Why do bank REOs have no history of being sold/bought on my local MLS?

Foreclosures, Short Sales, Tax Foreclosures
1

I went to a bank’s website where they had a few REOs listed for NJ, and I tried to find these same properties on my MLS… but I couldn’t find any information on them… why not?

I was trying to see what they had previously been bought/sold for, but I found nothing :huh

2

I just bid on a REO today and I was argueing with the realtor acting as my buyers agent in the deal. the home has supposedly only been on the market for 60 days and it had already been winterized. that seemed a bit quick for me and I asked them to try and find out a bit more detail.

They found out that the home had been listed on the MLS for 60 days, but that it wasn’t listed for a couple of months prior to that! They’re explaination was that they were holding it for a period of redemption by the foreclosed homeowner. I happen to know this isn’t correct, since redemption in my area is 10 days.

I think its just the case where it take the banks time to move from foreclosure to getting around to listing it. In some cases it might be holding off till the redemption period is gone, but in others I think its just their bureaucracy.

3

Some banks don’t pst on MLS. No seller has to put a property in MLS, so some choose not to. They may want a more private sale.

4

I used to talk with the REO realtors, it seemed to take up too much time and I always wondered how well I could do talking directly with the bank, that’s what I do now. Try contacting the banks directly, many times they will agree to pay the realtor while working with you directly. Just my two cents.

5

What happens around here is that once a contract is put on an REO property, the realtor pulls the MLS listing - even before the closing.
So, the bank may still have it on their site, but the realtor could have pulled it.

There is one realtor who specializes in REOs, and I keep seeing properties put back on the MLS, presumably because the deal fell through.

6

That’s not a “pulled” listing, it’s set to pending, which won’t show up unless you have access to MLS and specifically search for listings that are pending. That’s the way MLS is supposed to work.