Jane Grant, Real Estate Pro in Temecula, CA

Do you have a problem with REO listings being advertised before going into the MLS?

Asked by Jane Grant, Temecula, CA Tue Sep 28, 2010

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Most banks are putting this to an end. They now require a property to be on market for 5-7 days before any offers can be submitted. And, then only owner occupants can submit offers at that time. Investors often have to wait until 14 days on market before their offers will be reviewed.
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0 votes Thank Flag Link Tue Sep 28, 2010
Yes I do, and it is illegal in many states. If you are having a problem contact your local association and let them know. "Coming soon" signs are a major no-no with many REO companies, and if they find out you are doing it you will take a scorecard hit. Is it really worth it? I mean, with a lot of these companies if you or someone from your office also represents (writes the offer) the buyer too often you get penalized for that too.
0 votes Thank Flag Link Tue Sep 28, 2010
No though we do place signs and etc prior to listing agreement to place in the MLS. I do see this type of thing on Trulia and the like as well as Craigslist. Some agents only submit pocket listings and I do not see how they get away with it thorugh the local board or seller to be honest.
0 votes Thank Flag Link Tue Sep 28, 2010
No. However the bank is expecting the property to be marketed to the whole market before they are taking offers. if you have a buyer in the pipeline for the property the minute it hits the MLS that's cool, but i don't think they'd appreciate pocket listings.
0 votes Thank Flag Link Tue Sep 28, 2010
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