Although there are signs of recovery in the market, a number of distressed properties are still on the market. MRIS uses these definitions for distressed property terminology as follows:
- A Yes answer in the Foreclosure field refers to a listing where the property is going through the foreclosure process. The seller still owns the property until the foreclosure is finalized by the courts.
- An REO refers to a property where the foreclosure is complete and the bank owns the property. The REO field can be found in the Current Financing/Loan pick list.
- A Yes answer in the Auction field means that an auction is scheduled for this property. Properties subject to an auction must be available for showing prior to the day of the auction.
- Potential Short Sale refers to any property that is underwater and is subject to bank approval.