Better late than never. The Ann Arbor Area Multiple Listing Service database is now, finally, searchable by the data fields of Short Sale, Private Owned, Bank Owned, and Government Owned. For the first time, prospective buyers can set their search parameters based on the ownership status of the property. Prior to today, it was pretty difficult and cumbersome for buyers and their agents to easily determine the ownership staus of a house without sorting through listings individually for identifiers within the 'remarks' section of the listings.
Agents are now required to enter the ownership staus as they input the data when they take new listings. This should prove interesting in some circumstances. For example, one Asset Management company that I work with makes it very clear that they do not want their listings identified, advertised, or promoted as Bank Owned. Now that this is a local Board of Realtors requirement, it should make for an interesting discussion.