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Field Name (Standard Name)?: BuyerFinancing

Definition (May contain rules that must be observed)

A list of options that describe the type of financing used. This field is used when setting a listing to Closed. i.e. cash, FHA loan, etc.

Page Revision Date: Apr 04 2016 

Form: PropResourceField

9 Comments

  1. 8/12/15 - added missing Lookup reference.
  2. 4/4/16 - updated Enumeration Status.
  3. From #member Michael Wurzer

    All of our customers currently use a single select for this field to maintain consistency with statistics calculated and reported regarding sales per financing type. Forcing a multi-select will require changes to the statistical calculations in a non-backward compatible way. Given this, we advocate that this field should be changed to a single-select. Alternatively, a new field single-select field called PrimaryBuyerFinancing should be created with the same enumerations.

  4. From #user Bev Rude (Alaska MLS)

    This field for our MLS is a single choice - we have several items available but feel that the Financing Type used is just one of those options. I know that in Commercial there can be more creative financing than Residential, but we feel that the bulk of the 'deals' would be just one loan type; the rare exceptions could be noted in remarks. Alternately, New Financing Type on an Active listing could have several choices of potential loan types.

  5. From #user Donna Roach (Knoxville Area Association of Realtors)

    Buyer Financing has to be a single Select field. Our MLS only allows a single selection. A buyer usually only has one option of financing anyway. Never heard of an MLS that allowed multiple selections on this field.

  6. From #member Doris Nurenberg (North Carolina Regional MLS)

    We use a field to track Buyer Financing (i.e., the financing used for the purchase at closing) that allows for a single selection. Having this field be a single selection is important to the accurate calculation of the statistics provided in the Price Range Report in our system, a form of which is or has been produced by the NAR to track financing trends.

    This is also a tool that both the appraisers and the agents use to create and weight the value of a property to determine another property's value. The current RESO Data Dictionary, however, defines Buyer Financing as a multi-select field, which would require changes to the financing trends report in a non-backward compatible way. NCRMLS requests that RESO either change the definition to make it single select or add a new single select field to the dictionary called Primary Buyer Financing. I am available and happy to discuss this important topic further. Thank you for considering this change.

  7. From #user Ani Pollack (Santa Barbara MLS)

    Our MLS uses a single select for this field. The majority of our transactions are one loan type. We need this field to remain single select for accuracy of stats.

  8. From #member Vicki Junge (Lake Region MLS)

    Our system uses a single choice for this field. We would prefer that this field remains a single choice option.

  9. From #member Mary Sliman (REALTOR Association of Acadiana)

    Our MLS has one field for buyer financing and it is a single select field. Please consider changing the definition of this field to a single select option or create a new field for Primary Buyer Financing which would be single select.