Connecticut is the only state in the Nation that has this. It has not yet been tested here. This is what I get from it. The homeowner receives notice from their lender when the homeowner is in default. There is a sixty day window to accept this new Forcclosure by market sale. If the homeowner elects it, a judge at the superior court level oversees the file, the lender orders an appraisal. In the meantime a realtor can list it. If the lender refuses to accept the FBMS, they can not be a part of the mediation once the file goes to foreclosure. It was intended to assist in getting a house sold at FMV and the judge, lender and realtor are supposed to work together. I do not see this happening yet. If the homeowner elects to go this route and the bank agrees, the homeowner waives their right to mediation in the foreclosure process. I was reaching out to Connecticut realtors and attorneys to find out how it works. It is vague.