Foreclosure in Boston Edison>Question Details

John Thompson, Home Buyer in Seattle, WA

Is there any way to tell from the listing if a property is in foreclosure or bank-owned?

Asked by John Thompson, Seattle, WA Sat Mar 1, 2008

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John, I would ask your agent. In my area I usually can tell from the listing agents name if it is a foreclosure or not. Then if I can't tell from that, then on my agent report I can see comments that generally indicate the situation of it being a bank owned or a short sale situtation.

The other way to tell is take a look at the tax record. This is public information. Many tax authorities have it on line and you can find out that way as well. If you are in an area where it is not online I would check with your agent.

I hope this information helps! Best Wishes!
Web Reference: http://www.gomelinda.com/
1 vote Thank Flag Link Sun Mar 16, 2008
If you are seriously interested in a specific property, ask your agent to order pre-title work for you so you can determine if it is in foreclosure (if you could not tell from other sources).
1 vote Thank Flag Link Sat Mar 15, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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John: An agent that has a bank owned property usually advertises it as " Bank Owned". This will attract a lot more Buyers because of the assumption that you can get a better deal, eventhough is not always the case. Also, in my area there are many "short sales". Also, the agent advertises the property as a "short sale" meaning the purchase is only tentative subject to the Banks' approval. Sometimes, in these short sales the Banks takes many weeks to come up with a yes or a no. The Bank owned properties are much faster to get resolved because the Banks usually , if they are well organized ,want the property out of their books so they want to deal fast, with Buyers that have approval letters from the Lenders and, sometimes, with substantial down payments
1 vote Thank Flag Link Sat Mar 1, 2008
Hi John -

Another sign that it is probably bank owned is a reference to "sold as-is" in the remarks about the property.

Good luck with your home search! It's a great time to be a buyer!

Nicole Sleeva
nsleeva@cbpreferred.com
Web Reference: http://www.NicoleSleeva.com
1 vote Thank Flag Link Sat Mar 1, 2008
John,
Some good responses. The Multiple Listing Service for Wayne County Realcomp also has special fields where Realtors(R) such as Maureen, Nicole, and I can use to differentiate properties. These are:
Lender owned foreclosure
As is
Corporate Exclusions
Subject to Third Party Approval (short sale)

Another remark frequently noted is something along the lines of EMD (earnest money deposit) to be held by Listing Agent.

Consumers are able to use Trulia to search for foreclosures, through Realtytrac and could use any of the terms in this thread to search for foreclosure properties in Michigan.

I wish you luck with your purchase. Please educate yourself on local government requirements.
Web Reference: http://www.mi-living.com
0 votes Thank Flag Link Sun Mar 2, 2008
In my area, the listings often say "proof of funds required" and/or "seller will not provide search and survey" in addition to "as-is" as state below.
0 votes Thank Flag Link Sat Mar 1, 2008
It depends on the phase of the foreclosure, but that information is often available in the public records in Oakland County. Wayne county, where the City of Detroit is located, has a reputation for filing public records a bit more slowly. If it is listed, generally an agent will make it known if it is bank owned.
Web Reference: http://mioaklandcounty.com
0 votes Thank Flag Link Sat Mar 1, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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