We have two significant changes coming to Paragon™ on Tuesday, June 24 to help agents deal with the current market realities. First, we will be adding a new status for Short Sale transactions and second a new required field to Paragon™ to better identify Short Sales and REO listings.

The new status is called Pending - Subject to Lender Approval. This status should be used when a Potential Short Sale listing has an offer accepted in writing by the seller, but is waiting confirmation from the lender that they will accept the terms of the offer. Since the seller is the owner and has accepted the offer, this will be a pending (off-market) status.

The new required field is called "Special Information," and will be used to more clearly identify Short Sales and REO listings. There will be three choices from which to select:
• REO
• Potential Short Sale
• None

You must select one of these choices from the drop down menu in order to save your listing during the initial input. In addition, this field must also be completed any time a listing is updated or changed during listing maintenance. The REO and Short Pay information should still be entered in Disclosures as it has in the past. In the future, we hope to be able to auto-populate the feature fields from the Special Information field, but that will not be available until later.

Since this is a required data field, it will make searching for these types of listings simpler, and ultimately, more reliable. Initially, the current information under disclosures will be the best source of this information, but as listings are added, this field will become the standard.