Selling Reno And Sparks Real Estate Blog

head_left_image

MLS Makes Changes To Special Conditions Of Sale Descriptors

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

CLip Art red houseLong 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

 

Terrie Leighton

Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
NAR's Green Designation ~ Certified Green
Certifed Negotiation Expert (CNE)

Ferrari-Lund Real Estate

 Cell ~ 775.846.5424

Email ~ Terrie@terrieleighton.com

 

Facebook   LinkedInTwitter

Comment balloon 3 commentsTerrie Leighton • May 23 2011 10:56PM

Comments

Good Evening Lorrie

Yhanks for the post. Have a great day

Posted by Patrick White, Driven to bring New Yorkers home (Home Driven Realty, Inc) almost 7 years ago

Hi Terrie,  Thanks for sharing the news, MLS in our area has not changed yet, We only have 3 category - Bankowned, short sale and others  

Posted by Kwee Huset, Venice Florida Homes For Sale (Kwee Huset Realty) almost 7 years ago

Patrick ~ Thank you for taking the time comment!

kwee ~ I wonder if this is an issue in your area? We have so many special conditions properties i guess labeling them was difficult for some.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) over 6 years ago

This blog does not allow anonymous comments