Maryland thinks about Reducing re-set time to 60 days from 180 days for listed property. In Illinois - it is 91 days

In most states - the MLS calculates the number of days a property has spent on the market as a consecutive figure. That amount resets to zero if the property is taken off the market for a certain amount of time. Maryland had it at 180 days - but is thinking about reducing it to as little as 60. Here is an article about the re-set time in Maryland.

In Illinois - for many years - a property had to be off the market for 181 days before being re-listed if the market time was to show zero in the MLS. Then in 2004 - that figure changed to 91 days - and it has been 91 days ever since (re-ratified in November, 20007) with the exception of the summer of 2006 - when the board changed a rule - which only lasted a few months. See the attached for the reason they dissolved it.

At that time - if a property was de-listed and then came back
on the market - it would show zero days on the market - even if it had only been
off the market for a day or two. MLS rules states that if a property is re-listed - it had to have a new listing agreement.

What happened in the summer of 2006 - was that there were so many "new listings" with no new listing agreements - MLSNI had to fine the agents a few hundred dollars - but nevertheless - the statistic in the MLS still zero'ed out. There were so many agents doing this -- re-listing property without new listing agreements - that it became a big headache for MLSNI - and they could not keep up with all the infractions. Here is the postcard that they sent out at that time after they re-thought everything.

So - in September of 2006 - they re-instituted the 91 day rule again. Agents and brokerages put pressure on MLS systems to minimize the number of days a property is off the market - to reset the clock to zero. In some states where total market time (including time with past agents) isn't listed on the agent copy of the MLS sheet (it is in Illinois) -- this can help sellers (if agents are lazy and don't look up the property history).

What is an "As Is" Sale?

With more foreclosure and as-is property coming on the market everyday - it is important for consumers / clients to know what "as is" really means. It means that the seller must disclose all known defects - but that they aren't expecting to pay for any repairs. (However - never rule out that you can STILL negotiate to get credits from a home inspection -- it never hurts to ask. And if there is "no reimbursement" and that would be a deal killer for the buyer - just have them walk away from the transaction.)

With "as is" - the seller isn't making any warranty or representation about the condition of the property.

As-is listings have their positives and negatives for a seller. The negatives are - many buyers wonder "what is hidden... what aren't they telling me about?" -- and they get cold feet. Some sellers do indeed thing that they can get away with selling a home which has a hidden defect that the buyer or a professional inspector won't discover.

They also may sell "as is" because....

They don't have the money to repair the disclosed defects.

They may not have lived in the property (perhaps it was an investment property) and they aren't aware of it's problems.

The seller doesn't want the inconvenience and hassle of making repairs.

Buyers can protect themselves when purchasing as-is properties by hiring a very very good home inspector - that is at a minimum ASHI and/or NAHI certified. You might want to review sample reports from various inspectors - to compare the differences. A good agent will refer you to an agressive inspector -- not one who sugar coats things - so as to not "blow the deal" for the agent.

Though a home warrantee can be helpful - they won't cover pre-existing conditions.