Hey Jim,
I think we may know each other.
Typically MLS will indicate foreclosure, short sale , corp owned etc...But many times will not. Also in recent months Foreclosure and short sales have become everyday language. Especially short sales. I do not look at short sales or foreclosures as all good deals. In fact most are not. And unless you have experience in them, you can really get tied up for a long time while waiting for decisions. A typical Short sale will be not less than 60 days to even get approved to move forward(have there been shorter yes but very rare) and the entire time it must be kept on the market for other offers that can leave you with making increased offers with emotional decisions that can be very stressful and regretful. I speak to so many people making ofers that are just tied up in the offer and have difficulty making other moves. Spoke to one yesterday at an open house.

Call me I can explain more to you regarding the process. I have very persoanl knowledge in foreclosures and especially short sales and I'd like to explain the pros and cons more explicitly in person or by phone.

Best,
Larry Sarlo
609-868-1171 lsarlo@comcast.net

Yes...The MLS listing is entered by the Listing Agent for the home in question. They should specify if the home is a Short Sale, Bank Owned property. BUT it is not necessarily required. If you are looking to buy...your agent could call the listing agent for the properties in quesiton before you view them to make sure they are not a short sale or bank owned or any other potential "delay" in you purchase. If you have any further questions...please look me up or e-mail me at JMorze@EhretRealty.Com if you are not currently working with a Realtor. Your agent should be able to clarify this quesion!! Good Luck

JIm: In the region where you live, Trend MLs is the MLS that you would be using. The best thing to do is to contact them with questions about what's in and what's not. They're very helpful, I know.

Personally, I would not be interested in property in the process of foreclosure or sheriff's sales. That is not the arena for Realtors representing others (unless you are taking short sales listings and hope to fend off the foreclosure.) After foreclosure, the listing is just that, a property listed for sale. That a bank owns it is really of little import, since the market rates for property in that location and condition will prevail.

Jim,

If they are listed with a broker then yes they should appear on the MLS. Seeing your an agent, I'm not sure in your area what MLS you belong to but in North Jersey, on the Garden State Multiple Listing Service, agents can search specifically for lender owned property. To find the the short sales, we would have to weed through by reading the descriptions and/or searching in the remarks for key words, like "lender", "short", "approval", etc.

Hope that helps.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-715-1158 cell
973-992-6363
GinaChirico@PruNewJersey.com

Jim,

You will find short sales and bank owned properties in the MLS. There are not many in the Collingswood Haddon Twp area. The market is still pretty steady here. A typical short sale will find the homeowner upside down in their mortgage. That is if they purchased during the boom adn now are tryng to sell. I live in the Haddonfield area. My office is in Cherry Hill. If you would like to be setup on an automated email so that you can receive new listings that fit your criteria let me know. I'd be happy to assist you.

Hello, there is no specific category on the MLS for foreclosures. Basically you have to read the description to see if its bank owned or preforeclosure or you can know if its an immediate sale by an extremely low price.

Rhonda Holt
Weichert Realtors, H.P Greenfield