Based on a large number of e-mails that went out to Realtors this morning, it appears that the RMLS compliance board is going to put short sales with an offer under more scrutiny. According to the e-mail, if a short sale is still listed in "Active" status, any additional offers must be sent to the bank. If additional offers are going to be held in backup position only, the listing must be marked "pending."
The majority of buyers who write an offer on a short sale stipulate that any subsequent offers must be held as a backup, so most short sale properties with an offer should be marked pending. In a previous post, I commented that there were currently 248 "active" short sale listings that had an offer submitted to the bank. If the RMLS follows through on enforcing these guidelines, most of these should be marked as pending. With 2027 total "active" listings, if at least 200 of those short sales are only accepting backups that would reduce the inventory in Vancouver by 10%
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