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smariner
Posts: 1
Registered: ‎09-19-2009
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Buying an unlisted bank-owned

Does Redfin help me buy an unlisted home (assuming that I have located the property)? If not, how do I go about one such home? I know the address of the property & the name of the bank owning it.
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MattVWjosiep
Posts: 255
Registered: ‎10-28-2008

Re: Buying an unlisted bank-owned

I don't think Redfin serves properties that are not listed on the NWMLS. To get it before it is listed depends on the bank and the REO company. Some of the smaller banks have local employees that are in charge of the REO proprties and they then contract with individual agents to list the homes. Other banks take a hands-off approach and just send the property to the REO management company and won't look at offers until the property is listed with an agent on the MLS.
Matt van Winkle | Attorney | Redfin Partner Agent
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Pratt
Posts: 264
Registered: ‎12-11-2008
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Re: Buying an unlisted bank-owned

Wouldn't the bank want to list in MLS so  more buyers look at it and hence potentialy get competitive pricing? Why would they secretly sell it without listing...

 

Redfin Partner Agent
MattVWjosiep
Posts: 255
Registered: ‎10-28-2008
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Re: Buying an unlisted bank-owned

[ Edited ]
They will list it, sometimes it is just a timing issue. I've known some people that already knew they wanted the house before it went to foreclosure, so they don't want to wait (sometimes several months) before the bank gets the property back listed on the MLS. If the price is fair, some banks will sell it to a buyer directly rather than going through the time and expense of listing the home. If they don't list it, they don't have to pay commissions.
Message Edited by MattVW on 09-20-2009 02:30 PM
Matt van Winkle | Attorney | Redfin Partner Agent
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Nanomug
Posts: 10,290
Registered: ‎05-30-2009
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Re: Buying an unlisted bank-owned

Like Matt says there are lag times between foreclosing and listing.  I watched the house across the street get foreclosed.  Then a couple weeks later a cleaning crew came.  Then the landscapers came and then a photographer. Then the sign went up.  It was quicker than other homes in the neighborhood.  

 

If there are any issues with the title it can take longer.   

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DanielBretzke
Posts: 33
Registered: ‎12-17-2008
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Re: Buying an unlisted bank-owned

There are a lot of ways of buying a house and getting advice in buying it.  First you have to know if it is for sale.  If you know the owner name call and send them a letter.  If they don't want to sell the house,   the will tell you so, or at worst ignore you.  If it is for sale, either through the bank or on the MLS, then you will need to negotiate the purchase and sale agreement.  There are a lot of variables and time lines in a purchase and sale agreement. At this point you really need to have a real estate professional helping you, and preferably one that has experience in the neighborhood and type of property you are wanting to buy.

 

Daniel Bretzke