Three New Fields Coming to NorthstarMLS
Three new required fields will be added to Northstar MLS.
The current “In Foreclosure/Lender Owned?” field will be replaced with two separate fields: “In Foreclosure” and “Lender Owned.” As with the current combined field, the options will be Yes, No and Not Disclosed. For current listings, both separate fields will automatically be populated with whatever you have selected for the combined field. If this is incorrect for either of the separate fields, you will need to edit it in the MLS System, Home Base.
If you have any Saved Searches in Matrix that include the current “In Foreclosure/Lender Owned” field, it will automatically be replaced with the single “In Foreclosure” field. If you want to add “Lender Owned” to any of your current saved searches, you will need to revise them.
NorthstarMLS continues to define “In Foreclosure” as: The homeowner being served official notice of foreclosure by a governing entity.
“Short Sale?” is our third new field. The options here are also Yes, No and Not Disclosed. Existing listings will have nothing selected for this field. If you want to make a selection, you will need to go to Home Base and edit the listing.
For Northstar MLS, we define “Short Sale” as: A transaction where title transfers; where the sale price is insufficient to pay the total of all liens and costs of the sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.
For all three fields, you should have the seller’s signed consent for a disclosure of “Yes.” You can get this through their signature on the Listing Input Form or on a Change Form.
These new fields will be available on the Listing Input forms through WEBForms later today. Both the electronic and print forms are available through WEBForms. To access WEBForms, click the WEBForms link in the blue menu bar just below the tabs on this screen. If you prefer a print version, click the “Printable Forms Library” tab within the WEBForms application.
The new fields will also be available for broker/agent Web sites (through Broker Reciprocity) after a three week notice period for developers. Therefore, the new fields will be visible to the public.
