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Do real estate agents have access to non-MLS listings? Best way to find out about non-MLS listings?

Many foreclosures appear not to be listed on MLS--properties without addresses show up on zillow.com searches for foreclosures, but with no addresses.  When I contacted a real estate agent and asked the agent if her firm had access to foreclosure listings not posted on MLS such as these, she said no.  According to this agent, banks with such properties will contact an agent near the property to handle the sale.  The agent will then either list the property on MLS or sell it privately.  WHAT IS THE BEST WAY TO FIND OUT WHAT NON-MLS LISTED BANK OWNED PROPERTIES ARE AVAILABLE IN MY AREA? 
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July 24 2010 - Berkeley
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Answers (14)

You can use realtytrac but it's also best to use an agent that specializes in your area that is either with a big company or networks with lots of real estate agents. Being with the number one company and a real estate networking group that has a lot of REO agents I often fund out about properties before they hit the market. Interview local agents in your area to find the right fit.
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August 14 2010
Simplicity is key...


Realtytrac.com
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August 13 2010
I offer a free foreclosure search on my website but if i post my website here zillow will delete it.  We update my site daily.  The hitch is, I capture your contact info if you want the actual address.  Once I have your info I can search by zip code or city, etc.  There's some great things off the market I've found with my investors and contractors in Berkeley using the search feature on my website.  Obviously the goal for me by offering this free service to the public is to gain more clients.

Good luck!  Let me know if you want a list of foreclosures or notices of default in Berkeley.
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August 13 2010
As an foreclosure expert, I do have access to this off MLS market inventory, and for more information please just go to my site [link removed by moderator] or you can contact me through Zillow this information will be provide to you for free.
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August 03 2010
Realtytrac and Redc auctions I have found are a waste of time, and if not misleading. I recently spent an entire day at an auction with my buyer. He was high bidder on a property. After hanging around 3 hours to sit with the BOA rep, they told us that the 450,000 was to low! They ran the property again and there were no offers over 450,000. They listed it a few months later on the mls with a local agent who gets most of their business. This is one of those if it sounds to good to be true, it usually is! Scenarios. I did notice at the auction a bunch of properties sold for more than I thought they should. I think the banks are aware some people get caught up with bidding and get out of hand. The numbers show you will pay close to the same price either way. I recommend buying the listed properties. Expect to pay close to the listed price. In my area (Naperville IL) some foreclosures get 5 offers in one week. Some close for more than the listed price. You will save yourself a lot of time and aggravation.
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August 02 2010
RealtyTrac posts homes that are going into foreclosure as well as auction dates.  Though you do have to pay for the service, you can contact me about any area you are interested in, and I'd be happy to provide this info for you as I am registered member with them.

Good luck :)
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August 02 2010
I have found most of the forclosure sites are not kept up to date. The best thing would be to have your agent look in the individual lender sites for REOs in your desired area. Keep in mind, these should be listed on the MLS as well but I have seen a few fall in the cracks and found a few this way.
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July 31 2010
Most banks use a real estate agent to liquidate their assets, and if a property isn't on the MLS, it is not yet available.  Banks take back properties, then they evaluate them.  Are they vacant or inhabited?  If inhabited, will the occupants move out willingly or need to be evicted?  What condition is the property in?  Does it need to be trashed out?  What is it worth?  They usually order a BPO (Broker Price Opinion) and often an appraisal to help them decide what to list it for.  They usually have Realtors they work with and assign the property to them for sale on a short term contract when they have taken the property through all these steps.  Before that, the properties show up on sites like Realty Trac, but they are not available for sale.

I am reading between the lines of your question and suspect that you want to find non-listed properties in your area because you might get a better deal.  In my area, the banks are pricing their assets at the low end of Fair Market Value (FMV), giving an owner a good deal, but making it pretty tough for a flipper to make a profit.
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July 30 2010
REALTYTRAC.COM, REALTYBARGAINS.COM,FORECLOSURE.COM SHOW LOTS OF PROPERTIES NOT ON THE MLS. TROUBLE THE VERY RARELY ARE FOR SALE IF NOT ON THE MLS. IF YOU GO TO BANK SITES THEY HAVE A LIST OF THE REO PROPERTIES, ALSO FANNIE MAE AND FREDDY MAC BOTH HAVE THEIR PROPERTIES LISTED ALSO. AGAIN TROUBLE IS WE CAN USE THE WORD ALL THEM WILL BE SOLD THROUGH THE MLS AND A REALTOR. IT TAKE A LONG TIME FROM THE FORECLOSURE SALE TO THE DAY THE BANK PUTS THE PROPERTY ON THE MARKET READY TO ACCEPT OFFERS FOR SALE.  OFTEN TIMES THEY WILL ASSIGN THE PROPERTY TO A REALTOR AND YOU MIGHT SEE A SIGN, AND A LOCK BOX ON THE DOOR AND STILL IT IS NOT LISTED FOR SALE BECAUSE THE REALTOR IS STILL TRYING TO DETERMINE THE PRICE.  IT MIGHT EVEN APPEAR ON THE ZILLOW OR OTHER SITES AS AN ACTIVE LISTING BECAUSE THE ARE TO PREMARKETING AND TRYING TO DETERMINE THE PRICE.  SO YOU CAN SEE THERE ARE MANY REASONS THAT YOU MIGHT EVEN SEE A SIGN ON A PROPERTY, A LOCK BOX, AND IT MIGHT BE ON SEVERAL WEB SITES HOWEVER THAT DOESN'T MEAN THE SELLER IS READY TO ACCEPT OFFERS, WHEN IT IS , IT WILL BE LISTED ON THE MLS.
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July 26 2010

Check with lenders. After the auction fails foreclosures become REOs and are owned by the lender who will list with a real estate agent to sell. Perhaps one can negotiate a steal before the property is presented to the market?

Search "foreclosures" and "preforeclosures" for many aggregators of Notices of Default like RealtyTrac.

Learning about distressed properties will help avoid wheel spinning.

You can find CraigsList.org listings mapped out at HousingMaps.com, FSBOs.

Questions??

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July 26 2010
Dear Dr. Jason Esq.   Best way is to hire your own buyer agent.   Bank owned properties that are being offered for sale are usually listed.   If they are bank owned, already foreclosed, not yet ready for sale, they will appear on RealtyTrac and other databases but that doesn't mean the bank is offered them yet.   It takes anywhere from 3 to 12 months, sometimes longer, for an REO property to be ready for sale.   Work with an agent and go after the ones that are already for sale for less frustration - there are plenty of them!   Good luck.
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July 25 2010
Here in CA, all REO/Bank-owned homes are listed on the MLS. The asset managers would get fired if they didn't expose their property to 99% of the buyers; retail and investor buyers working with agents.

It used to be different, banks would often sell properties in bulk to larger investors. This still goes on but is increasingly rare. 

Foreclosure radar.com is a good site to find pre-foreclosure listings (not yet foreclosed on, where the sellers are at various stages of default). Of course, these aren't actual homes for sale and it's extremely time consuming to try and purchase from these sellers. 

Zillow is an amazingly comprehensive site, but you will often find homes that are listed for sale that were removed from the market long ago, or were never even for sale in the first place.
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July 25 2010
If you are looking for foreclosures, try www.RealtyTrac.com

You will need to try several sources and several Realtors©.

Contact a Realtor©.

Many other sites and some auction sites.

Good Luck!

James Callas - Realtor®

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July 24 2010
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If you click on a foreclosure here you will find

"Description

This home is in preforeclosure, which means the homeowner is in default (missed payments). Therefore, there could be an opportunity to strike a great deal with the owner and the bank. "


These are not real listings for sale. Ignore them. This is just saying that a house has missed one or more payments. It is not for sale. If it was they would list the real price, location, and not have you sign up for their service to find that out.
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July 24 2010
 
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