This week, the Northwest MLS added two required fields to our database to help track home listings that will be a big help to the real estate market in Western Washington. Agents are now required to state whether a home is “bank-owned” or a “short sale subject-to 3rd party approval”. Previously you had to sift through the property remarks to figure out if a property was owned by a bank or was a short sale. There was no accurate way to gauge how many of these properties were on the market.
It isn’t clear when this data will be made available for download to public sites, so for the moment, these fields are only viewable by agents with access to the NWMLS. Hopefully that policy will change soon so that the public can easily search on these important criteria.
For now, you can ask your agent to generate a list of short sales or bank-owned/REO properties in your area. The new database fields have made that process easy. It will take a number of weeks for all of the listings to get updated, but there are already hundreds of these in the database now.
If you aren’t currently working with an agent and need access to a list of short sale or REO properties, give us a holler at 206-462-6200 or [email protected] and we’ll be happy to do the searches for you.