NEWS
July 9: Release Notes
The following items were released July 9:
Industry Watch report now available in Bright.
Previously available in the TREND market, Industry Watch is a quarterly report that provides key metrics on residential market activity for an individual county or across the Bright footprint. Learn more about this report here.
Enter and search for listings located near public transportation with the Transportation field.
Transportation is a new, optional field that allows you to indicate how far a property is from various modes of public transportation, such as an airport, bus station, or commuter rail.
Please note: This field will only start to populate in search results as it is added to new and current listings. We strongly encourage you to check your on-market listings and update any properties where it would be beneficial to include this information. Learn more here.
Lot Measurements now optional for Unit/Flat/Apartment and Penthouse Unit/Flat/Apartment Structure Types.
Where Structure Type = Unit/Flat/Apartment or Penthouse Unit/Flat/Apartment, Lot SQFT, Lot Size Acres, and Lot Size Source are no longer required fields. This rule is applicable to all property types where Structure Type is available (Residential Sale, Residential Lease, Multi-Family, and Farm listings).
New status date rules for DOM/CDOM.
To improve the accuracy of Days on Market and associated history reflected in the Bright System, any date entered for Close Date, List Agreement Cancel Date, Withdrawn Date, or Agreement of Sale/Signed Lease Date must now fall on or after the last listing status or price change, whichever is latest.
The following fixes were made to the Financial Calculators:
- Manually entered proration fields now retain the values when loading a saved Seller Net Sheet.
- For properties located in Maryland, the State Recordation Tax field displays and autofills on the Buyer Closing Cost. This amount was not being added to the Other Closing Costs total, and is now being reflected correctly.
- With an FHA loan, the buyer must spend at least 3.5% out of pocket for the mortgage. Entering a lower amount on the Buyer Closing Cost will cause an error to display. To improve this error message, we added the suggestions of lowering the Seller Assist amount or raising the Down Payment amount to meet the minimum, along with the ability to fill in the suggested values with one click of either button.
- The autofill functionality has been removed for Settlement Date on the Buyer Closing Cost and Seller Net Sheet. It was covering the calendar option and you usually will not be entering the same settlement date for different closing costs, so there is no reason for the browser to retain information for this field.
- When saving a Buyer Closing Cost or Seller Net Sheet, you can now filter your existing saved items for overwriting or save the report under a new name in one step.
- Previously on the Buyer Closing Cost and Seller Net Sheet, the Transfer Tax field included the Recordation Tax for Washington, D.C. properties. Since this could lead the Transfer Tax to appear higher than it really is, we removed the recordation amount from this field and separated it out into its own field. The Recordation Tax field now shows for Washington, D.C. with the appropriate rate autofilled.
- With an FHA loan, Seller Assist amounts cannot be over 6% of the purchase price. If you enter an amount over this, an error will now display for you to change the amount when loading a saved Buyers Closing Cost.
- For properties located in New Jersey, Transfer Tax will now always update whenever a change is made to the Transfer Tax Adjustment on the Seller Net Sheet.
- All negative numbers on the Seller Net Sheet now appear the same, as red font with parentheses around them.