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Where can I find out about the foreclosure auction? I am in CA. Thanks!
Every county likely has a department that handles it. Here in NJ it's the county Sheriff. If you search the internet for FORCLOSURE AUCTIONS & your county, you'll probably find it.
Don't take this the wrong way, but yor question suggests a lack of knowledge in the field. Do some serious research before you attempt to make apurchase. One of the best resources will likely be be a real estate agent with experience. They can help you learn the process, navigate the pitfalls, evaluate the properties, etc.
Yes and No! As mentioned by everyone else they are listed in MLS and an agent with MLS access can view them. But with Foreclosures, some local and regional banks don't put all their properties in MLS but are available for sale if one makes an offer. One regional bank in AZ maintains a web page where they list all their bank owned properties in AZ by city. Some are listed with agents some are not. The properties that do not have an agent representative are available for anyone to send in an offer directly to the bank, with or without a buyers agent. If the offer works for them they will sell it. And since it was not listed, the sale does not impact MLS numbers. You might check with some of the local/regional banks and see if they have something similar. BUT, if you are not experienced at this, find yourself a good buyers agent.
Last edited by RickTucsonHomes; 08-15-2010 at 01:04 PM..
Sometimes the properties can be listed and sold so quickly that they never bother with the listing, or it never gets into the system. As others have pointed out, there are regional differences as well, all kinds of local regulations.
Realtor's MLS ONLY have access to only the primary foreclosures market. but remember theirs a much larger 2endadry foreclosures market called “shadow inventories” these properties are digitized for trading CDO's and held in MERS database, realtor's do not have access to this..
Realtor's MLS ONLY have access to only the primary foreclosures market. but remember theirs a much larger 2endadry foreclosures market called “shadow inventories” these properties are digitized for trading CDO's and held in MERS database, realtor's do not have access to this..
My point would be 1: Realtor's don’t have full view of the forecloses market and 2, there’s a huge 2endardy forecloses market held by the banks Realtor's ’s can't access.
My point would be 1: Realtor's don’t have full view of the forecloses market and 2, there’s a huge 2endardy forecloses market held by the banks Realtor's ’s can't access.
1. We can view the properties that are available for sale and 2., those properties aren't available for sale.
My point would be 1: Realtor's don’t have full view of the forecloses market and 2, there’s a huge 2endardy forecloses market held by the banks Realtor's ’s can't access.
Wrong, realtor's NAR will never see the MERS database AKA “shadow inventory” for sale or not , this is a mortgage backed bond market were only the largest banks , hedge funds and quasi-government agency HUD, Fannie maa, Freddie have access to MERS records are confidential and limited to viewing only by “members” of MERS. To further worsen the situation, MERS “restricts” membership to only “approved parties”. A person or firm can only become a member after a lengthy application, and an “interview”. Unless you are a lender, servicer, or other party that MERS will accept, your application will be turned down because MERS does not want you to have access to this information for litigation purposes.
The biggest issue here is HOW MUCH shadow inventory is in MERS, some conservative Analysts estimate it to be 10x the current primary markets size and some go as far as paint 100x. and when will holders, largest banks , hedge funds and quasi-government agency HUD, Fannie maa, Freddie start dumping them on the market? they can’t hold them forever these properties need to be maintained
Wrong, realtor's NAR will never see the MERS database AKA “shadow inventory” for sale or not , this is a mortgage backed bond market were only the largest banks , hedge funds and quasi-government agency HUD, Fannie maa, Freddie have access to MERS records are confidential and limited to viewing only by “members” of MERS. To further worsen the situation, MERS “restricts” membership to only “approved parties”. A person or firm can only become a member after a lengthy application, and an “interview”. Unless you are a lender, servicer, or other party that MERS will accept, your application will be turned down because MERS does not want you to have access to this information for litigation purposes.
What's "wrong" according to you? These properties are not available for sale to the general public thus they haven't been listed yet with an agent - so, agents don't have access to them.
Quote:
Originally Posted by KasperFile
The biggest issue here is HOW MUCH shadow inventory is in MERS, some conservative Analysts estimate it to be 10x the current primary markets size and some go as far as paint 100x. and when will holders, largest banks , hedge funds and quasi-government agency HUD, Fannie maa, Freddie start dumping them on the market? they can’t hold them forever these properties need to be maintained
Well that's a topic for a different thread - like the one you've already started in this same forum.
THIS particular thread has the OP asking if agents had access to foreclosure listings - implying bank owned properties that were for sale to the general public.
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but remember theirs a much larger 2endadry foreclosures market called “shadow inventories” these properties are digitized for trading CDO's and held in MERS database, realtor's do not have access to this.. 
