REO Opportunities
Submitted by gotforeclosure on Sat, 05/03/2008 - 1:07pm.
In the forum on how to use ForeclosureRadar I found an interesting explanation for why the REO search feature doesn't display REO's that are older than 120 days.
It says in that post that:
"We've chosen not to list REO’s after 120 days, because we no longer see these as an 'opportunity' for our Realtor and Investor customers, as they are typically listed at that point and can be easily found in the MLS."
Could you expand on that? You seem to suggest that contacting the bank BEFORE the property gets listed on the MLS would be the way to go.
Comments:
Right, the premise is that we are trying to shine a light on that period before it gets listed in the MLS to give everyone some visibility of what's coming, and perhaps to try to get either a listing or purchase done before hand. Once in the MLS you can find it there, so we didn't see any reason to show them in our system.
That said we are getting quite a bit of feedback that folks would like to look up the REOs that are listed in the MLS in ForeclosureRadar to find out how long ago it was foreclosed on, and to see how much the bank was willing to discount at trustee sale. We think that makes sense and plan to add a way to lookup older deals in our next major release.
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