Are "ALL" bank-owned homes listed on the MLS, or do we need to buy "lists" showing them?

Asked by Ann, Scottsdale, AZ Mon Aug 4, 2008

We were hoping to have our real estate agent simply do an MLS search with the criteria we want, and then provide us with all the bank owned homes (in addition to other listings).

If some or many bank-owned homes are not listed on the MLS, how do we go about getting these "lists"?

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John Gordon, Agent, Mesa, AZ
Mon Aug 4, 2008
All bank owned homes that are for sale, listed by REALTOR'S (R) are supposed to be on the MLS. There are some "scam" companies out there that try to sell lists. and some legitimate ones too. In my opinion the best bet is to get with an astute agent that can set you up a website (fromMLS that comes direct to you) and they can have all REO listings sent direct to you. This way you can get only what you want. There are a lot of them out there now.

I represent the Seller on some of these properties and have Buyers agents who do this for people all the time. let me know if you want more info.
3 votes
Paul Welden, Agent, Scottsdale, AZ
Mon Aug 4, 2008
Hi Ann,

Not all REO's (bank owned properties) are listed on the MLS. Sometimes, banks package multiple properties together & sell them as a package deal to cash investors for millions of dollars. However, this is not common. So, unless you are a large investment corporation with a good reputation, this will not be the route you take. The majority of REO's will be listed with a local real estate agent & placed in the MLS. A knowlegable real estate agent will be able to not only provide you with REO listings but also guide you through the sometimes stressful experience of purchasing one of them.

Let me know if I can be of further service to you.

Paul Welden
HomeSmart Real Estate
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2 votes
Michelle Qua…, Agent, Scottsdale, AZ
Wed Jan 7, 2009

Would you like a FREE list of all foreclosed properties on the MLS? Here is the website for you The website offers all MLS foreclosures and is by city and price.

Good Luck

Michelle Quackenbush
Re/Max Fine Properties
1 vote
Jeff and Gin…, Agent, Vero Beach, FL
Mon Aug 4, 2008
You should never have to pay for a list of foreclosed properties. However, in addition to your Realtor, who is the best source of information, you may find some properties listed on mortgage lender websites. You don't have to pay to view them. Inevitably these properties will also appear on the MLS system also because banks don't sell properties themselves. They hire a Realtor to do so. Good luck.
1 vote
Donald Keys, Agent, Scottsdale, AZ
Mon Aug 4, 2008
You should never have to BUY a list of foreclosed homes.

Ann, here is where "Your Agent Matters"... right now we are seeing MULTIPLE BIDS on bank owned homes and you really need to have an experienced agent help you buy one. There are different techniques and ways to submit offers that will help buyers win these much desired properties.

Also if you are working directly with an REO agent they know what properties are "coming soon" to the market and might be able to inform you "the minute" [Not the hour or day] a property that fits your home buying critieria hits the market. Different REO companies have different rules for accepting offers and some of them take the first acceptable offer. I once had less than 30 minutes to submit an offer in on a home in order to win it for my buyer and was able to meet this deadline.

In general, your agent is most likely doing a good job of finding you bank owned homes. Keep in mind that we switched over to a NEW MLS provider and are experiencing some challenges [major challenges] when it comes to serving our clients [slow performance].

Your agent should be able to send you a list of BANK OWNED homes by using a custom search criteria and marking lender owned property.

If anyone else needs a free list of bank owned homes try this free site:
1 vote
Rich Homer, Agent, NAPLES, FL
Thu Oct 4, 2012
0 votes
Janet Carlson, , Northbrook, IL
Thu Oct 4, 2012
are all Bank owned homes listed on MLS in Illinois?
0 votes
Roberto Ribas, , Scottsdale, AZ
Sun Mar 1, 2009
bank owned properties are listed on the MLS, period. The rest is nonsense.

A bank can't sell a foreclosure before it sells, that would be a short sale, and the actual owner would have to sell it. 90 days before the foreclosure, the bank has to record a notice of trustee sale, and publish it. You can search those yourself in there were 8500 published in February alone.
0 votes
Donald Keys, Agent, Scottsdale, AZ
Wed Jan 7, 2009
Ann, YES your agent can do a search for all BANK OWNED homes in the MLS if he or she is knowledgeable.

If they don't know how to do this, then I recommend you interview and hire another REALTOR.


Example: I have SPECIAL RELATIONSHIPS with many REO (Bank) Listing Agents (from many different companies) who will give me custom lists of homes for my buyers BEFORE they hit the MLS.

Your Agent Matters...

I hope this helps.
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0 votes
Larry Dignan, , Scottsdale, AZ
Wed Jan 7, 2009
Mostly all bank owned properties will be on the mls as the banks utilize agents to sell the homes.You should never have to "pay" for a list of properties.
0 votes
Tom Anderson, Agent, Scottsdale, AZ
Fri Aug 22, 2008
I discovered a great way to search for foreclosures in Arizona. Go to Just click on the link and you will get listings that are currently on the market. Most of the homes have several photos to view. You can even get aerial maps and driving routes to each home.

Currently there are over 200 lender owned homes in Scottsdale. Phoenix has over 2000. There is also links for Carefree foreclosures, Cave Creek foreclosures, Chandler foreclosures, Gilbert foreclosures, Tempe foreclosures, Sun City foreclosures, Goodyear foreclosures, Surprise foreclosures, Glendale foreclosures, Mesa foreclosures, Peoria foreclosures, Fountain Hills foreclosures, Rio Verde foreclosures, Paradise Valley foreclosures and more. There is even a link for Vacant Land foreclosures.

You can also search the entire MLS. It's a fun site to check out. You'll be shocked at all the homes that are available. The deals are fantastic too.
0 votes
Tom Grumbling, Both Buyer And Seller, 85218
Wed Aug 13, 2008
I subscribe to a Foreclosure service and also use an agent. The service I use allows you to see preforeclosures, foreclosures, court house auctions, bankruptcies, tax lien and FSBO properties that are not necessarily on the market and therefore not on the MLS. So sometimes I am looking at a house and check it out before the agent knows the house is coming up. I think that is an advantage. These services also tie in outside information, such as tax info. It also allows you to cross-validate the information I am receiving. You can almost always find out the tax information on line. If the sq ft on the tax record doesn't match the listing, ask why. I am not against using an agent, but the MLS is not all the information. As a buyer I would prefer an agent who subscribes to other services to their advantage and hopefully mine. So look at free sites like Zillow, Yahoo, Trulia, and your local County Assessor site, Trustee sites for foreclosure properties are very useful as well and I composed my list of Trustee site for the majority of properties in my area from a foreclosure service. And lastly, make sure the agent you are working with has done lots of deals with the bank. Work with agents that banks are giving a majority of their listings too (REO agents) if you want a bank owned property. For me, the paid service and the free services are an added benefit in working with an agent to find a property or working alone if it is not listed. BTW I started off at $40/month and have negotiated down to $24/month when I went to cancel and move to another service.
0 votes
Jay, , Scottsdale, AZ
Tue Aug 12, 2008
There are over 9,000 bank owned properties posted in the Arizona MLS system with more on the horizon. A property posted in MLS by the bank is ready for sale where a "property not listed yet" may not have the required backup documentation for the lenders to negotiate a sale so you may have to wait to negotiate on unposted property. This delay may reduce the value of a purchased foreclosure list.
0 votes
Lucinda Tkach, , Phoenix, AZ
Tue Aug 5, 2008

The homes owned by banks eventually will be listed on the mls. However some buyers agents may call the bank and make an offer before it is listed if a home is observed closely. It is a lot of work but it can happen for a buyer!

Agents can search the tax role and see what ones are coming up.

If you have a zip code or preferred area any one of us can search for you.

Fee free to call if you have any questions!

0 votes
Lisa Brooks, Agent, Cedar Park, TX
Mon Aug 4, 2008
Don't waste your money on lists, if your realtor has set up a search in the MLS you will receive properties that meet your search criteria. If you have seen a foreclosure property listed that you did not receive with your search, it probably was not a match with your criteria. Try being less specific in your search! Best of luck.
0 votes
Micha Knowles, Agent, Destin, FL
Mon Aug 4, 2008
I would suggest not buying any lists. You can find a great real estate agent to do the work for you at no cost. Most bank owned properties will be listed through the MLS, however, it take sometime months after a foreclosure to get the home ready to sell. So again, find a good agent to do some legwork for you
0 votes
Tonje Kearney, Agent, Scottsdale, AZ
Mon Aug 4, 2008
Ann, all bank owned homes that are currently for sale to regular buyers, meaning not bundle investors are listed on the MLS, so no need to buy lists. There are bank owned homes that are not currently listed, that eventually will be listed. Buying these homes before they hit the market is possible, but most banks are not interested in talking to you until it goes on the public market so I do not see the point in going after these. Good luck in your search.
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