Realtor Frank LLosa (creator of the indispensable FranklyMLS) explains how you (with the help of a real estate agent with MRIS access) can use the MRIS to scout out bank-owned properties that aren't yet on the market:
Tuesday, March 10, 2009
Staying a Step Ahead in the Foreclosure Market
Posted by Harriet at 9:00 PM
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4 comments:
“I’ve seen some properties that have been 9 months owned by a bank and they have not put them on the MLS. That makes no sense to me”
It makes perfect sense. They don’t want to add to inventory. Their foreclosure would be competing with all their other foreclosures, foreclosures from other lenders, and all other homes on the market. It’s hidden inventory.
For every foreclosure on the market, there’s a foreclosure ready to take its place. Well, not literally. But with hidden inventory being pocketed by lenders, one can not get the full extent of inventory coming down the pike.
This was a $2.5M bank property in Great Falls. There were no other banks for sale in the area. If this was PW, maybe I can see that as a strategy.
FRANK LL0SA Va Broker- BLOG.FranklyRealty.com said...
This was a $2.5M bank property in Great Falls. There were no other banks for sale in the area. If this was PW, maybe I can see that as a strategy.
No other bank owned sales in the area? That’s the point Frank.
Finish the process; “There were no other bank owned for sale in the area while X number of properties in the area are bank owned”.
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