A seller who wishes to sell a flood damaged or a gutted property should include the new option of “Currently Damaged” which has been added to the Special Sales Type field as of 9/2/2016.
As with any Special Sale Type option, there is a corresponding remarks section called “Special Sale Type Disclosure” which will require a text description of the circumstances of the damage (ie. “Flooded”).
Buyer’s agents can also use this field to search for damaged properties.
Just like in the case of a foreclosure or short sale, when the listing is sold, the sales comp will contain that Special Sales Type and the Special Sales Type Disclosure for the purposes of evaluating those historical comps.
This field not only applies to properties affected by the recent flooding, but can also be used to identify any damaged properties in MLS such as fire damage or having lost a roof because of a hurricane, tornado, etc.
CLICK HERE FOR INFO ON HOW TO USE/SEARCH CURRENTLY DAMAGED
If you have a listing that was damaged by the recent flooding, you can use the following options to identify them in the MLS.
IF DAMAGED AND FOR SALE IN THAT CONDITION:
Mark STATUS = ACTIVE
Mark SPECIAL SALE TYPE = CURRENTLY DAMAGED
DAMAGED AND NOT FOR SALE:
- If the listing agreement has been cancelled prior to expiration date, mark the status as WITHDRAWN.
- If the listing agreement is still in effect, mark the status as TEMPORARY OFF MARKET (TOM). The TOM status has been extended to allow properties to exist for more than the original 30 day limit. In this circumstance, the seller has decided to pull the property OFF THE MARKET during the term of the listing agreement to do repairs. THESE PROPERTIES ARE OFF MARKET AND MAY NOT BE SHOWN.
