Listing agents in Northern Nevada may have noticed a few recent changes in the MLS descriptions for Special Condition properties. Our local MLS, the Northern Nevada Regional Multiple Listing Service, recently approved making a change to the" Special Conditions of Sale" descriptors field.
Prior to making this change, listing agents with properties with special conditions were asked to indicate if the property was being sold as:
- Bank Owned
- Short Sale
- Relocation
- Subject To Court Approval
- Yes - Other
- None
Long before distressed properties became so prevalent in this area, the above values were used with little or no confusion. But as more and more properties with special conditions entered the market, these self explanatory fields were becoming increasingly harder to classify. For example, REO listings were being classified as "Bank Owned" while other REO listings were being classified as "Yes-Other."
Freddie Mac put out a bulletin stating their listings could not be categorized as bank owned because they were legally regarded as a corporation. Due to their legal documentation, the NNRMLS requested listing agents to input their Freddie Mac REO listings as "yes-other." This caused a few problems with statistical reports and searches. HUD listings were be classified under this same field so searching for only HUD properties were impossible to do.
To provide a clearer more accurate date base for Northern Nevada Real Estate agents, the Trustees of the NNRMLS have decided to make a change to the Special Conditions of Sale description field. The category formerly known as "Bank Owned" is now "REO." All foreclosure listings, including Freddie Mac, will be moved into this category and a new category for HUD properties was created.
Going forward, listing agents with properties that have a special conditions are required to use the following MLS descriptors:
- REO
- HUD
- Short Sale
- Relocation
- Subject To Court Approval
- Other
- None
These new listing categories will help Reno and Sparks area real estate agents search for homes that have special conditions. Each home will be listed in the appropriate category. Home buyerswho want to search specific types of homes, REO or HUD will now have a easier time finding what they are looking for.Good job NNRMLS Trustees at working hard to come up with this better way to search for homes with special condiotns in our local MLS.
MLS Makes Changes To Special Conditions Of Sale Descriptors
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REALTOR®
Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
Ferrari-Lund Real Estate
775.846.5424
