The Multiple Listing Service is available to all agent members of the Board of REALTORS. Immediately upon pressing the final button to enter the listing into the MLS, it becomes available to all those agents, and all their buyers. The agents can even set up an automated program to direct those new listings to buyers who they work with. The sign can go up before it is listed, if the agent knows beforehand he/she is going to get it, or it can go up later. Signs may take 1to 3 days to be installed after they are ordered. Usually the agent does not install the sign,
If you develop a relationship with a good agent, one that is working for you, they will set up the automated notification for you, and they will be more willing to write back-up offers for you. That way you will know very early on about any new listings. This still does not guarantee you will get the property you want in this market, but at least you will be in the running.
Good luck in your house search.
Q: A for sale sign was posted for a REO. Its under contract and in escrow. Why can't i still see the home and make an offer?
A: As stated below, you usually CAN see it and also write an offer. It will be placed in a back-up position only.
Q: The for sale sign was posted the same day I called.
A: The sign out front often has no direct connection as to when the house is actually listed or placed on the market. Signs show up late, or can be on the property for weeks before it hits the local MLS. Your best bet is to work with a local Realtor who will set you up with autofeeds that will provide you immediate notifications when properties you are interested in hit the market. As an aside, all too frequently REO listing agents will not return your calls if you call off of the sign. In some cases, the banks do not even want the listing agent representing a buyer. And if you think that by going direct to the listing agent you can score some kind of a deal, forget it. Doesnâ€™t happen that way.
As suggested below, get a local area Realtor with a solid track record representing buyers in the purchase of REOs.
Q: How can a property be advertised for sale if no potential buyer can see it?
A: Obviously a buyer saw it â€“ and wrote an offer. They just beat you to the punch. Work with a Realtor as suggest above and you will have a MUCH better chance.
Your buyers agent can place property on "watch list" and determine if is falls out of contract, then you can submit an offer.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Best of luck to you!
During this time that teh agent waits for a price, they can bring in potnetial buyers who are on their list. When the bank sets the price, these buyers can make their offer immediately. A sign is usually not put out until a price is set because an agent can only explain so many times there is no price yet as irate callers berate them for not having one.
Once it goes under contract, it depends if their are any contingincies with the sale and what they are whether you should even bother to see it and make an offer. if it is a cash sale with no contingoncies, then there is no use, if it is contingent on finanancing or an inspection, ask to pyut in a back up contract.
please see my blog with tips on buying a bank owned home
By the wayâ€¦interesting thing about real estate signs that you see in front of a house. They serve more than one purpose. The sign serves notification that the house is for sale. It also acts as a sign board for the listing agent. It shows that the listing agent is active, working and available. It invites phone calls to the listing agent who may be able to generate additional business because of the sign.
Get your agent to check further. I'm sure you can still see it...as for writing an offer, if you do, you can write as a back-up buyer. Nothing to lose.