Please disregard Flex Quick Tip sent April 30th. This is the correct copy.
MLS has received comments from many of you over the last several months regarding the disclosures for distressed properties in flexMLS. After a detailed review the following changes have been implemented in the system. It is important that “facts” about the sale be disclosed as authorized rather than any “opinions” about the possible quality of a sale or offer.
The MLS has added a new detail code to the "Financing Available" group within all seven property categories in flexMLS. The new detail code is: "In foreclosure/REO". You can now add or update your listings through the Add/Change program within flexMLS to reflect these types of properties. This is not a required entry. Disclosures should meet one of the following:
1) A mortgage holder (usually a bank, but could be a private party) has commenced a foreclosure action relative to a property and a “summons and complaint” has been filed in court – typically in the same county as the property. This commencement of the foreclosure action can be confirmed on http://wcca.wicourts.gov/index.xsl by searching one of the names of the seller.
2) A property has been through a court hearing of a confirmation of Sheriff’s Sale and the property was purchased and is now owned by the Mortgage Holder. This is commonly called Real Estate Owned (by a bank), hence the REO portion of the new detail code.
To search for “In foreclosure/REO” properties, click on the “Other” Tab within a Full Search for any property type and then click on “Financing Available”. You will find this new detail with the other Financing details.
We appreciate your business and support and look forward to your comments, questions and suggestions regarding any subject. Contact InMyOpinion@metromls.com or call (414) 778-5400