At the May, 2008 mid-year meetings of the National Association of Realtors (NAR), the Board of Directors of NAR adopted changes to the model Multiple Listing Service (MLS) Rules to reflect the realities of short sales. Every MLS must now give to the Participants, the ability to disclose to other Participants any potential for a short sale.
Definition of a Short Sale
Short sales are defined by NAR as follows:
“…a transaction where title has transferred; where the sale price is insufficient to pay the total of all liens and costs of sale; and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies.”
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