item

If you’ve been wondering if that auction property you saw is allowed in the MLS, the answer is YES. So before you click the Report an Error button, take a second look at the rules, specifically 7.5.22 and 8.1 of the Rules and Regulations.

8.1. TYPES OF PROPERTY

(a) Listings of real property or private property of the following types, which are listed subject to a real estate broker’s license, and which are located within the ARMLS service area, taken by Subscribers, on exclusive right to sell or exclusive agency forms, shall be FWA within two Days, after all necessary signatures of seller(s) have been obtained, unless otherwise directed by seller in the written Listing Agreement or a subsequent amendment to the Listing Agreement:

(i) Residential (For Sale) including, but not limited to:

a. Fractional Interests
b. Time Shares
c. Auction Properties
d. IRC (Internal Revenue Code) §1031 Exchanges
e. New Construction
f. Manufactured or Mobile Home (subject to section 8.1(b))

What Does an Auction Property Need to Have?

The listing isn’t required to disclose the reserve price, but it must disclose that there is a reserve along with the following required fields.

screenshot of flexmls auction field

screenshot of flexmls auction field

 

Written by Madison G from ARMLS
Madison has been part of the ARMLS family since 2015. As the Content Editor, she brings an extensive background in writing, editing, communication and punnery.