REO Y/N or UNKN in the MLS listing input field means:
a) There is a Mortgage on the property
b) This is a Relocation property
c) A bank and or lender is the owner of the property
d) All the above
Let’s build some suspense in getting the answer.
Did you know you can learn about what REO Y/N means in MLXchange when adding a listing by simply clicking on the question mark that is next to the open field and reading the definition.
Don’t do this now because it would be cheating in our Game On! fun, but do it any time you need a refresher when you are adding a listing.
Ok, ok, the suspense is KILLING ME…what’s the answer?
If you answered C, you are correct. REO property is a class of property owned by a lender, typically a bank, government agency or government loan insurer. REO does not mean that there is a mortgage on the property.
3 Comments
Good Stuff Adam. Lots of little time savers built into MLXchange – thanks for sharing
BTW – are there any plans/discussions in making the short sale field Y/N mandatory to complete? I think it may be a better option then optional
@Brian and Theresa thank you for your feedback. I will pass this along to our Dir of MLS for her to review.
I agree with Brian, the Short Sale field should be mandatory. It will save us all a lot of time and wasted energy making phone calls on this subject.