Rules Change Reminder

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Short Sale Listings must be changed to “C” if the Sellers have accepted offers, effective July 1, 2010.

As announced earlier this month, there has been a policy change regarding Short Sale listings. Effective today, the status on all Short Sale listings must be changed to “C” or “U” if the sellers have accepted offers. If you have Active listings for properties that may be subject to short sale for which the sellers have accepted offers, please change the statuses to “C” or “U” as soon as possible.

While HIS does not have access to information that will tell us when offers have been accepted by the sellers, we do respond to reports from members who upon inquiring with the listors of short sale listings find out that offers have already been accepted by the sellers.

Please remember to include the verbiage “Potential short sale” in the Private Remarks for all short sales listings. Listors may include mention that the listings are of properties that may be subject to short sale in the Public Remarks if the sellers consent to it.

We have received feedback upon the announcement of this change in policy equally for and against the change.

The members who voiced objections to the change mentioned that not all properties qualify for the HAFA program and that participating HAFA servicers are not adhering to the program approval timelines. They also mentioned that other brokers will not consider showing contingent properties to their buyer clients and that it affects their ability to continue marketing their properties for their seller clients.

The members who support the change were relieved that they and their clients would expend less effort, time and expense in pursuing properties that are not really available and that their offers, if accepted, are behind other offers already accepted by the sellers. Sometimes the expenses incurred in seeing these properties involved air fare and accommodations by prospective buyers who saw the properties as active in the public website who decided to fly from off-island to see them.

After evaluating the feedback, it was decided that the policy change will remain since it is the interest of the public and prospective buyers that is served by it. The prospective buyers and their brokers and agents should be made aware of contingencies associated with the listed properties. There may be liability exposure in withholding information about contingencies even if the information is withheld in the interest of preserving the sellers’ marketability of the listed properties.

Please remember that under the Contingent (aka “Active/Contingent”) status, the properties may still be marketed and shown for the purpose of obtaining back up offers. Members are encouraged to include contingent listings in their searches.

Administrative Note

Our office will be closed on Independence Day, Monday, July 5, 2010. Normal Office Hours will resume on Tuesday, July 6, 2010, Monday – Friday: 8:00 a.m. to 5:00 p.m.

In the event of emergency, you may leave a message in our emergency voice mailbox by calling the main office number and pressing * (star). Leave your message and our phone system will notify our on-call staff that there is an emergency message. Call 1-800-628-3121, if calling form the neighbor islands or 599-4224, if calling from Oahu.

HIS Bulletin – June 14, 2010

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Important Billing Announcement! Please share this announcement with your fellow brokers and agents!

July Billing & Waiver Reminder

Next billing for credit card and ACH customers is Thursday, July 1, 2010. Payments by check are also due by Thursday, July 1st.

If you are placing your license INACTIVE, or if you are surrendering your license, we must receive a copy of your DCCA change form. We request that changes be submitted to us 4 to 5 business days prior to the billing date, so please send your form(s) in by Wednesday, June 23, 2010 to assure that your changes or cancellations will be processed before the billing on July 1, 2010. Once we charge your credit card or debit your account, there is no refund.

Please contact us before the billing occurs if you would like to make any changes to your billing.

If you need to change your payment account, please go to this link:

Exhibit C – Pre-authorized Payment Agreement

Print and complete this form, sign it and fax your new Exhibit C to (808) 524-6874. Please note that your broker does not have to sign this form if you are only changing your account information.

If you need to change your payment frequency, please notify us by one of the following methods:

It is the responsibility of the PB to insure that the fees that are due are paid by the 10th of each month or service may be interrupted to the entire office on the 11th. Each PB must be responsible for his/her own agents. If an agent is not able to pay his/her MLS fees, the PB has the following choices.

  • Release the agent, placing their license inactive with DCCA, and providing a copy of the release to HIS BEFORE the July 1st billing. The agent’s signature is not required.
  • Loan the agent sufficient funds to pay the MLS fees due.
  • Pay the fees due on behalf of the agent.

The PB is responsible of managing the roster for his/her office. Fees will continue to be billed until a copy of the DCCA change form is received by HIS from the PB.

As always, we appreciate your cooperation.

Waiver Applications/Renews Are Due Now!

Do you have agents, assistants, or other staff that qualify for an MLS Waiver? Waiver applications and renewals are DUE NOW! Please read this important information about waiver applications.

Waiver Applications for the new fiscal year beginning July 1, 2010 through June 30, 2011 are due by June 30, 2010.

Waiver applications for the July 2010 to June 2011 period will automatically expire on June 30, 2010. Anyone who is currently under waiver and wants to continue accessing the MLS service under a waiver application must submit a new waiver application by June 30th of each fiscal year. This affects all licensed support subscribers, property managers and time-share agents. Waivers are also required for each partner or officer, director or shareholder who has a license, but does not engage in sales activity. Click here to obtain the Waiver Application form.

Administrative Note

Normal Office Hours:

Monday – Friday: 8:00 a.m. to 5:00 p.m.

In the event of emergency, you may leave a message in our emergency voice mailbox by calling the main office number and pressing * (star). Leave your message and our phone system will notify our on-call staff that there is an emergency message. Call 1-800-628-3121, if calling form the neighbor islands or 599-4224, if calling from Oahu.

Questions? Comments? Please feel free to contact us via Support@HawaiiInformation.com or call 1-800-628-3121 or (808) 599-4224.

HIS Bulletin – June 4, 2010

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Policy Change

Short Sale Listing Status Must be changed to “C” Or “U” upon Sellers Acceptance of Offer or When Escrow is Opened

In 2009, the Treasury Department introduced the Home Affordable Foreclosure Alternatives (HAFA) program that provides options to homeowners who are unable to keep their homes through the Homes Affordable Modification Program (HAMP). The HAFA program became effective as of April 5, 2010 and ends on December 31, 2012. Basically through this new program borrowers may avoid foreclosure through short sales or deed-in-lieu (DIL) of foreclosure that allows them to receive pre-approved short sale terms before listing their properties (including minimum acceptable net proceeds). The lenders and lien holders who participate in the HAFA program are required to review and approve or disapprove of sales within ten (10) business days of receipt of the borrowers’ Request for Approval of Short Sale (RASS). This limits the amount of time that participating servicers may “sit” on offers accepted by the borrowers and limits the number of offers to only one (1) at a time that the servicers may consider at any given time for any particular property.

Upon reviewing the HAFA program and considering that the largest lenders are Participating Servicers, the HIS Board of Directors approved the repeal of the policy that permitted listings of properties that may be subject to short sale to remain in active status until the lender or lien holder approved of offers that have been accepted by the sellers. The change in policy will be effective July 1, 2010. As of that date, listings of short sale properties for which the sellers have accepted offers are no longer exempt from the rule that requires listings be placed in Contingent/C or Under Contract/U status or they shall be in violation of the rules of the service.

It should be noted that this rule is in place to prevent causing inconvenience to fellow members and their prospective buyer clients who may expend time, effort and expense pursuing properties listed in the service that they saw were “active” only to find out that an offer has been accepted. HIS has received calls from members and prospective buyers in the past who felt that properties were misrepresented as being available when they actually were not. Members should remember that under the “C” status (formerly “A/C or Active Contingent”), the listed properties may still be shown for the purpose of obtaining back up offers.

Please remember that the rules require that the verbiage “Potential short sale” must be written in the Private Remarks in all listings of properties that may be subject to short sale (Section 4.10) and that any disclosure about the listed properties being subject to short sale may be provided in the Public Remarks only with consent of the sellers/owners (Section 3.05a.).

The above only provides some of the information about the HAFA program. For more information about it and the HAMP program, members may visit the NAR website or click on this link http://www.realtor.org/government_affairs/short_sales_hafa.

Auction Listings Now Permitted

Auction listings are now formally permitted in the service. The HIS Board of Directors at their meeting held on May 19, 2010 approved Section 3.09 of the rules to be rewritten as follows.

3.09. Auction Listings. A listing broker may submit a listing of an eligible listing type that is subject to auction only if it displays a definite listing price and the circumstances under which cooperating brokers will be compensated in the event of a successful closing. The listing record for a property subject to auction must specify in the Private Remarks section of the listings record the type of auction (for example, absolute, minimum bid, or reserve).

Previously auction listings were not permitted in the service but several members expressed that there were opportunities for cooperation and compensation among brokers participating in auction sales. Since the MLS is an environment provided for the cooperation among its participating members in the sales of real estate and that there are auction sales that provide this, it was felt that auction listings should be permitted in the service.

The list prices of auction listings shall be determined by the listing brokers. HIS is not involved in the process of determining listing prices nor is it involved in the setting of commissions.

Upcoming Change

License Type Field to be added to REsearch

Our programmers are working on adding a field called “License Type” in REsearch. Right now there is a “Subscriber Type” field with numerous selections that include license type, member type, designations and certifications. In our verification with the RE Branch of DCCA as to what members are required to show in all advertising or promotional materials, we determined that another field was needed to facilitate the display of the state recognized license types after the names of the licensees. There are only a few license type descriptions that the state recognizes under the license laws and rules. These are as follows.

  • “B” – Licensees with broker licenses who are not also members of a local Board of REALTORS®.
  • “S” – Licensees with salesperson licenses who are not also members of a local Board of REALTORS®.
  • “R” – Licensees with brokers licenses who are also members of a local Board of REALTORS®, or a salesperson licensee who is also a member of an ALL-REALTOR® Board.
  • “RA”- Licensees with salesperson licenses who are also members of a local Board of REALTORS®.

The requirement to include these license types in all advertising and promotional materials may be found in the Hawaii Administrative Rules §16-99-11 (e)(3).

We understand that the Kona Board of REALTORS® and the REALTORS® of Maui are “ALL- REALTOR®” Boards. In addition to the above, on August 30, 2002, the Real Estate Commission approved that the salesperson licensees of ALL-REALTOR® Boards may also use the following license type descriptions “R(S)“, “R(salesperson)“, “Realtor(Salesperson)” or “Realtor(S)“.

We recognize that several of our members would also want to have designations such as “PB”, “BIC”, “DR” or “Designated Realtor” and certifications such as CRB, ABR, e-PRO, etc., to also appear after their names on the roster and listing displays. They can be displayed after the state recognized license type on all displays if the members select or write them in the “Subscriber Designation” field that is already available in REsearch.

We will send out notification to all members when the new License Type field will be released and available.

Administrative Note

Billing Changes Reminder

Any requests for changes or cancellations for the July 2010 billing are due by Wednesday, June 30, 2010, 2:00 p.m.

  • For those who would like to submit changes to their payment account information, they may click on this link to obtain the Exhibit C – Pre-Authorized Payment Agreement form. Print out a hard copy, complete it and fax it to (808) 524-6874. If the changes involve only account information, the PB, BIC or DR is not required to sign it.
  • For those who wish change their payment/billing frequency, they may call HIS Accounting at 1-800-628-3121, ext. 454 or 163, or send an email to Accounting@HawaiiInformation.com or Deb@UseResearch.com.

If changes are not received by June 30, 2010 and your credit or debit card is charged, there will be no refund, so please submit your changes to us as soon as possible and no later than this deadline.

We will send out additional reminders as the deadline approaches.

As always, we appreciate your cooperation. Mahalo!

Photo Server Upgrade April 6

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Photos will be temporarily unavailable on REsearch, IDXes, and AlohaLiving.com listings on Tuesday, April 6, 2010, from 9 a.m. to 10 a.m. as we will be upgrading our photo server. Condo guides will also be unavailable on REsearch during this time. We apologize for any inconvenience this may cause, and will endeavor to restore photos as soon as possible during the upgrade window. If you have any questions, please contact us at (808) 599-4224, or Toll-Free at (800) 628-3121.

Important Holiday and Billing Announcement

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Happy Holidays from HIS!

Our office will be closed from December 25, 2009 through January 1, 2010. Normal office hours will resume on Monday, January 4, 2010.

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Important Billing Announcement
The next billing for credit card and ACH Customers is
Monday, January 4, 2010

Please note: If you were mailed an invoice, your payment is due by January 5, 2010 to avoid possible late fees and interruption of service.

If you are placing your license INACTIVE, or if you are surrendering your license, we must receive a copy of your DCCA change form. We normally request that changes be submitted to us 4-5 working days prior to the billing date, so please send your form(s) in by December 23, 2009 to assure that your changes will be processed before the billing is sent out on January 1, 2010.

Once we charge your credit card or debit your account, there is no refund. Please contact us before billing occurs if you would like to make any changes to your billing.

If you need to change your payment account, please go to this link:
http://www.hiiinfo.net/REsearch/IDX/mlsHawaii/forms/PreAuthprizedPayment.pdf

Print and complete this form, sign it and fax your new Exhibit C to (808) 524-6874. Please note that your broker does not have to sign this form if you are only changing your account information.

If you need to change your payment frequency or billing cycle, please notify us by:

- Calling HIS Accounting at 1-800-628-3121, ext. #454, or
- Send an email to Accounting@HawaiiInformation.com

Mahalo!


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