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Is there a website that provides foreclosure or Bank owned or REO listings.
I understand the better way may be is to get in touch with a real estate agent see if we can get access to their MLS listings with the idea of using the real estate agent for the transaction when we decide to buy.
But I would like to browse or search or do my research before actually talking to a realtor.
I mean is it better to signup with a service like RealtyTrac or request a realtor for their MLS? I really don't know which would be better.
I live in NOVA and looking to buy a SFH around Ashburn/Broadlands/Brambleton area this year.
I have been using Redfin.com. They also have an app. I love their user interface. Lots of info on the houses and easy to navigate. They do list REOs and Bank Owned, but I have not seen foreclosures. Basically they have any home that is in the MLS. You can also sign up for instant email updates. They will email you within 30-60 minutes of any MLS home update in your search area.
I have been using Redfin.com. They also have an app. I love their user interface. Lots of info on the houses and easy to navigate. They do list REOs and Bank Owned, but I have not seen foreclosures. Basically they have any home that is in the MLS. You can also sign up for instant email updates. They will email you within 30-60 minutes of any MLS home update in your search area.
Yes..I do use that website. But I didn't realize they have REOs on list.
...They do list REOs and Bank Owned, but I have not seen foreclosures. Basically they have any home that is in the MLS....
What's your definition of a "foreclosure"? REOs and Bank Owned (two terms for the same thing), are homes that have been foreclosed. There are also "pre-foreclosures" that usually are listed as short sales when they are on the market. REOs listed for sale and short sales would be available through your local MLS.
Or are you referring to homes that have received notice of foreclosure, but have not yet been listed for sale? They may or may not ever be for sale depending on their circumstances.
You can use Redfin (if available in your local market), or any other local agent service that has MLS search capabilities to find listed bank owned properties and short sales.
My MLS does not identify preforeclosures, shorts or REO listings. Sometimes it's buried in agent remarks. Sometimes it's code speak. And sometimes one has to do their homework.
Once sold and closed, the listing is flagged as a short or foreclosed sale.
While I like Redfin's web site, it is limited by the MLS and will not show what it does not know.
Our MLS does show short sales (Active Short Sale status) and REO (as part of the MLS input). An agent could send you a list of those.
My opinion is always to look at ALL properties for sale in your price range. Why rule out a perfectly good property just because it's not a foreclosure? It might be the perfect house for you.
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Originally Posted by NinaN
Our MLS does show short sales (Active Short Sale status) and REO (as part of the MLS input). An agent could send you a list of those.
My opinion is always to look at ALL properties for sale in your price range. Why rule out a perfectly good property just because it's not a foreclosure? It might be the perfect house for you.
Yes! Why disqualify plenty of quality properties without consideration?
And, the OP should be able to do a simple web search and find local agents who will let him search on their IDX without registering.
The question of whether the MLS requires mandatory disclosure in listings of foreclosures and REOs is material.
Ours in the Triangle does not have that requirement.
Yet another reason to open the search to all properties.
I think that's your best option. Not just for the listings, but realtors can read the Confidential Agent Remarks which on REOs often say stuff like "hole in roof" or "wear a hard hat, property unstable" or "see attachments for estimates to repair foundation" etc. that isn't always clear on the public comments part.
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