What does it mean when a foreclosure is in Pending status in the foreclosure search in Monsoon? Does that mean it’s on the market? Or is it about to be sold in the MLS?
The answer is simple. The statuses you see in the Monsoon foreclosure section have nothing to do with your MLS statuses. They’re based on where that property is in the process of the Trustee Sale.
The statuses you may find in a foreclosure information section in Monsoon are:
Pending- The property still has a pending Trustee Sale.
Sold- The Trustee sale was bought. It can take up to 30 days for this to record, depending on the buyer.
Canceled- The owner made good on the debt and the property is no longer in foreclosure. This record will show in the foreclosure for 30 days once the debt is paid off.
Not Reporting- The trustee sale date has passed and no information or documentation on the property has been received.
So remember, when doing a foreclosure search, the Monsoon status is not the same as the Flexmls statuses. Rather, it’s the status of the Trustee Sales on that property.
Chelsea Oakland joined the ARMLS team in 2014. With her learning and development experience she knew she would have an impact on the company’s end goal to service its more than 40,000 subscribers.