Bank Owned Homes, Not in RMLS
All banks, that I know of, place their inventory of homes on the market the regular way when they’re ready to sell the homes they’ve foreclosed on. Normally, after the foreclosure occurs, the bank determines the value of the property, and puts the home on the market for the amount they consider to be market value. However, sometimes the bank is wrong and the home is priced too high and it sits on the market. Other times, they price their properties too low, and there are multiple offers above list price. In other words, they have the same challenges that any other seller has!
Because of these occasional super good deals, many home buyers or real estate investors follow bank owned homes as part of their property finding strategy. A quick search of the rmls data base will yield a number of bank owned homes in just about any area. Normally, these are pretty picked over and not too enticing.
However, there is a secret opportunity that I have been using with some of my clients. Oftentimes the bank takes awhile after the foreclosure to calculate how they would like to price the property, and the home is not on rmls during this time. Fortunately, I have found a way to develop a list of properties that have been foreclosed upon but are not yet on rmls.
Earlier this year I helped a client buy a bank owned lot that was located in a premium gated neighborhood. We got a great deal. After we completed the purchase a number of agents called him up and asked how he was able to purchase this lot, they had been waiting for the lot to come up on rmls, but it never did. We were able to purchase the lot before it ever showed up on rmls.
Now, even though it is a little extra work to develop this list, I’m opening up this opportunity to all my clients. If you’re considering looking for a home, investment property, or other real estate to buy, give me a call and we can discuss some ways to move forward that other agents may not be aware of!