Tip of the Week – Financing Type

Posted on August 6, 2012 by admin_ecar

Financing! A word that’s near and dear to every Realtors heart. The only thing better is cash! But what’s the big deal about the Financing Type field?

Even though it’s an optional field, it’s an important one. We get regular questions about where to search for homes that can be purchased with a VA loan, or FHA or owner financing, Lease Option. And that field is Financing Type. It may not seem important when you’re entering the listing, but other agents are searching for these options. If you want your listing to be found in a search, it’s necessary to include details like this one.

It’s one of the feature lists that are near the bottom of the residential listing entry page. And like the other feature lists, you can select as many options as needed by using the Control key on your keyboard. Or the Command key if you’re using a Mac.

One of the other questions we hear about this field is about mistaking another field for it. Just before you get the Financing Type field, there’s the Assumable Mortgage field. It can be easy to accidentally mix up the two, especially if you’re new to the system.

Assumable Mortgage is a field that’s used to identify, well, an assumable mortgage. It has similar options to the Financing Type field. And you come to it first. So there have been times when options on this list were chosen when they weren’t supposed to. Then the question becomes how do you remove an option from this list?

The answer to that question is easy (to someone who’s done this a thousand time, at least.) You go back to the Control/Command key. That key will allow you to select or deselect individual items from any of the feature lists.

One more common question is about cash purchases. Since this field is intended to indicate financing, you would choose None if cash is the only accepted payment option. Cash isn’t really financing, is it?

If you have any questions, please call us at 850-244-2411, or email susan@ecaor.com.

Susan Beck, MLS Director
Emerald Coast Association of REALTORS
Fort Walton Beach, FL