Wholesaler · Amarillo, TX · Member since 2008 · 1k+ posts · 659 votes
19y
Epic, I believe you might be a little mixed up about subject to's. A "subject to" is in reference to taking the property subject to the existing financing, not necessarily subject to the lenders approval. Subject to's are not approved by the lender. You assume the seller financing without discussing the subject with the lender. Lenders don't like assumptions and are even protected against them with the Due On Sale Clause.
Now short sales, as you described, are in junction with the lender.
Foreclosureboy is referring to the managers that take care of the foreclosed properties after they are foreclosed but before they get to the market with realtors.
I can only comment about our local MLS. We have an "Advanced Search" feature. This allows to search by many, many different ways. One way is by comments. Use general comments such as: corporate owned, bank, foreclosure, special addendums, no sellers disclosure, no repairs, emd, fax offer, etc... Or if you discover an REO listed by an agent use their exact terms to find other REO's that they have listed. Generally, agents use virtually the same verbiage on all their REO listings.
Thanks for the reply......I tried typing it in the comments field, and it kept coming back 'no matching properties.' I tried a lot of different terms too, and my search area was at least 50,000 homes.
This is not exactly what you want, but it may help. Our public MLS lets us search by listing agent. Once you have found one REO, search by the listing agent's name. Around here it seems like there are only a handful of agents who do the lion's share of listing these properties.
I have access to the MLS website, and I am wanting to know how to find REO properties that may be listed. What field do I need to specify this in?
Can someone help me out?
Thanks!
In the MLS you can search for properties with special circumstances but most sites outside the MLS do not have this feature. Find a site that permits keyword search and look for foreclosure, corporate owner, fixer, and estate and you should get a fairly good list of both bank owned and distressed properties
What you need is an REO before it gets on the MLS. You need an inside connection . That is like finding a needle in a hay stack . I found a needle for myself . Good luck finding yours . Do you think I am greedy for not sharing ? We will see how it goes .
What you need is an REO before it gets on the MLS. You need an inside connection . That is like finding a needle in a hay stack . I found a needle for myself . Good luck finding yours . Do you think I am greedy for not sharing ? We will see how it goes .
If you are looking for REO's in Southern California Give me a buzz or Call and I will set you up on an REO Drip campaign and you will get all REIo's as they hit the market.
I also track all Trustee Sales in LA & Orange county and purchase on the Courthouse Steps.
If you want the deal before the lender takes it over, try looking for "subject to" which means subject to lender approval. These are short sales. The owner is uually already late on the loan and has convinced the lender of a hardship. What is owed is more than what the property is worth. The lender doesn't want to go through the foreclosure process which can take months and then remarket the property. If the lender accepts a short sale, he gets it off his books now.
Wholesaler · Amarillo, TX · Member since 2008 · 1k+ posts · 659 votes
19y
Epic, I believe you might be a little mixed up about subject to's. A "subject to" is in reference to taking the property subject to the existing financing, not necessarily subject to the lenders approval. Subject to's are not approved by the lender. You assume the seller financing without discussing the subject with the lender. Lenders don't like assumptions and are even protected against them with the Due On Sale Clause.
Now short sales, as you described, are in junction with the lender.
Foreclosureboy is referring to the managers that take care of the foreclosed properties after they are foreclosed but before they get to the market with realtors.
Residential Real Estate Agent · OH · Member since 2008 · 553 posts · 24 votes
19y
I think Epicdave was refering to short sales. As a realtor when you have a legitimate short sale and have the property listed at less than the payoff amount you need to include the phrase " subject to lender approval". This is to protect the listing agent and the seller. The bank has agreed to sell the property short but sometimes with multiple liens it can get real sticky. All the lien holders have to come to agreement on the proration of the proceeds. Thus subject to lender approval.
Real Estate Investor · Washington, DC · Member since 2008 · 26 posts · 1 vote
19y
Originally posted by "Foreclosureboy":
Hey Avocado,
If you are looking for REO's in Southern California Give me a buzz or Call and I will set you up on an REO Drip campaign and you will get all REIo's as they hit the market.
I also track all Trustee Sales in LA & Orange county and purchase on the Courthouse Steps.