I have a buyer wanting only FORECLOSURES, however, I can't pull them exclusively on the MLS. Is there a reliable source where I can get a list?

Asked by John Meyers, Park Ridge, IL Fri Sep 23, 2011

This is probably the million dollar question, but I thought I'd give it a shot. Some sources that I've tried have outdated listings and/or high membership fees.

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Melina Tomson, Agent, Salem, OR
Sat Sep 24, 2011
Before my MLS had a box for this, I would search the remarks, both public and private, for REO, bank owned, etc to search for them specifically. I would also search the owner name for bank names.

You can also go to a title company and ask them to send you a list.
1 vote
Suzanne Hami…, Agent, Orland Park, IL
Mon Sep 26, 2011
Actually, if you use the additional sales information field in the mls in your search and search for bank-owned properties (Real estate owned), you should get only foreclosures.

I would be wary of the "lists". A lot of these that are not on the MLS are quick claim deeds and they want you to break in to see the home. You really have to do a lot of checking on these. You could end up with liens, taxes and who knows what. You can use an attorney to resolve the deed questions, but that does cost money. And unfortunately, without an MLS, you don't have a really good certainty of commission. Sometimes these out of state investors are not always reliable on anything. There are a lot of them on craig's list and linked in.
0 votes
Louis Wolfs…, Agent, Needham, MA
Sun Sep 25, 2011
our mls has a box that we can check to view foreclosures and or short sales. That does not mean they are better deals than properties that are not distressed. In our area, most foreclosed properties require much updating as they have been neglected or damaged by the previous owner. Educate your buyer as to the positives and negatives of those types of properties and them find him a motivated seller of better properites in better areas.
0 votes
Joe Schiller, Agent, Chicago, IL
Sun Sep 25, 2011
additional information under agent remarks is what I use
Web Reference:  http://www.joeschiller.net
0 votes
John Souerbry, Agent, Fairfield, CA
Sat Sep 24, 2011
RealtyTrac is a good information supplement.
0 votes
Michael Hobbs, , Chicago, IL
Sat Sep 24, 2011
Good Morning Sir,

I agree w/ you and most sources suck...or they want you to pay a lot of money for the 'possibility' of maybe finding something.

Our firm provides a lot of valuations for investors of distressed property, residential and commercial.
If your buyers are cash buyers and they are not beginners, then contact Bardan Azari @ Cherry Picker, one of our clients and a valuable resource. his email is Bardan@cherrypickerinvestments.com
They have a proprietary database of foreclosure properties and work with buyers and agents to get properties before they end up on MLS and get bid on by everyone and their mother. From the clients we've seen that work with them, those clients are very successful investing in foreclosures.

Good Luck,

Michael Hobbs
PahRoo Appraisal & Consutlancy
0 votes
Anthony Cava…, Agent, Jolier, IL
Sat Sep 24, 2011
Generally, foreclosures are marked under "additional sales information" in the MLS, although not all agents mark this field. You can also do some searches using the Remarks or agent remarks fields to find key words.

Ask your broker for help in optimizing your searches.
0 votes
John Gall, Agent, Chicago, IL
Fri Sep 23, 2011
Fellow Park Ridgian,

The most important factor to your client is likely obtaining a property for what most consider "below market value". Would it make a difference to your client if they bought a foreclosed property or a conventional resale if they were priced the same? So, perhaps searching by features, areas and price point would be more suitable criteria for your client.

With that said, if your client is fixated on foreclosures, there are several avenues for attacking properties that are in the foreclosure process (county records, short sales on the MLS and direct contact with Bank Asset Managers) and properties that have been foreclosed on after judicial sale (county records, MLS - if listed and Asset Managers)

Hope that helps.
0 votes
Roswell Moore…, Mortgage Broker Or Lender, Scottsdale, AZ
Fri Sep 23, 2011
You can go to http://www.HomesByLender.com & search for foreclosures in the Chicago area, or any other area you choooe
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Sep 23, 2011
If your an agent, you should have access to the MLS. Everything on there is accurate. I have never had a problem getting foreclosures on there. Ever. Maybe speak with your managing broker and they can steer you in the right direction of how to search for them on the MLS. Best of luck.
Web Reference:  http://AmericorpRe.com
0 votes
Peter Kedzior, Agent, Elk Grove Village, IL
Fri Sep 23, 2011
Dear Chicagoland007, if you read MLS remarks of REO listings, you can probably observe a pattern that is repeated over and over again in almost all REO listings. Just do some analysis and you will figure out what you should be looking for. I have...
0 votes
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