In today's real estate market a strong understanding of short sale listings is important. Here are some helpful answers to common short sale questions to help you handle short sales properly.
Q: What is a short sale?
A: A short sale is one where title transfers, the sale price is insufficient to pay the total of all liens and costs of sale, and the seller does not bring sufficient liquid assets to the closing to cure all deficiencies. In other words, a sale of real estate in which the lender agrees to accept the proceeds from the sale, even though they fall short of the balance owed on the loan.
Q: I have a short sale listing... what do I need to do?
A: According to the MLS Rules & Regulations, "If it is likely or possible that a listed property could be a short sale, disclosure must be made in the appropriate designated field." Fulfill these requirements by selecting Short Sale in the listing's Terms while entering the listing.
Q: Can I keep my short sale listing Active while I'm waiting for the bank to approve an offer?
A: As the listing broker for a short sale listing, you can keep your listing in the Active status while waiting for lien holder approval as long as you update your listing to include SS Pend Lender (short sale pending lender approval) in the Terms.
Q: Can I search specifically for short sale listings?
A: Using the Advanced section of PrimeAccess Power Search, you can add the Terms criteria to your search. Under Terms, select Short Sale to search specifically for short sale listings.
Q: Can I exclude short sale listings from my search results?
A: Using the Advanced section of PrimeAccess Power Search, you can add the Terms criteria to your search. To exclude short sale listings from your search results, under Terms, select Not and Short Sale.
Additional resources about short sale listings:Disclosure of Short Sale flyer.
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Information regarding the MLS Rules & Regulations can be found at www.metrolist.com under the Rules & Regulations section or by calling (303) 850-9613.
Front Seat, the civic software company that operates Walk Score (www.walkscore.com), the leading measure of neighborhood walkability, announced that hundreds additional real estate websites will now provide public transit information powered by Walk Score.
"Accessible public transit plays a significant role in the decision making process for many home buyers," said Patrick Lashinsky, CEO. "This added feature from Walk Score makes it easier for our clients to make an informed decision from the start of the search."
Public transit information is provided on the Walk Score Real Estate Tile, which is available for free and shows the Walk Score of any property, a map of nearby amenities and transit, and Google street view. Additionally, public transit information will be displayed when looking up scores on WalkScore.com.
"A recent study in Denver showed homes within a half-mile of light rail appreciated more than 17% while the overall Denver housing market fell more than 7%," said Mike Mathieu, Founder of Front Seat. "Public sites of Multiple Listing Services like REcolorado.com now have transit powered by Walk Score and make it easy to find a great place to live near light rail in Colorado."
Public transit data is currently available in 40 cities throughout the U.S. and Canada. Walk Score retrieves transit data from cities that publish a public Google transit feed. Walk Score will automatically add transit for new cities as more public transit feeds are published. Public transit on Walk Score is funded by a grant from the Rockefeller Foundation.
About Front Seat and Walk Score
Walk Score is a project of Front Seat (www.frontseat.org), a civic software company based in Seattle. Since its launch in July 2007, Walk Score has become the most popular worldwide measure of walkability. Over 700 real estate websites show Walk Score on their listings and over 2.5 million scores are distributed to partners each day. The Walk Score team is advised by a ten-person Advisory Board, which includes urban planning, environmental and technical experts.
More and more brokers are discovering the convenience of scheduling and maintaining showings online. More than half of all listings in PrimeAccess® are enabled using ShowingAssist.
Make it easy for your buying brokers to schedule a showing for your listings with ShowingAssist. This showing management tool is included with your Metrolist® membership, to conveniently arrange showings and communicate with the listing broker. ShowingAssist provides the latest technology to schedule showings easily and efficiently.
It's easy to use PrimeAccess to schedule a showing. Click the ShowingAssist icon from Search Results or listing detail.
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Broker IPTV: Today we are talking with David Douglas:, he is the board director for the South Metro Denver REALTOR Association (SMDRA) and agent with Keller Williams-DTC, David welcome.
David Douglas: Thank you, how are you doing?
Broker IPTV: Nice to have you here.
David Douglas: Thank you very much.
Broker IPTV: Talking about a topic, I like a lot which is social media and new marketing and so forth, but there are a lot of Realtors that go, "Oh, I don't really want to talk about that." Let's start there, why are they a little skittish about social media?
David Douglas: I think most people, most realtors don't understand getting onto social media and the impact it can have in their business. I think most time they get on there and they think you know what, this is just people having fun and people talking about useless stuff, but to me it's about being on the top of my clients' minds day in and day out, and that is how I am portraying it to them, trying to get and say you know what guys, get on there and be on the top of their market, you are sending out monthly mailers once a month, and I am saying like once a week, once a day so.
Broker IPTV: That is a great point and you can do it so quickly with just a click.
David Douglas: Right.
Broker IPTV: Once you get started all right, the two the people most know about is probably Facebook and Twitter, let's just go ahead and tackle Twitter for those people who don't know what is it, how does it work?
David Douglas: Okay. Twitter is basically a 140 characters, and it's a quick SMS message to send out to the world. Originally it started out as hey what are you thinking about right now, and a lot of people with a hey you know I just woke up, going to the bathroom, whatever so, it turned out to be really silly, and then some people got the idea hey you know let's turn this into something a whole lot more, and you know and what went on with our land, without the elections that went on over there trying to get people together, turned into that, so it became a quick SMS message out to a bunch of people, and I love it because I can be at the top of my clients' minds every single day, and I really try and stress that to Realtors, but it's so hard to get that across too.
Broker IPTV: And the way it works is, you are following certain people throughout their day, and certain people are following you, and the people who are following you, you are sending them a quick message and basically saying hey! I got this great new house available in Highlands Ranch, Colorado you might want to check it out.
David Douglas: All right.
Broker IPTV: So, we are really using it for business purposes as well as social purposes.
David Douglas: Correct and I am, just a little bit on the social side, because I think that people need to get an item of value as Brian Buffini would say, and most people know Brian Buffini, give them something that is going to make them better. So, I will send out post on neat tech ideas with Outlook, with Twitter things like that, so hey go check this out and take a look at it.
Broker IPTV: All right, how about some must do's and do not's when you are using Twitter?
David Douglas: Okay and everybody is different on this, and for me something that I say that is a do not is do not post business every single day, that you are going to go see house every single with the client, because it really doesn't benefit the Twitter world. Most of the time, it's not it's not of benefit.
Broker IPTV: That is a do not, how about a do?
David Douglas: One of the things that you should do is blog three times a week, and use Twitter at least once a day. I use and using Ping.fm as a quick way to send out to at least 19 different social media sites. I send out a quick update as to what to you know what is going on, sometimes I just say good night Twitter world and that is it just to remind people.
Broker IPTV: At the beginning of the interview we talked about some agents who have been in the business a while who are kind of resistant to social networking, social media, but what you are finding is new agents who are coming into the business are fully engaged right.
David Douglas: Fully engaged, because most people are on there. They want to go out there and get information from other Realtors and from people, to find out good information, so they are looking for those good agents out there that are posting good information. Not necessarily things that are going to benefit themself, but they you know things that are going to get back to the client. So, a lot of them going out there, lot of clients are going out there looking for that information.
Broker IPTV: So can I count on you as a follower on my Twitter page.
David Douglas: Oh definitely, most definitely.
Broker IPTV: Okay thanks, appreciated David good information.
David Douglas: Thank you, thank you.
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Visit the Metrolist® booth at REALTOR® World, near the main entrance to the exhibit hall at The Broadmoor in Colorado Springs. discover for yourself why Metrolist is Colorado's MLS of ChoiceSM.
Free Wi-Fi Lounge
Bring your laptop or mobile device and take advantage of comfortable seating while keeping connected with clients, colleagues and business contacts. Free Wi-Fi access will be provided in the Metrolist Technology Lounge, located in the lobby of the International Center.
Education Session
Become the market expert by learning how to extract, utilize and report statistical data from online databases. Megan Aller, Metrolist account manager, will lead "How Is YOUR Market?" at 9:00 am on Tuesday, Oct. 20.
Keep up-to-date with your local marketplace using industry reports and technological tools. Learn how to access listing and property data statistics and download data into popular programs such as Microsoft Excel.
Visit www.REALTORWorldColorado.com for a complete schedule of speakers, registration information and additional details about REALTOR® World, presented by the Colorado Association of Realtors®.
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