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New Distressed Properties Transaction Type Coming Soon!

July 27, 2012  |  by Anne

You know why MRIS customers are so awesome? Because you give us great feedback!

As we mentioned in last week’s post, we are making adjustments to improve the way you enter and search for distressed properties.  We understand this may take some time to get used to, but we believe this change was a necessary step in order to create a more consistent way to navigate through entering and searching for disstressed properties.

Based on feedback receive last week’s post, we made some adjustments to the definitions below to help clarify the transaction definitions.

  • 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.

Stay tuned for more information later this week but get a first look at how it will look like in Matrix below.

Posted in Blog, Featured, Keystone, Matrix

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7 responses to “New Distressed Properties Transaction Type Coming Soon!”

  1. Neil Gordon says:

    I hate the Other/Undisclosed status! I will have to assume it's a short sale and the owner wants to hide that fact.

  2. Holly Singletary says:

    I welcome the enhancement(s). Thanks!

  3. Kim B. says:

    So all the past data in your system now no longer says REO or Short sale yes, so when we as appraisers are trying to get information for our 1004MC data about these sales none show up. This is only good for new listings going forward but you took the data out from prior listings and this is just unacceptable.

  4. Drew Fleming says:

    Appraisers utilizing MRIS need the short sale/foreclosure information we have previously been receiving. It is not possible now to report this information as required. Please help. I just put in a search for all of Prince William County nand asked for foreclosures, none showed up. Someone please advise. This is a biggy!

  5. d m says:

    I'm sure this is useful to many (some) agents, but I was perfectly happy with the way it was. What frosts the living H out of me, however, that this new search criteria is FORCED on me without my consent, and, according to MRIS tech support, there isn't a darn thing I can do about it. This search criteria takes up precious real estate on the search screen, crowding out other categories more important (to me). For just once, I wish MRIS would make changes like this optional, so users who want it can choose to use it, and those who don't can choose otherwise. This is just one more in a series of changes foisted upon users that leaves me frustrated beyond belief.

  6. Matt Wilkins says:

    I'm seeing a lot of mistakes where agents are interchaing the foreclosure and REO stauts. Maybe they should be combined? Also may rental should be another status as its kind of silly to classify a rental under any of the existing statuses.

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