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By Deborah Mobley, MRIS Training Specialist

MRIS, Oct. 1, 2007-In light of recent real estate market conditions, agents may find more inventory has been transacted via “short sale.” In real estate, a short sale is defined as “a sale of a house in which the proceeds fall short of what the owner still owes on the mortgage.”

You may find the following steps helpful in searching for such listings or eliminating their use as a comparable within your CMAs.

To search for such listings:

1. Enter the basic criteria within the search screen along with additional criteria outlined below

2. Click the Click here to add or remove other search fields link, located at the bottom of the Matrix search page.

3. While holding down the Ctrl key, add the Remarks General field and Remarks Internet field

4. Click the Return to Search button

5. Type the text ‘short sale’ within the added fields, and click the Search button

6. Review results

To eliminate such listings:

1. In the preceding step five: place an exclamation point before the text “short sale”

For more information, contact the MRIS Education Department: Education@mris.net.

To share feedback on this article, contact: Communications@mris.net.

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