Foreclosure Property

Foreclosure Property – Broker A has a listing contract with seller (Owner of property) during the foreclosure process. Broker B has a listing contract with the bank (Equitable Title) during the redemption period. Per Section 3.20, Equitable Title listing must be submitted to the MLS according to Section 3.2. Broker A may list the property in the MLS with full disclosure of Equitable Title.

NOTE: The Participant listing a buyer’s equitable title in a property must have the current property owner’s written permission to show the property to prospective buyers for the listing to display an active status. If the current property owner does not grant written permission, the listing must display a temporarily-not available-for-showing status.