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  #1  
Old 02-26-2009, 12:43 PM
Doug Smith, SRA's Avatar
Doug Smith, SRA Doug Smith, SRA is offline
 
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Location: Southwest Montana
State: Montana
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Default 1004MC MLS REO Data-Act Now!

Recently our local MLS (Paragon) added a required field "Short Sale" yes or no. This change has gone smoothly.

I recently asked the local Board to consider adding another field: "REO/Foreclosure"

I made the case that adding this field would help sales people locate properties for clients looking for this type of property but that appraisers would be content to see the information added post sale along with the usual closing info.

In view of the April 1 date, appraisers might consider making the request of local board to add this field if it is not already in the system. I enclosed a copy of the 1004MC to back up my request. The state of REO properties is a large part of the 1004MC form.

My local board accepts an e-mail request so I don't think it is very difficult to ask for a change.

Good luck,


Doug
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Old 02-26-2009, 01:17 PM
Lobo Fan's Avatar
Lobo Fan Lobo Fan is offline
 
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Location: Rio Rancho, NM
State: New Mexico
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I made a request some time ago. I was told that many REO companies do not want their listings identified as REO, and could violate the listing agreement. Not sure how true this is, but it was the story I was told.
  #3  
Old 02-26-2009, 01:19 PM
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VegasWayne VegasWayne is offline
 
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Location: Area 24
State: Nevada
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Las Vegas GLVAR has had this for a couple of years. Makes the analysis much easier.
  #4  
Old 02-26-2009, 01:37 PM
Pa'akai Pa'akai is offline
 
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Location: Tellico Plains, TN
State: Tennessee
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The Knoxville, TN board has had this for some time. It does help.
  #5  
Old 02-26-2009, 05:56 PM
Doug Smith, SRA's Avatar
Doug Smith, SRA Doug Smith, SRA is offline
 
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Location: Southwest Montana
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Default Lenders

Quote:
Originally Posted by Lobo Fan View Post
I made a request some time ago. I was told that many REO companies do not want their listings identified as REO, and could violate the listing agreement. Not sure how true this is, but it was the story I was told.
Thanks. I verified that some lenders do not want information in the addendum or the narrative portion of the listing that indicates the property is an REO property. They make that part of the contract.

My contact ventured that the information request only applied to the narrative portion of the listing. I guess that part of the answer came with wink. His firm supported listing the the REO/Foreclosure information in the MLS info as flag, yes or no.

Anyway I am scheduled to attend the MLS meeting on March 9.

He made one comment that there was a big push to spread out the REO listings. Real estate firms are upset that some firms seem to dominate in most markets. Some are clamoring to get Fannie and Freddie to spread the work out. Interesting development to watch.

Doug
  #6  
Old 02-26-2009, 06:13 PM
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Otis Key Otis Key is offline
 
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Location: Mile High
State: New Mexico
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Uh Lobo - I'm on the policy committee at the Board - never saw any such request - the policy member names are clearly available on the website! I'll bring that up at the next meeting, but try to make a bigger effort. Look on the website for the names and email addys.

I'll bring this up again but it might help if you showed up at the Appraisal Council meetings more than once a year and added some input.
Quote:
Originally Posted by Lobo Fan View Post
I made a request some time ago. I was told that many REO companies do not want their listings identified as REO, and could violate the listing agreement. Not sure how true this is, but it was the story I was told.

Last edited by Otis Key : 02-26-2009 at 06:19 PM.
  #7  
Old 02-26-2009, 06:34 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
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Location: Springtown, AmeRica
State: Arkansas
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Our buzzword is "corporate addendums"...its a bank owned property. Usually in the remarks section.
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  #8  
Old 03-09-2009, 12:11 PM
Doug Smith, SRA's Avatar
Doug Smith, SRA Doug Smith, SRA is offline
 
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Default MLS Accepts Proposal

In a meeting held today in Missoula, the local MLS accepted the proposal to add a field for REO/Foreclosures in the closing information.

There is an additional field for Short Sales.

The real estate brokers in attendance agreed that the inclusion of the field would assist both appraisers and brokers and the proposal was readily accepted.

A copy of the 1004MC was passed out at the meeting. The brokers were astonished at the detail in the Fannie Mae MCA 1004MC form.

Doug
  #9  
Old 03-09-2009, 07:58 PM
The Argus The Argus is offline
 
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Location: The Mile High City
State: Colorado
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If I had a nicklel for every REO listing I've seen here in Colorado with the words "Corporate Owned" and "RELO" in it I would have a nice pile of nickels.

A little misleading IMO.
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