Last year, we launched the Transaction Type field designed to help improve the way you enter and search for distressed properties.
Whenever you’re entering distressed properties, please refer to the definitions list below, and remember, if you currently have multiple transaction types selected for a listing, please edit your listing to select on transaction type.
- Standard sale refers to a property which is available for sale without third-party involvement or approval.
- Potential Short Sale refers to a property that is underwater and the sale is subject to bank approval. If the seller had been notified of foreclosure proceeding, select the foreclosure transaction type.
- Foreclosure refers to a property that is currently in foreclosure proceedings. Until the foreclosure proceedings are finalized, the seller still owns the property.
- REO (Real Estate Owned) properties are bank, lender or HUD owned.
- Other/Undisclosed should be selected when you do not have your seller’s permission to disclose the property as a distressed sale.