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.