Among the most requested improvements to REsearch is a better way to enter and search for Short Sale and REO listings. Whether agents specialized in them, or wanted to exclude them, the current setup often resulted in incomplete or even conflicting information. In REsearch 4.5, we’ve made working with foreclosures as straightforward as possible.

Please read on for details on the planned improvements to both the data entry and searching side of REsearch.

This is part of a series of bulletins that are designed to help you prepare for REsearch 4.5. See our previous features on the simplified Fees section and the changes to the Rentals section, and be sure to bookmark our REsearch 4.5 information page.

Lost in the Shuffle

Implemented as part of the substantial changes delivered with REsearch 4.3 and the database reorg, the current positioning of Short Sales and REOs within REsearch is problematic.

Responding to comments that these property classifications did not always involve (and thus did not belong under) “Restrictions on Commission,” we added ‘REO/Lender Sale” and “Short Sale” to the “Disclosures” section as well. Putting these options in two places was confusing. In addition to this duplication, there was the separate issue of the different terms used in the system — “Lender Sale” versus “Pre-Foreclosure” versus “Short Sale,” and so on. Finally, the checkboxes were mixed in among over a dozen other unrelated options and easy to miss.

Because it was difficult for agents to correctly list these properties, it was similarly difficult to search for them. The setup even prevented you from including “Pre-Foreclosure” and “Short Sale” listings in a single search. Agents lost confidence that they had all the foreclosure information that they needed to serve their clients.

One Field to Rule Them All

We went back to the drawing board, compiling dozens of comments and consulting with top agents and brokers that specialized in these properties. We standardized the terminology, and decided to give Short Sales and REOs the prominence they deserved given the level of activity in today’s marketplace.

As a result, REsearch 4.5 features a single “Short Sale/REO” field with two straightforward options: “REO/Foreclosure” and “Pre-Foreclosure/Short Sale.”

“Pre-Foreclosure/Short Sale” remains an option under “Restrictions on Commission,” but only needs to be checked if commissions are indeed restricted. On the other hand, if an agent checks “Pre-Foreclosure/Short Sale” under “Restriction on Commission,” we will automatically select the appropriate option in the new, primary “Short Sale/REO” field.

Finding Short Sales and REOs

The simplified data entry process for Short Sale and REO listings will help ensure that you’re again seeing (or excluding) one hundred percent of the affected listings. The revised search form in REsearch 4.5 makes finding REO/Foreclosure and “Pre-Foreclosure/Short Sale” properties easier than ever:

We hope that this key change once again restores the accuracy and completeness of data within REsearch, and that you get the information you expect and need to run your business.

Data Conversion Notes

REsearch 4.5 will include a data conversion process to reorganize the information in the current set of fields into the new set. We have set up a process to identify Short Sale and REO listings based on the most common selections used under the current, confusing setup.

While we are confident we’ll be able to identify and convert all affected properties, we do encourage you to verify your listings after REsearch 4.5 is released.

Our data conversion will also impact users who have customized their default search screen. We will identify users who have added the current “Restrictions on Commission” field to their search view, and automatically replace the section with the new “Short Sale/REO” field.

Parts of the data conversion process are complex, and the individual rules are too numerous to detail in this bulletin. If you have specific questions, please don’t hesitate to contact us.

Live Webinars

We have scheduled several live, online “What’s New in REsearch 4.5” training sessions in which you can get an overview of the changes and get your questions answered.

Click above to RSVP, and mark your calendars!

Learn More!

Find all the information you need to be ready for this planned release here:

http://www.hawaiiinformation.com/45

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