How do I find bank owned properties?

[hiknapster]

Originally Posted by kroeran

Yeah...my strategy was to approach listing agents on short sales and I was shocked at the lack of effort and inaccuracy of the mls listings, ie. No photos and inaccurate information, which I was only aware of because I already had a unit in the neighborhood

Maybe I am paranoid, but I started wondering if choice short sale listings were being deliberately mislisted so that insiders could take them

Probably not. If an insider wants it I'm sure they get it before it ever hits the MLS, which I'm sure is fine with the bank, too.

What you are probably seeing is plain, old incompetency. It's understandable to look for a conspiracy theory in the face of idiocy. The reasoning is no one could be that stupid. Alas, they are.

CCRESI, I didn't say there is a set commission, but in general the buyer's agent gets anywhere from 2.4 to 2.6 on 6 percent. Rarely, and usually out of desperation, does the seller's agent offer 3 percent.

Is 3 percent the average for the seller's agent in swFlorida?

[Big House]

Originally Posted by hiknapster

Probably not. If an insider wants it I'm sure they get it before it ever hits the MLS, which I'm sure is fine with the bank, too.

What you are probably seeing is plain, old incompetency. It's understandable to look for a conspiracy theory in the face of idiocy. The reasoning is no one could be that stupid. Alas, they are.

CCRESI, I didn't say there is a set commission, but in general the buyer's agent gets anywhere from 2.4 to 2.6 on 6 percent. Rarely, and usually out of desperation, does the seller's agent offer 3 percent.

Is 3 percent the average for the seller's agent in swFlorida?

I don't think that the insider thing works, it is possible though. Bank owned properties, and short sales are usually required to be on the market 10-15 days before an asset manager will review take any action. Usually investors are excluded around here from making those purchases (BUT, NOT ALWAYS) - there are imposed requirements from the loan guarantors like HUD and FHA and Fannie Mae that sometimes preclude investor purchases - earlier than the 15 day listing period anyway. The properties have to be listed in the MLS for a specified period of time, and insiders and outsiders all have to compete and given preference over investors.

[hiknapster]

Originally Posted by Big House

I don't think that the insider thing works, it is possible though. Bank owned properties, and short sales are usually required to be on the market 10-15 days before an asset manager will review take any action. Usually investors are excluded around here from making those purchases (BUT, NOT ALWAYS) - there are imposed requirements from the loan guarantors like HUD and FHA and Fannie Mae that sometimes preclude investor purchases - earlier than the 15 day listing period anyway. The properties have to be listed in the MLS for a specified period of time, and insiders and outsiders all have to compete and given preference over investors.

Investors can be subject to the "First Look" rule for many properties. I was thinking of "insiders" of being more of the "friend of a friend" type of purchasers.