Foreclosure in Albion>Question Details

Dawn Morgan, Home Buyer in 49224

Why is it so hard to find out info on foreclosed homes?

Asked by Dawn Morgan, 49224 Wed Jan 7, 2009

I'd like to know if there is a site I can go to to find out info like addresses, discriptions and prices other than having to sign up on some site that charges my credit card after a certain amount of time? Wouldn't lending places beniffit from letting people know more about these properties?

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7
Bank owned properties are listed for sale by local real estate brokers and placed on the MLS among all of the other privately owned homes that are listed for sale. They are not hidden away from people or buried in the sand with an 'x' over it. What you need is a Realtor who has access to the mls. If you are speaking about a foreclosure you know about but can't find it listed anywhere, it is probably because it has not yet been listed. Sure, some banks are slow getting from the foreclosure sale to the market, but keep an eye on the property and a sign will soon appear (ok, perhaps not soon). They all eventually hit the market. All my company does is list and sell bank owned properties. There are a handful of offices that only do REO in my area. There is likely an REO broker in your area as well.
0 votes Thank Flag Link Mon Aug 8, 2011
The problem is that like anything else someone wants to make a profit off of someone elses misfortune. I give credit to the many realtors out there trying like everyone else to make a living but as you can see it doesnt help the situation. I have looked my self through the fog bank of web sites looking for a home that will accomodate my family at the lowest possible price. If realtors really wanted to speed up the process they would just list the property and let the consumer find it. There red tape is to slow in my opinion and just slows down a potential sale. If we wanted a realtors help, we will ask for it, if not, then just show us the property period.
0 votes Thank Flag Link Sun Aug 7, 2011
I know this is a little late, but you're looking in the wrong places. Foreclosed homes are listed on the MLS right alongside the rest of the listings. The ads may not always say which are foreclosed and which aren't, but does that really matter? If the home has the amenities you seek and is in the right price range then it is a match. Other properties may be well priced for various reasons including short sale, estate sale, or an owner who needs cash quickly.

I would recommend enlisting the services of a Realtor to help you with your search. Websites you might consider would include http://www.realtor.com or http://www.swmric.com - both owned by the National Association of Realtors.

Good luck!
0 votes Thank Flag Link Mon Mar 22, 2010
Dawn,

Foreclosures can be listed in numerous places. I think the best way to find them is to have an agent on your side that is good at finding them. I cover Albion and would be willing to help you. If your still looking, please feel free to contact me at the information below.

Thank you,
Doug Beiswanger
Agent
Good Earth Real Estate LLC
517-990-3221
0 votes Thank Flag Link Mon Feb 22, 2010
In Grand Rapids, Michigan they are all listed on the local MLS...............as I am guessing they are in your area in Michigan too. Banks (Reo's) will all list with a realtor, who then list them on the local MLS site. However some MLS's may not refer to them as Bank Owned on the site, therefore you will not know if they are banked owned or not..............some key words to look for is "sold as is" or "specail conditions apply". However it is very easy for a realtor to send you daily listings...........if you are working with one, ask them to send you listings in your price range................I send out many every day. Here is the link to the HUD site http://www.mcbreo.com. Good luck in your search.
0 votes Thank Flag Link Wed Jan 7, 2009
Hi Dawn,

We're located in CT and there is a local newspaper in our area that prints real estate transactions and financial records. Financial records include IRS liens, lis pendens, bankruptcy, foreclosures, etc. It is a very useful source of information. Is there something like this in your area?

Bob & Richelle Ward
Prudential Connecticut Realty
rward@prudentialct.com
0 votes Thank Flag Link Wed Jan 7, 2009
Dawn,

The process banks follow with their "foreclosures" is they enter into an agreement with a realtor that lists, advertises, and sells these properties. There are companies that will sell you access to lists for a fee.

Our recommendationis to be in touch with a local real estate professional that has access to information on "foreclosed" homes. They will be able to provide you with the information you are seeking an no charge to you.

Good luck
0 votes Thank Flag Link Wed Jan 7, 2009
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