A listing cannot be both a SHORT SALE and a REO property. These are mutually exclusive fields.
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency. The Compensation Code field is not a required field however you can mark your listing as a Possible Short Sale by placing a “S” in this field.
IN A SHORT SALE SITUATION, THE LISTING MUST BE MARKED AS CTS WITHIN 48 HOURS OF THE BUYER AND SELLER REACHING A MEETING OF THE MINDS. APPROVAL OF THE BANK IS A CONTINGENCY OF THE TRANSACTION AND SHOULD NOT AFFECT WHEN THE LISTING IS REPORTED AS CTS!
Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. As soon as the bank repossesses the property, it is listed on their books as REO – Real Estate Owned – and is categorized as an asset. REO Property shall mean a property listed by a lender or the lender’s authorized representative. This is a required field for SF, CN, MU, CI and LA property types.
Thursday, February 24, 2011
Wednesday, February 16, 2011
GFC CMLS Invoices Emailed
On Tuesday, February 16th 2nd Quarter GFC CMLS Invoices were emailed to all GFC CMLS members not participating in our automatic credit card payment program.
Please contact our office if you did not receive your invoice via email.
You can pay your invoice online by going to the Manage Account section of our website or by clicking here.
Please contact our office if you did not receive your invoice via email.
You can pay your invoice online by going to the Manage Account section of our website or by clicking here.
Windows 7 and IE8 settings for RE/Xplorer
If you have a computer that is running Windows 7 and would like to make it compatible with RE/Xplorer, we have just created a step-by-step guide that walks you through the settings that need to be configured.
Please click here for the instructions.
As always, if it is during our normal business hours and you'd like a GFC CMLS technician to walk you through the configurations, or take over your computer and do it for you, please do not hesitate to call us.
These instructions are also applicable if you have recently upgraded to Internet Explorer 8 and need to make RE/Xplorer compatible with it.
Please click here for the instructions.
As always, if it is during our normal business hours and you'd like a GFC CMLS technician to walk you through the configurations, or take over your computer and do it for you, please do not hesitate to call us.
These instructions are also applicable if you have recently upgraded to Internet Explorer 8 and need to make RE/Xplorer compatible with it.
Friday, February 11, 2011
Using a Mac with RE/Xplorer or Paragon
If you'd like to get RE/Xplorer and Paragon to run on an Intel-based Mac, there are a couple of ways you can do that.
You can buy a copy of Parallels or Fusion, and either of those will let you run the Windows operating system. You will also need to buy a copy of Windows to install in one of those 2 programs, such as Windows 7.
Another way to get Windows running on a Mac is to use BootCamp, which is included with newer Macs, but then you have to reboot the computer each time you want to switch between the Mac or PC operating systems.
You would also still need to buy a copy of Windows to install with BootCamp, just like with Parallels or Fusion.
For more info (system requirements, etc.) on Fusion, Parallels and Bootcamp, click the links below:
http://www.vmware.com/products/fusion/
http://www.parallels.com/products/desktop/
http://www.apple.com/support/bootcamp/
You can buy a copy of Parallels or Fusion, and either of those will let you run the Windows operating system. You will also need to buy a copy of Windows to install in one of those 2 programs, such as Windows 7.
Another way to get Windows running on a Mac is to use BootCamp, which is included with newer Macs, but then you have to reboot the computer each time you want to switch between the Mac or PC operating systems.
You would also still need to buy a copy of Windows to install with BootCamp, just like with Parallels or Fusion.
For more info (system requirements, etc.) on Fusion, Parallels and Bootcamp, click the links below:
http://www.vmware.com/products/fusion/
http://www.parallels.com/products/desktop/
http://www.apple.com/support/bootcamp/
Wednesday, February 9, 2011
Women's Council Event
The Southern Fairfield County Women's Council Chapter is hosting a "What is Your DISC" event featuring Laura Treonze at the Norwalk Inn, Wednesday, February 16th. Learn how to communicate more effectively, close more deals and create clients for life through the DISC personality assessment.
The cost is $20 for members and $30 for non -members. Contact Nadine Tanen for additional information.
The cost is $20 for members and $30 for non -members. Contact Nadine Tanen for additional information.
Friday, February 4, 2011
MFCAR Special Event February 7th
The Mid-Fairfield County Association of Realtors invites you to hear Congressman Jim Himes and State Senator Bob Duff talk about the Economy, Jobs, National & State Deficits, Frannie & Freddie, the Mortgage Crisis, Bank Foreclosures, Possbile Repeal of Mortgage Interest Deduction and in general, the tone of governing in Washington and Hartford. Monday, February 7th at the Westport Country Playhouse from 9 am to 11 am. $5 per person and a reservation is required. Contact the Mid-Fairfield Board at 203 227-4418 for additional information.
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