Special Listing Conditions
Not every house for sale is a clean offer. Sometimes there are special conditions on the property that will affect the transaction timeline. One example of this would be “Short Sale Approval Required” or as our Arizona MLS abbreviates it, “Short Sale Aprvl Req.”
Here is a quick list of the Special Listing Conditions that ARMLS makes provision for when we list your home for sale:
- Short Sale Aprvl Req – Indicates that the property is worth less than what is owed on the mortgage.
- HUD Owned Property – this means that the property is owned by the Department of Housing and Urban Development.
- Pre-Foreclosure – any property that is in the 90-day period following a Trustee Sale Notice would be considered Pre-Foreclosure.
- Probate/Estate – a process by which a will of a deceased person is proved to be valid, such that their property can in due course be retitled or transferred to beneficiaries of the will.
- Owner/Agent – we are required to disclose that we are agents if we own the property being sold. Likewise, we are required to disclose whether or not we are related to the seller if we list their property.
- Age Rstr – the community may be in a 55+ sub-division, or retirement community etc.
- Preaprvd Short Sale – I’m uncertain why this exists, other than to convey to a potential buyer that the lender has previously agreed to a short sale at one point or another on the property.
- Lender Owned Prop – Owned by the bank, or what people commonly refer to as a foreclosure.
- Auction – just what it says.
- Court Approval Required – can anyone say law suit? Divorce? Bankruptcy?
- Relo/Corp Aprvl Reqd – Sometimes companies move people across the country by purchasing their homes from them and reselling them all in one fell swoop. When this happens, since there are two title transfers, and one is the employer, they typically have to approve.