New search feature on NWMLS launches April 29th, 2009

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.

2 Comments

  1. This will be a huge help to agents and save lots of time. There are times when a buyer does not want to get involved with a short sale/foreclosure/Bank owned property. It can take lots of extra time to close a property in some of these situations so they are not the best choice for someone looking to live in their home right away.

  2. It is so helpful to have tools available to help make the most effective use of your time helping your clients. It also shows that sharing your opinion about what works, and what doesn’t, with a company you deal with often can make a difference.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s