People always ask me how they can find information on short sales and foreclosures. Most of this data is available to the public. However, short sale information is not always displayed correctly in public listings. Fortunately, most MLS systems now have in place a specific data field for short sales and foreclosures. This is a great tool resource for buyers and investors looking to attain this specific detail.
A short sale is a real estate transaction whereby the owner of real estate is asking the bank to take less on the asset then what is owed. This can definitely be a tricky and involved transaction. It is imperative that a buyer hire an experience buyer’s agent to help facilitate the paperwork in the negotiations. Typically, a buyer’s agent services will be free to you.
Most Multiple Listing Services have public data and private Agent data. Many agents are inputting the information in the public comments fields, allowing the public to know whether the property is a foreclosure or short sale. However, since this is not mandated, it is advisable to consult with a Real Estate Agent specializing in these types of properties. Across the United States, you will find different standard for each MLS system. I would say that most MLS systems would notify buyers that a property is a short sale or foreclosure, but you will be missing a possible match if you do not get with an agent to help you find a property with your specific criteria.
There are so many fantastic real estate opportunities available on the market today. It, is very important that if you are a buyer or an investor that you understand the intricacies of short sales and foreclosures before making a purchase. Seeking out an agent with REO experience is an essential for a lucrative outcome.