?Howcome i cannot find these reo,bank owned homes for sale ,on MLS??? Are they truly for sale yet?? If so how do i connect w/ the sellers?? thx

Asked by Lori, Exeter, NH Fri Jul 23, 2010

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Ian A. Wolf, Agent, Morristown, NJ
Sat Jul 24, 2010
Simply, there is a lag between when a home becomes an REO and it is ultimately listed for sale. There really is no exact timeline for this period, because many factors are involved. Some bank may want to control the amount of inventory they have on the market at any given time, and as previously mentioned, sometimes evictions or other matters need to be resolved before the property becomes marlketable. If you want a home that is an REO and not currently listed. Your best bet is to check the foreclosure filing for who the bank is, contact that banks REO department, find out who administers the marketing of the REO(could be a servicer), then from that entity see which agents/brokers typically list the home. You can then contact them each and let them know to notify you when they get the assignment and that you are interested. Many REO agents will line up buyers and show the homes before they are officially for sale. If you know which attorney handles the REOs for that bank, that could also be good. Hope that helps..
0 votes
Keith Manson-…, , Milwaukee, WI
Sat Jul 24, 2010
There are lots of reasons for not seeing loans on the mls that are reflected on realty trac and other sites as foreclosres. Some of the reasons are:

After foreclosure a evicition needs to be completed

Establishing value and repairs for a property

Depending on investor and insurer the property may need to meet requirements before it will be listed and may be listed with someone else than foreclosed on the property

Borrower may still be able to work out a deal before the sale is confirmed that allows them to stay in home

There may be a title or encroachment issue

This gives you an idea of some of the different situations. However a person that is an expert in foreclosures should be able to explain the situation.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes
Joe Arnao, Agent, Sanwich, MA
Sat Jul 24, 2010
Lori,
You will be spinning your wheels if you rely on what you find on non-mls sights. Your best bet is to contact a local Realtor and get him/her working for you. Often I am sent such homes that are not on the market and it frustrates the buyer and wastes everyone's time.
0 votes
Debra B Albe…, Agent, Port St Lucie, FL
Fri Jul 23, 2010
Lori,
Are you in Realty Trac? Those homes are not on market. Only homes on MLS are for sale. The homes in Realty Trac are in financial difficulty, however, that does not mean that they are for sale. You need to contact a local realtor that you are comfortable working with.

Debbie Albert, PA
Coldwell Banker Residential
0 votes
Laura Scaccia, Agent, Exeter, NH
Fri Jul 23, 2010
Hi, Lori,

I would like to help... which properties are you referring to? There's no link in your message!

Let me know and we'll see what we can find out!

Thanks,
Laura
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