Listed below you will find the definitions for Special Listing Conditions:
Standard – The listing has none of the other conditions in the Special Listing Conditions field.
Notice of Default – A notice of default has been filed against the listed property. This selection is used only when a lender has filed a NOD indicating that the borrower has fallen behind on their payments or otherwise breached the terms of the loan on the property.
Real Estate Owned – The listed property is currently bank/lender owned. This selection is used when a property has completed the foreclosure process, has been sold at a Trustee’s Sale event to the lender and is now owned by that lender.
HUD Owned – The listed property is owned, and being sold, by the US Department of Housing and Urban Development.
Short Sale – The Seller owes a lender more on the property than the list price. The listing is a short sale (short pay) and may require bank approval of a sale at the list price. This selection is used when your client is upside down on their house and therefore any contract and compensation will be subject to lender approval.
Probate Listing – The listed property is a probate sale. This selection is used when the homeowner has passed away and the estate is subject to the probate process. In most cases, this means that a representative (usually the Executor) has to sell the property in order to liquidate the asset and distribute the money to family members. This process may also require the Court to supervise and approve the sale.
Auction – The listing will be subject to bids and the acceptance of a contract to the highest bidder at an auction event on a specific date and at a specific time. This selection is used only when the property is involved in an actual Auction involving either a live auctioneer or an online platform. Reserve Auctions, or any process where the Seller may counter the bidders, are not permitted on the MLS. The list price of an Auction Listing must be the minimum bid price, and the Seller must be willing and able to sell the property at the list price.
Bankruptcy Listing – The listed property is currently identified in a schedule of assets for an individual or company involved in a bankruptcy. The sale of the property may be subject to court approval.
Third Party Approval – A non-Bankruptcy court or other non-lender third-party approval is required for the sale of the listed property.