Home Buying in 92270>Question Details

gogators, Other/Just Looking in Columbus Grove, OH

Do most realtors have a current listing of Bank Owned homes and/or are they reluctant to show these homes or provide the list for any reason?

Asked by gogators, Columbus Grove, OH Mon May 31, 2010

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Scott


"the problem with the banks owned lists, are they are not up to date, they list homes not yet on the market, homes already sold and sometimes homes that have title problems or are not yet ready to sell."

All the Bank Sites show properties listed by Agents and are updated and maintained constantly...Your comment is mis-leading and untrue....The MLS is not some Single Accurate Entity but over 500 Separate MLS's with separate Boards and rules which have their own Accuracy issues..

BTW...EVERY IDIOT IN THE UNIVERSE KNOWS YOU CAN CONTACT AN AGENT TO VIEW OF GET LISTS OF PROPERTIES...IT IS NOT A SECRET PEOPLE ARE UNAWARE OF..
Perhaps when Agents stop being so CHEEZY in the way they use Searching/viewing Properties as a Lead Generator the public would be more inclined to use WHAT THEY ALREADY KNOW EXISTS but wish to AVOID USING!!!!
0 votes Thank Flag Link Tue Jun 1, 2010
Please check out my website at http://www.palmspringspropertygroup.com and click on “Properties” you will find REO (Real Estate Owned by Banks) and Short Sales. These two tabs will take you directly to active listings. But if you would like to receive email alerts on a daily basis please contact me and I can set up a search for only the cities you are interested in.
Good luck in your home search and if you need my help, just give me a call.
George Colombotos
Realtor BRE# 01876004

Windermere Real Estate - Palm Springs South
2465 East Palm Canyon Drive Suite 605
Palm Springs, CA 92264
(760) 325-9091 Office
(760) 325-9092 Fax
(760) 832-3533 Cell

gcolombotos@Windermeresocal.com

http://www.PalmSpringsPropertyGroup.com
0 votes Thank Flag Link Mon Jul 1, 2013
Gogaators,
I believe in showing all the homes on the market. Forclosures, Distress properties, regular sales, anything. It is the objective of the agent to show a "Qualified buyer" the homes that match what they are looking for.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealestate.com
http://www.socalhomesrealestate.com
California Department of Real Estate License # 01312992
0 votes Thank Flag Link Mon May 31, 2010
All Realtors can access to lists of homes currently listed for sale, the problem with the banks owned lists, are they are not up to date, they list homes not yet on the market, homes already sold and sometimes homes that have title problems or are not yet ready to sell.

The bets source of foreclosures are to have an expereinced buyer broker who specializes in foireclsoures who can do the research for you

or

contact the brokers who specialize in listing foreclosures in your area, they will know the houses that are coming on the market but not yet may be cleaned or have a price, they will know what the estimated price is and can get you in before the masses.

I wrote two blogs with some great tips for looking for and buying foreclosures. Please check them them out

SO YOU WANT TO BUY A FORECLOSED HOME?

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_…

HOW TO GET YOUR OFFER ACCEPTED ON A FORECLOSURE

http://www.trulia.com/blog/scott_godzyk/2010/05/how_to_get_y…
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon May 31, 2010
GOGATORS..

The Banks & Gov. have created sites to provide the Public with access to their Properties for Sale and Bid/Purchase Process and these sites also have a lot of loan info, special programs ect...They are all Free and designed/created specifically to give the Public access to this information for Free

Sites like CHASE BANK....https://servicing.chase.com/reo/property/FeaturedProperties

WELLS FARGO...http://www.pasreo.com/pasreo/public/propertySearch.do

BANK OF AMERICA...http://bankofamerica.reo.com/search/propertysearch.aspx

The Fed Gov. Properties for Sale sites like Hud/Veterans ect..http://portal.hud.gov/portal/page/portal/HUD/topics/homes_for_sale

These are 2 sites with links to these sites and more info....http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp ... http://www.biggerpockets.com/bank-reo.html

TAX SALES/FORECLOSURES....Using a Public Records Search Machine to search County Records can provide you more info than you thought...
Nationally by State/County
http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…

You could also give these sites a look and see what ya think...
http://www.bid4assets.com/

http://www.williamsauction.com/Search/SearchResultsState.asp…

http://www.propertyauction.com/index.cfm

AS WITH ANYTHING USE DUE DILIGENCE...

Good luck
Dunes
0 votes Thank Flag Link Mon May 31, 2010
Most REALTORS® have numerous sources where they can find almost every home that is on the market. I know of no reason a REALTOR would be reluctant to show you any home that fits your criteria. However, many REO properties (foreclosures) are not suitable for Buyers looking for a primary residence. Many are not even habitable. Many will not pass a VA or FHA Appraisal.

You will be better served to ask your agent for a home that matches your "must have" criteria, and trust that they will look at EVERY home that matches. If they aren't showing you a particular home, you can ask why not, and they will probably explain to you which of your selection criteria it doesn't match.

If you need help clarifying what is important to you in home features, contact us for our free Buyer Preferences Questionnaire.

Doc
Web Reference: http://TellEllen.com
0 votes Thank Flag Link Mon May 31, 2010
If you go to my web site lesleygregory.com you can go on the MLS and there is an area to go to REOs. I feel sometimes that the Bank owned properties are not the best buys because of their locations and people have already tried to sell them and no one wanted them! Hope this helps. Lesley
0 votes Thank Flag Link Mon May 31, 2010
Any Realtor has access to the Multiple Listing Service where, most home for sale are entered. There are however some out-of--town listing agents not registered in local MLS services and unable to post listings. There are other internet servicers such as Redfin, Zillow or Movato (amomgst others) that will show properties for sale to the public.
0 votes Thank Flag Link Mon May 31, 2010
Hi Gogators,

Realtors and agents who are a member of the MLS do have access to up to the minute information about homes listed on the MLS. Many REO listing agents do not work directly with buyers because there are only so many hours in a day and they prefer to represent the seller's best interests.

But many many Realtors and sales agents are very happy to represent pre-qualified buyers. You need to get a written approval letter from your lender and then find yourself a Realtor that is experienced and happy to get to work helping you find a home that suits your needs. You wont need a list because once the Realtor learns what you are looking for they should be able to show you maybe as many as three homes that would suit your needs. If you put in the highest and best offer - escrow is opened and it goes pretty fast from there. It really doesn't have to be all that difficult or time consuming.
Best of luck to you, Linda Chirstopher, Realtor
0 votes Thank Flag Link Mon May 31, 2010
Yes, all Realtors should have access to the current Bank Owned homes in the area. It is probably most important to work with an agent that is checking on new listings daily(even more than once a day) and then follows up on their status. The really good deals of course will go fast and its important to work with and agent that can help you find and see properties promptly. Bank owned properties are generally vacant so there is no reason why an agent could not show you the property at a time you would like. We have done many bank owned deals and we find them to be smooth transactions. I would caution about using Bank owned property lists found on Bank web sites or other sources. They are often not updated.
Web Reference: http://philandjill.com
0 votes Thank Flag Link Mon May 31, 2010
We don't have a list provided by the banks, we do have the MLS where we can sort homes to include only bank owned properties.

Here in the desert, the prices of most bank owned homes and short sales and regular sales are running pretty close in price. So sometimes it is not in your best interest to not include the other homes.

But if that is what you want to see, I would be happy to provide you with a list. Just shoot me your criteria, ie how many bedrooms, bathrooms, sq ft, pool?, and area of the Coachella Valley you are interested in.

Elizabeth Schulze
keller Wililams
DRE#01860415
760-333-2134
eschulze@msn.com
0 votes Thank Flag Link Mon May 31, 2010
All Realtors have access to any REO on the MLS. In addition, I use contacts to reach out to REO agents regarding up coming listings. There is absolutely no reason an agent shouldn't provide this information to a client. If you just want the info so you can go direct you are doing yourself no favors. There is no money to be saved and you are less likely to provide the bank with all of the requirements for the offer. Especially since the info is generally on the MLS.

Best Regards,

Eric Soderlund
0 votes Thank Flag Link Mon May 31, 2010
All Realtors have access to the MLS which, in turn, lists most bank-owned homes. So, to oversimplify a bit: Yes, Realtors do have current listings of bank-owned homes.

Are they reluctant to provide the list? Not that I know of.

Are they reluctant to show the homes? That's a slightly tougher question. Reluctant may not be the right word. Some agents know that there's often more hassle involved in transactions involving REOs. And they know that sometimes the banks pay reduced commissions. So: More work for less compensation. Let's say some agents aren't too enthusiastic about showing them.

However, a buyer's agent represents the buyer. And the Code of Ethics contains various guidelines on how the agent will represent his/her client. So any Realtor should not only be willing to show any home the client wishes to see, but to fully assist that client if he/she wishes to make an offer on the property.

And, frankly, there are many Realtors who focus on foreclosures and have no reluctance or hesitation at all. So if you've talked to an agent or two and gotten the feeling that they're not going to commit 100% to representing you, keep searching until you find an agent who will represent you. It shouldn't be difficult.

Hope that helps.
0 votes Thank Flag Link Mon May 31, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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