Are all bank owned and foreclosures homes listed on MLS and FMLS?

Asked by Looking for Knowledge, Atlanta, GA Mon Jan 21, 2013

I have been recently window shopping online for bank owned and foreclosed properties until we are ready to seriously consider purchasing. Are all homes listed on MLS and FMLS? I was under the impression that all homes do not have to be listed. I was told by a realtor that the homes are listed.

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- -, Other Pro, Dallas, TX
Sat Feb 16, 2013
Not all homes are listed right away. Some homes go into the banks shadow inventory as Solomon stated.
0 votes
Troy Wile, Agent, Atlanta, GA
Tue Jan 22, 2013
No - a great deal of homes are packaged up and sold directly to investors. Unless they are government backed they have few guidelines on disposing of the assets. Get an agent that directly works with Promises and such forclosure attorneys - Agent get a list sometimes a month before they get the listing. usually the best ones are a bidding war once they hit the FMLS and MLS system
Troy Wile ReMax Metro 404-313-7391
0 votes
Hi Troy,What is Promises?
Flag Tue Jan 22, 2013
, ,
Mon Jan 21, 2013
Yes, all bank owned properties will be listed in FMLS and/or MLS once they are ready for sale.

The actual owner of a foreclosed property can be very difficult to determine. In the end, the identity of the seller makes very little difference to the potential buyer. Only Fannie Mae and HUD offer any type of special financing for their REO properties. Once listed for sale, Fannie Mae or HUD will identify the eligible properties on their individual websites. With all other REO sellers, regular loan programs (i.e. Conventional, FHA, VA, USDA, FHA 203K Renovation, Jumbo, etc) would be used to purchase and finance the property.

When it comes to REO properties, you must wait until the property is actually listed for sale. REO departments of mortgage companies will not talk to or entertain offers from individual buyers. All offers to purchase an REO property must be submitted by the Listing Agent assigned to the property.

There is a set process that every REO seller has and uses for each and every property that have. Generally, an REO property will not be listed for sale when there are pending title issues. Also, the seller may be planning to make repairs to bring the property up to minimum property standards so that a buyer can obtain a mortgage. Sometimes, the seller will hold the property off of the market when there is a surplus of inventory. Doing so prevents further depression of the housing prices. There could also be an eviction that needs to take place. Very often, the property could already be assigned to a Listing Agent, but just not quite ready to enter into MLS and place the For Sale sign on.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Lee Taylor, Agent, Decatur, GA
Mon Jan 21, 2013
Fred - GA is a non-judicial foreclosure state. The action to foreclose doesn't require a judge's order.

Good answer, Ken.
0 votes
Solomon Gree…, Agent, Duluth, GA
Mon Jan 21, 2013
Hello,

When time permits, please search the term "shadow inventory." You'll find that this is inventory that is owned by banks that have not yet entered the market. One large Atlanta-based bank holds these properties in a wholly-owned subsidiary until the time arrives to prepare and list them with a broker. That time could be several years out, so no, not all bank-owned properties are listed with a broker.

Solomon Greene
Associate Broker, Lawrenceville REALTOR®
Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes
Isabel Elses…, Agent, Alpharetta, GA
Mon Jan 21, 2013
If there on the market ready to be sold than yes there in FMLS & MLS.
Listed with a broker in metro Atlanta,GA.

When your ready to buy or sell and need the latest available homes on the market.
Please give me a call!

Isabel Elsesser, Realtor
First United Realty
Save Time & Money!
http://www.isabelsnewhomes.com
http://www.Buford.georgiamls.com
Direct 770-307-8751
Free Buyers Agent
Full Time Full Service
Over 26 Million SOLD
0 votes
Ken Guillen, Agent, Duluth, GA
Mon Jan 21, 2013
Ms. Looking for knowledge,

Banks for the most part list homes on Metro Atlanta's two Realtor sites which are first Multiple Listing Service (FMLS) and Georgia Multiple Listing Service (GAMLS). They sometimes sell them on the courthouse steps (usually the first Tuesday of each month) and one can bid on the properties at the various County sheriff sales. There are also companies Like Hudson Marshall for example, that auction bank foreclosure homes for sale. You can get agent assistance for auction sales. You would have to show "proof of funds" to comply with the aucton requirements and likewise you need a prequalification letter from a Lender on a loan/mortgage or a letter from a financial institution (Bank, Credit Union, etc.) for a Cash Sale's proof of funds.

HUD Homes are also listed on the Realtor sites and also The HUDhome Store.com however, those homes for non-profits and governmental groups specifically are not listed on the HUD site. Unless you meet those group requirements you would not qualify in any manner.

There are some independent Real Estate Companies that do not list their properties/foreclosure listings on FMLS as they only join GAMLS. It is wise therefore, to check both sites so that you do not inadvertently 'overlook' a listed property.

Other than your own desire to purchase a home there are only two major factors to prompt you to move faster. #1. Interest rates....at 3.5% it is $4.50 per thousand. At 6% a loan is $6.00 per thousand. So, take advantage of lower rates for lower payments or greater purchase price possibilities. The second reason, # 2. Home prices are gradually increasing and NOW is a better time to buy. REGARDLESS OF YOUR POLITICAL PARTY AFFILIATION ....DEFICIT SPENDING WILL SOONER RATHER THAN LATER NEGATIVELY IMPACT THE "BOND MARKET." If so, interest rates will likely climb and possibly climb substantially. Do you remember those rates during the Jimmy Carter Administration period? Politics aside, that was just a fact of mortgage life.

A good agent should always respect your plan and desires. They are not #3 as a reason to move faster. Just look over your shoulder for #1 & #2 to prompt your best decisions.

Good Luck!

KenG
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon Jan 21, 2013
Foreclosed property and bank owned homes are the same thing. They can also be called REO property. Once foreclosed that process is over and the bank usually gets them back and now the bank owns it and can sell it as a bank owned home. Homes in the foreclosure process are not listed with agents or on the MLS since there is no owner willing to pay a commission.

Banks will get around to listing their homes on the MLS after they do some research and title searches and inspections. It can take months to a year for them to get around to listing them, but they usually always do since they won't sell them before they list them.
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