Sec. 49-24d. Listing agreement in foreclosure by market sale.
188 words·~1 min read·
/ct/title-49/chapter-846-mortgages/49-24d·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As soon as practicable after receiving a report of a written appraisal performed pursuant to section 49-24c , the mortgagee shall furnish the mortgagor with a copy of such appraisal. If the appraisal indicates that the mortgage would likely be eligible for foreclosure by market sale, the mortgagor and the mortgagee may reach an agreement on mutually acceptable terms and conditions to list the property with a person licensed under chapter 392 and chosen by the mortgagor using a listing agreement meeting the requirements of said chapter.
Any such listing agreement shall require such licensee to report any offer for the residential real property to both the mortgagor and the mortgagee as soon as practicable. The mortgagee shall provide the name, mailing address, telephone number, facsimile number and electronic mail address to be used to report offers to the mortgagee. The mortgagee may not require the use of a particular licensee or group of licensees as a condition to approving a listing agreement. Nothing in this section shall be construed as requiring either the mortgagor or the mortgagee to reach an agreement regarding a mutually acceptable listing agreement.