings have been appropriately revised, members will be able to search for short sale, foreclosure and REO listings.
 
We have now added the search field “Restrictions on commission” to both the Quick Search and the MLS Detail Search so that you can quickly access them.  Under this new field you will find numerous categories such as  “Shortsale”, “Foreclosure” and “REO “, and you will have the ability to search in a simple or more detailed way, whichever way works best.
 
Simple Selection View

Click image to enlarge

Advanced Selection View

Click image to enlarge
 

The revisions to the forms are timely since we are in the final review process of the revised rules of the service that we will be sharing with you soon.  Among the revisions is a new section under Article IV Commissions addressing the listing of short sale properties.  The new section reads as follows.
 
“Section 4.09. Short Sales: Participants must disclose potential short sales when reasonably known to the listing participants, by placing the following language in the Agent Information field: Potential short sale. “Short sale” means a transaction where title transfers; where the sale price is insufficient to pay the total of all liens and costs of sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies. When disclosed, participants must advise other participants whether and how any reduction in the gross commission established in the listing agreement, required by the lender as a condition of approving the sale, will be apportioned between listing and cooperating participants. All confidential disclosures and confidential information related to short sales must be communicated in the Non Public Remarks available only to participants and subscribers.”
 
Please note that listors will be required to include the verbiage “Potential short sale” in the Private Remarks, or Agent Information field for short sale property listings.  In the next few days, we will conduct a blanket audit of all current Active and Contingent listings and identify those that include mention of short sale, foreclosure or REO in the Public and Private Remarks, followed by individual memos to all listors of these listings asking them to revise the remarks sections, and to check off the appropriate selection under the Restrictions on commission section of the listing input forms.