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Please Update Your Buyers Representative on Closed Transactions by 12/31

Please Update Your Buyers Representative on Closed Transactions by 12/31

Published Tuesday, December 22, 2020

In September the MIBOR Board of Directors voted to update the correction of data in sold listings to better align with industry standards and add to the accuracy and reliability of the data. The policy states that MIBOR will no longer accept changes to a closed listing if it is 30 days past the closing date.

The policy became effective on December 1, 2020, however the deadline to correct the Buyers' Representative on transactions that closed more than 30 days past has been extended until December 31, 2020. This extension is given so 2020 production statistics can be as accurate as possible.

After 12/31 we will not be able to make changes to correct the Buyers Representative if the listing has been closed more than 30 days.

Please review the policy verbiage below for further information:

Correction of Data in Sold Listings. BLC® Listing Service support staff will correct listing data on a closed transaction if reported to the service within five (5) business days of the closing date, in writing with the listing Participant’s authorization. Data within a closed listing discovered to be inaccurate beyond 30 days of the closing date will not be updated. It is considered a best practice within the industry not to change historical data. Once the listing is closed, all subsequent listing history is to remain intact and cannot be removed at the request of any third-party, homeowner or Participant/Subscriber. In addition, at least two photos must remain once a listing closes. (adopted 9/2020)

To review the full policy manual as well as other BLC Governing documents, visit www.mibor.com/blcgovernance