Where can I find short sale listings?
A real estate short sale has become a prominent thing these days and buying a short sale can create instant equity for a new homeowner, it’s one way to get a smoking deal on a new home, especially in this market. Although it was not always the case, these days most banks are requiring that a home that is going through the short sales process be listed with a REALTOR. This makes finding short sale listings much, much easier than it was just a few years back.
Okay, so REALTORS have them, but where can I find short sale listings?
REALTORS use system for letting other REALTORS know about their properties called the MLS, or Multiple Listings Service. The MLS will list all properties that are currently for sale by real estate agents in a certain area. The MLS is available only to licensed agents and brokers, but some agents have feeds on their websites that will allow visitors to conduct a limited search of MLS listings. Because every MLS is a little bit different it is not always easy for a novice to recognize which listings are short sales and which are not.
There are a few key terms to look for when looking through MLS listings to determine which listings are short sale listings. Here are a few dead giveaways for short sale listings:
* Short Sale
* Pending bank approval
* Subject to bank approval
* Notice of Default
* Give the bank time to respond
* Preapproved by bank
* Headed for auction
The best way to find short sale listings will be to contact a REALTOR to help you with the search. An experienced real estate agent should know what to look for and to help you find that killer deal. Remember: if it is a GREAT deal act quick because great short sale listings don’t stay on the market for long!