One way to find bank and estate-owned properties

We wrote in a recent post about a new loan program for buyers of vacant and foreclosed homes. One good way you can locate these types of properties is to work with a Realtor who will scan the MLS for you.

The MLS database is a powerful tool because it has literally dozens of fields that can be used for customized searches. One of those fields is the "owner" field. If you're seeking a bank or estate-owned property, your Realtor can set up a search of this field for terms like "bank", "REO", "corporate", "estate", and the names of specific lending institutions.

We performed a similar search for an investor this morning. We sent him a list of 30 bank and estate-owned properties. Then we set him up to receive automated MLS updates. Now, whenever a new listing matching his criteria enters the market, he'll receive an immediate email notification with a link to the listing details. He'll also receive an email notification whenever any of the existing properties on his list undergoes a price reduction.

There are other ways the MLS can be leveraged to locate properties with a value upside. We'll be covering some of those ways in the near future.

Have a good weekend,

Dan Miller, Keller Williams Realty and DaneCountyMarket.com