Hi Michelle,
Usually if it's not listed there is a good reason for it. When a bank wants to sell they will want it listed to expose it to all. Be careful buying REO/Foreclosures, they come with no disclosures. It is strictly buyer investigate and buyer beware.

Find a realtor that has practical construction experience and not just layers of disclosures and cya.

I've had 20+ years General Contracting and as custom Foundation Installation Contractor. Also Have experience in development and country properties.

Working for the client, not the Broker

One more thing. There's no harm in working with a REO listing agent and there's no question that you'll find out about some REOs before they are entered into the MLS, but most banks will not accept any offers until the property has been on the market (i.e., in the MLS) for at least 78 hours as they want to get the most money for their properties and they know that an offer procured by the listing agent (or someone in the listing office) before the property was submitted to the MLS and exposed to a broader buyer pool may not be the best possible offer. I can see working with an REO listing agent as an advantage because the agent will be more familiar with what the bank may be willing to accept than others, but you also have to remember that the listing agent has a fiduciary duty to the bank and will not jeopardize his/her established relationship with that client do give you an unfair advantage (i.e., this client means many listings for the listing agent and losing this account would mean losing lots of commission revenue).

Hello Michelle. Banks do not sell properties to buyers directly, which means that you either have to wait until the property comes on the market through the MLS or is put up for auction. Most homes will be marketed through the MLS before they ever go to auction. If have not already chosen a real estate agent, I would highly recommend that you choose your buyer's agent now and ask the agent to set you up with an automatic e-mail notification system that will send you e-mails of REO listings when they come on the market. That way, you'll be able to monitor the market and you'll know right away when something hits the market that meets your criteria. You'll have to be prepared to act quickly as we see multiple offers on the good deals. I hear it more and more. Many buyers think that they don't have to hurry because it's a buyer's market, but when it comes to a good deal, you better hurry because you are competing with many other buyers who are also looking to find a good deal. Good luck to you.

go to sonomareo.com but guess what, the buyers define the bottom we are only on the up swing if people start cranking up their offers!

The reason the REO's are not listed is the banks and there agents don't what you to know how bad it is. The number of REO's not listed is considerable. If you are like me the asking prices make you believe you can afford it so you start looking. then low and behold when you go to make an offer there are multiple offers on that 250k house listed for 200 days. Getting buyers make offers over asking thats their game even your agent is tryng to get you to spend more. BUYERS STICK TO YOUR GUNS WE CONTROL THE MARKET! DON"T LET THE SYSTEM CONTROL YOU.
buyers don't restart the insanity of 05 don't get into bidding wars!

What ever you do do not offer over asking or listen to Multiple offer situations. When you agent tells you that they were told that their were told multiples ignore term make your offer. The buyers well return the market to normalcy when the REO's have sold. DON"T PAY TOO MUCH don't a lot of people wish they had heard that from a Realtor!

Well I think you will like my answer. I have all of Chase Banks foreclosures or REO's in my office. Also starting to get a ton from Wells Fargo. I will say this and it is true! I hear about these properties before they hit the market and that is huge. Its is an advantage to you as a buyer to work with me not only for that reason but many more. The best thing to do is meet up. My office is in Rohnert Park on the corner of State Farm and Expressway.

go to http://www.socorealestate.com I have all the properties listed as soon as the notice of default is posted. ( This is 4-6 months before they become REO properties). There you can track the properties as they go from Preforeclosure to Auction and then REO.

Getting the type of list of REOs that investors tend to use. These REOs are are pre-screened (no liens, in livable condition, etc) and you can close very fast and you don't need to wait around for the bank's response. The companies that provide you with these lists tend to name them "investment systems" as they truly are systems because they are ready to go.Google reo foreclosure investing system

I have invested in several REOs and foreclosures using pre-screened lists...and it is very convenient as you can focus on getting the properties and not going thru these long list of dead leads...good luck and hope you are able to find you 1st home soon.