Using the New "Subject to 3rd Party Approval" Feature Code
This new feature code allows MLS Subscribers who list SHORT SALE properties to indicate this condition on the listing through the use of the new code/description.
SHORT SALE is defined by InmanWiki (an online real estate-related encyclopedia service) as: "...the sale of a property which nets less than what is owed to the bank(s) that are the current lender(s) on the property. Therefore, if they agree to, the bank will not only take less than what is actually owed them (discount), but will also pay the sellers costs to sell the property (excise taxes, escrow fees, title insurance and even the real estate commission, etc.).
It is used in cases where the market value of the property in question is less than the loan amount(s) on the property, or where the price the property can sell for plus the sellers closing costs exceeds any equity in the property. The seller would net zero out of the sale proceeds for themselves".
If you have any questions about the use of this code, please call our Customer Care Department at (866) 553-3430. If you have any questions about short sales, please contact your Designated REALTOR/Broker Owner.
Last modified 2007-02-28 16:18