Short Sale Definition: a home sale where the seller owes more than what the home is worth and is asking the lender(s) to accept an amount that is less than the amount owed to them as payment in full. The same problem continues to come up day after day and I finally have the time and focus to sit down and write about it. For the last year now, short sales have become a common type of listing in our market and in markets around the county. A short sale is a "Liar Listing." In most circumstances, the seller and … [Read more...]
Minneapolis/St. Paul MLS Addresses Foreclosures & Short Sales… Kinda
June 10, 2008 by 2 Comments
The RMLS of Minnesota, which is the governing body of the MLS in the Twin Cities and is owned by the 4 local REALTOR associations, has made some policy changes in regards to the reporting of foreclosures on the MLS, effective on Thursday: The "In Foreclosure/Lender Owned?" field: Initially will be an agent-only field (not available on Customer reports or on public Web sites through Broker Reciprocity). Options are: Yes, No and Not Disclosed For NorthstarMLS, Foreclosure is defined as the homeowner being … [Read more...]
Foreclosures & Shorts Sales Should Be Classified As Such on MLS
February 28, 2008 by 3 Comments
There's a lively discussion going on in our office regarding foreclosures and short sales and their impact in this market. I was going to call it a debate but typically a debate has two opposing viewpoints whereas of the people I've spoken to, we all seem to be in agreement: the MLS should add a flag for foreclosures and short sales. Right now most agents do disclose if their listing is a foreclosure or short sale by saying something in either the Agent Remarks, Public Remarks, or Financial Remarks. The … [Read more...]
