BIC TIP #1278: Check It Out: MLS Documents and Listing History
Check, check, check, check it out. In this BIC TIP, Stephen Long reminds brokers that the MLS is your friend. Between the document section of a current listing and the history of prior listings on the same property, there is often valuable information waiting for the broker who takes a few minutes to look.
Open the Document Section
For most MLS systems, there is a document section where listing agents can upload files. That is where you may find pertinent disclosures, surveys, HOA information, or other material information about the property.
Buyer agents, do not skip this step. If a listing agent took the time to upload a disclosure, you want to know what it says before your buyer writes an offer, not after.
Research the Listing History
Whether you represent a buyer or a seller, it is always a good idea to research old MLS listings to see if the property has been listed before.
A prior listing can tell a story. How long was it on the market? Was it withdrawn or expired? Did it go under contract and then come back? Each of those patterns might point to something worth investigating further.
Look at the Old Documents Too
Do not stop at the old listing data. Check what documents the previous agents attached. An old disclosure statement, a past inspection summary, or notes about repairs can reveal red flags that are not obvious in today’s listing.
If something in the history does not match what you are hearing now, that is a reason to ask questions and dig a little deeper on behalf of your client. When it raises a disclosure question, talk it through with your broker-in-charge.
The Practical Takeaway
Make MLS research part of your routine on every property. Check the current document section, pull up the listing history, and review the documents that came with past listings.
A few minutes of homework can uncover red flags early and protect your client. Remember: MLS is your friend.
This BIC Tip is general real estate education for licensees and consumers, not legal, tax, or financial advice. Rules and forms change, so verify current NCREC rules, MLS rules, and standard forms, and consult a North Carolina attorney or qualified professional about your specific situation. See Disclaimers & Disclosures.