Effective January 1, 2015, a new law went into effect providing an additional method of foreclosure which will support the real estate market by selling residential properties in a pending foreclosure at market prices, including the ability to market in the MLS. Foreclosures by Market Sale are overseen and then approved by the Court in order to close the sale while the property is in foreclosure.
Please check out the FAQ for more complete information on the process. Also note that as this is a new concept, as more experience is developed with the actual process this information is likely going to expand or change. CTR continues to appreciate all the hard work of our members that went into making this legislation a reality.