Entering Short Sales and Foreclosures in Keystone

MRIS, Oct. 27, 2008-There are many fields in Keystone that identify properties that are subject to a short sale or in foreclosure. Entering correct and complete information in MRIS helps buyers’ and cooperating agents find the appropriate property for their client.For example, a buyer who must be in their new property within 30 days may not be the best candidate for a short sale situation.

Recently, MRIS made changes to Keystone that allowed the listing agent to identify properties that are subject to a potential short sale. “Subject to a Potential Short Sale” has been added to the Disclosures field. Listing agents should enter this information when applicable. This enables other MRIS subscribers to search for potential short sales.

Although the MRIS will continue to allow the listing agent to identify a potential short sale in the Remarks, you must also identify a potential short sale in the “Disclosures” pick list.

The “Current Financing/Loan Information” pick list has the following options: REO Property, Foreclosure, HUD Owned, Pre-Foreclosure.

If you have not already updated your listing to indicate a “Potential Short Sale” under the Disclosures pick list, or indicated that a property is in foreclosure under the Current Financing/Loan Information pick list, please do so immediately.

Note: MRIS does not provide any opinions or guidance on your fiduciary responsibilities and recommends you consult with your broker and the appropriate authorities regarding any such issues.

To send feedback on this article e-mail communications@mris.net.

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