REO vs Short Sale

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.

Support Information

You can get support documentation for our programs and other helpful links by logging in to the Support section of our website.

Go to http://www.ct-mls.com/, click Support and login.

From this section of our site, you can:
Print out the latest versions of our training materials for all of our programs (RE/Xplorer, Paragon, Listingbook, and rDesk).

Search our online knowledge base for answers to common issues.
Open up an instant message chat with a technician (during business hours).
Download free programs to help keep your computer clean of virus and spyware infections.

Matrix Overview Video

We are all eagerly awaiting the first glimpse of our brand new Matrix system (which should occur for GFC CMLS staff within the next few weeks). In the meantime, we have created a high-level overview video of Matrix. The video is a recap of the Matrix informational sessions we held back in February- it outlines the factors that led to our decision to switch MLS vendors, explains why we chose Matrix as our new MLS system, and provides a sneak peak of several key features of the Matrix system.

The next couple of months are going to fly by. Before we know it, it will be June and Matrix will be running in parallel with RE/Xplorer and Paragon. At that point, you will have a couple of months to acclimate yourself to Matrix before the final cutover in August.

We encourage everyone to watch the video, even if you attended one of the sessions a couple months ago. It is very important that everyone has a clear understanding of what is going to be happening over the next several months. We want to give all of our users ample opportunity to learn about our new system and experience it for themselves before we shut off RE/Xplorer, PC Access and Paragon.

Please do not get left behind. Click here to view the Matrix Overview Video. To best view the video Do Not Click the link while you are in RE/Xplorer, go to www.ct-mls.com and click the link there.

In Case You Haven't Heard...

We are moving to a completely new MLS System this Summer- Matrix MLS. Matrix is very fast and user friendly, and we are excited about transitioning to it over the next several months.

Right now, our customized Matrix system is in the process of being built. Once this is complete, we will begin a testing phase where we hope to identify and correct as many issues as possible. If you have volunteered to help us test our system, we will be contacting you with more details as the testing phase approaches.

If our current timetable remains unchanged, we will be running Matrix side by side with RE/Xplorer and Paragon beginning in June.
At that point, everyone is encouraged to use it as much as possible. All functionality except for listing input and maintenance will be available during the parallel period.

The final cutover is scheduled for the first week of August. At that point, our current system will be completely shut down, and the only way to access the live MLS system will be through Matrix. That means PC Access, RE/Xplorer, and Paragon will no longer be around.

As the transition draws nearer, we will be providing many different forms of Matrix training: lecture-style sessions, hands-on classes, webinars, and recorded videos posted to our website. We will make every effort to keep all of our users as informed as possible. We do not want anyone to be left behind.

Please keep an eye on our website and your email inbox- we will be using both to communicate updates regarding our Matrix transition.

New fix for IE9 Script Debugging Issue

We are happy to announce that there is a new, easier way to deal with the IE9 Script Debugging issue that has plagued RE/Xplorer users recently.

Here are the most common symptoms of the problem: 1.) you are doing a search but the number of matches never changes when you enter criteria, 2.) you cannot display reports (it just says Loading in the upper left corner of the screen), 3.) you are having problems entering/saving listings.

To fix the problem, close your search or report and get back to the RE/Xplorer homepage (you do not need to log out). Go to Setup,click Fix IE9 Debug Settings, click Run, click OK.
You should once again be able to run searches, display reports, and input/modify listings without any problems