How to find out if mls listing is in "pre-foreclosure" or other distress (pre-tax sale, etc) (agent, sales)
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Hi,
I drove by a listed house and like what I see as far as exterior and the photos online. I'll be going inside the house in a few days. The house is priced at quite a bit above market value for that area. I don't yet know exactly what condition the inside is in, though the agent who listed it said it's in "excellent" condition. That's subjective to a degree. I know someone who lives down the st who told me that this person's mother (now deceased) owned the house "forever," and now the daughter who's living in it is moving out. Here's my main question...in digging around a little online, "realtytrac" says a house that matches this house's stats (realtytrac gives no specific, just general, street addresses/other info unless you sign up, and I'm not going to) says it's an REO/bank owned property. I'm puzzled (considering what I found out about the occupants), but really do want to know if it's bank-owned, or otherwise going into a distressed-type sale, before I make a bid if I so choose. As an aside, but related: a house one block up the street from this one--and a very similar house---was listed at $169K (also overpriced) 2 yrs ago, then gradually dropped in price, down to $45K in January...I went inside, didn't want it so didn't bid, and just found out that it was bank-owned and was eventually sold for $2800. Point being, I guess, that if this one is in a similar situation, it'd behoove me to wait it out if I like it, rather then bid anything right now. Any advice?
Last edited by lorac07; 08-21-2010 at 11:33 AM..
Reason: typo
If it's listed in the MLS, it has to be disclosed if it's a foreclosure, short sale, etc... it is not information that can be kept secret. Realtytrac and most other sites like it post properties that were 1 second late in making a payment, and the majority are not foreclosures.
You're saying a house was listed at $169,000, reduced to $45,000, and then sold for $2,800? I think you got some bad information.
If you want access to that information hire a buyer agent and they'll get it for you.
I have the absolute correct information, verified by the realtor I'm working with as well as public sites. As unlikely as it seems, this is exactly what happened. It was a house I was following, since I was somewhat interested in the type (victorian) and location (small town). Like I said, it was superhigh priced for the town/location. In fact, the owners bought it at $140 2 yrs before putting it on the market, seems like they couldn't afford it--after they'd remodeled extensively--and then put it out there for $169. That's when I first saw the house online, but didn't go inside. I went inside over a yr later when it was going for $79 (it had gradually been dropping in price)...decided NOT to take it (mold problems in attic, water leakage in cellar)...and then watched it reduced more and more till I found the final sale price as $2800---listed online in various public record sites. As an aside: when I was looking, the nextdoor neighbor scurried over to tell me that the guy behind him wanted it---guy being a restaurant owner who had also bought a house on the corner lot of that st, razed the house, and used it for parking for his restaurant---and the neighbor said the restaurant owner also wanted the victorian house's lot for his parking. I only hope it wasn't him who bought the house if he intends to bulldoze it--it really is a beautiful house for the right person.
I would suggest looking on the tax records to get more information. I am a Realtor, so I would look also on the Multiple Listing Service history as well.
... Here's my main question...in digging around a little online, "realtytrac" says a house that matches this house's stats (realtytrac gives no specific, just general, street addresses/other info unless you sign up, and I'm not going to) says it's an REO/bank owned property. I'm puzzled (considering what I found out about the occupants), but really do want to know if it's bank-owned, or otherwise going into a distressed-type sale, before I make a bid if I so choose. ... Any advice?
Assuming the home is in the MLS as your thread title implies, then ask an agent. At least in our MLS, the listing agent has to indicate the status if bank owned, short sale, pre-foreclosure, etc. Our tax records also indicate if a foreclosure sale has been scheduled.
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