Barb Van Stensel : NEW OPTION for "Short Sale...", adjusted Sold Price

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NEW OPTION for "Short Sale...", adjusted Sold Price

By: Barb Van Stensel
Thursday, March 27, 2008 10:31 AM

I just got this from our MLS in Northern Illinois,

"At the February 20, 2008 Board of Directors meeting, a motion was passed to add the option to disclose that a property sold price has been adjusted due to "short sale, foreclosure, court/lender approval required, etc."

When doing a CMA, the SP will show "(S)" at the end of the SP. "

This becomes effective today.

So will the Title Companies also disclose on the HUD-1 that it was a short sale and hence - the assessment, due to purchase price, wouldn't apply for these type of properties?

Comments

Member Since '06

Mike Robins said:

Hello Barb,

I have been thinking that somewhere we need the appraisers, Title companies and our MLS systems to maybe word it with "Lender Concessions made".

I think that the term short sale is harder for the general public to understand and could be confused with a short period of time to sell the property.

Everyone knows pre-foreclosure and foreclosure.

Just my 2 cents

Mike

March 27, 2008 7:27 PM

Member Since '03

Tommy Fergeson said:

Our MLS , The Highland Lakes Assc., has also added gifts to buyers from sellers and also if something conveyed that is not real property IE: boats, jet skis, livestock, and such. Now when a seller says my neighbors home sold for $500,000 but it included the boat, jet skis, and patio furniture, you are able to do a better CMA for that seller. We have needed this for a long time to make our CMA's more accurate.

March 28, 2008 10:03 AM

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