Page 2 - MLS Training Book

Using the above criteria, you can easily differentiate between a residential house or townhome,
active vs pending listings, and construction status like resale for something to be built. This is the
easiest order to use for quick MLS searches.

4. Stipulation of Sale - category separates normal listings from distressed or bank owned listings.

Auction Property procured at an Auction sale.

Bank Owned Property that has been foreclosed on by the bank and is now
bank owned.

Court Sale Property being sold as a result of a court settlement.

Foreclosure Deed Not Recorded Property that was foreclosed on and the Deed has not
been recorded in the current purchaser’s name.

HUD Homes owned by US Department of Housing & Urban
Development. HUD requires real estate brokers to be properly
registered with HUD to submit contracts for purchase and to
collect commission.

Lender Approved Short Sale The bank has issued a letter stating the price they agree has
to be on the short sale property.

None The property has no stipulations.

Potential Short Sale Has not been bank approved for the price but is declared a
short sale.

Pre-Foreclosure A property that is behind in payments and the bank has issued a
warning that the property can go in Foreclosure if an agreement
or the sale of the property does not take place in a specified
time limit.

5. Price
Searching by price range is also a common search technique. MLS allows you to search by minimum
price range and maximum price range. If I searched active residential listing below $300,000 max
price range, MLS would list every active residential listing priced at $300,000 and below. Keep in
mind, listings priced at $301,000 or above would be excluded from search results.

6. Room Count
You can also search MLS by bedroom and bathroom count, or by features. You could for example
search all active residential listings with minimum of 3 bedrooms.

7. Features
By reviewing the MLS Input form you can become familiar with all the feature choices in MLS.
Features include everything from lot location to walk-in closets. For example, you could search all
active listings with walk-in closets.