With the increase of short sales , along with foreclosed properties, being listed for sale in the Pacific Northwest, the Northwest Multiple Listing Service began requiring the disclosure of short sales in the remarks section of a new listing a year ago.
After fielding numerous agent requests for a check box feature on the NWMLS regarding short sales and foreclosures, the folks at the NWMLS responsed. As of April 29, 2009, when an agent lists a new property on NWMLS, there will be boxes to check to indicate if the sale requires 3rd party approval, as in a short sale, or if it is lender owned, as it would be in a foreclosure. This new feature then gives agents the ability to include, or exclude, short sales and foreclosures when searching for properties to view.
If a client is looking to invest in a rental home and is interested in short sales and foreclosed properties, the agent can use the new feature to specifically search for such homes available in the client’s target price range. If a client needs to purchase a home and close by a finite date, a short sale may not be the best home to buy because the sales are more complicated and take longer; the agent can then exclude all short sale and foreclosure property when searching for homes in the client’s price range.
It is hoped that the new search feature on the NWMLS with both save time and give agents a strong tool to help meet their clients’ buying criteria. Kudos to the people over at the NWMLS for working with the information provided by local agents and responding to meet needs relevant to the current real estate market in the Pacific Northwest.