I really like the new “Special Conditions of Sale” search criteria that our MLS added recently. I posted about this new field when it was added in February, and at the time I indicated it would take a while before it became fully utilized. However, recent efforts by the MLS to encourage agents to place a value in this new field has yielded over 92% of the Active listings with values specified for this field. The allowed values for this field are:
- Bank Owned
- Relocation
- Short Sale
- Subject to Court Approval
- Other
- None
Even this list of options has been improved in the past month to address the “special conditions” we are seeing today.
I took a cursory look at the 4,095 Actives currently listed in Reno Sparks and broke them out by “Special Conditions”. Here’s what I found:
| "Special Condition of Sale" | # | % |
| Bank Owned | 303 | 7.4 |
| Relocation | 21 | 0.5 |
| Short Sale | 273 | 6.6 |
| Subject to Court Approval | 24 | 0.6 |
| Other | 417 | 10.2 |
| None | 2707 | 66.1 |
| Not yet specified | 350 | 8.5 |
| total | 4,095 | 99.9 |
On a related note, our MLS has recently added a new Active-Pending category. This new one is “Active-Pending Short Sale”. Such a denotation was sorely needed as brokers could not agree on when to change the status of a short-sale to Pending. Unlike normal resales where the Seller is the only party from which an Acceptance is required; a short sale requires an approval from an additional third-party (i.e. the Bank). The problem arose when, while some agents would change a listing’s status to Pending immediately after the Sellers acceptance of the offer (but prior to Bank approval); other agents refused to change the status to Pending until after receiving bank approval (much to the frustration of the Buyers who felt they had a pending offer). Hopefully, this new status will clear up the confusion.
smarten
14% of active listings are either REOs or soon to be REOs? And this doesn’t even take into account the REOs not listed on the MLS, and the other 417 “other” listings [an additional 10.2%]which are probably the moral equivalent of a REO.
It’s going to be an interesting summer!
Harry
Does anyone have a handle on short sales in other markets such as Fernley and Dayton>
SkrapGuy
Harry,
I believe that Fernley and Dayton are both included in the NNMLS. Therefore I would think that either Guy or Diane might be able to search the closed data base and advise you about the number of short sales in those places. My guess is that there are quite a few short sales in Fernley and Dayton.