I get a lot of questions from students about which web sites we use for searching for bank owned properties (REO’s).
So I put together a list of some of the sites that we use to search for REO’s.
If you have a real estate license and you have access to the MLS, then you can search using your MLS in addition to searching these sites below. However you need to understand that if a property is listed on an MLS other than the one you are subscribed to, then you WILL NOT see the property. However you will see it if you are also searching on www.realtor.com – Which is why we always tell our students to search it.
If you don’t have access to the MLS and you are looking for properties in South Florida you can search the South Florida MLS here: www.lexrealestategroup.com
Some of the sites below are REO’s direct with the bank. Other sites are online auction sites where you have to register to bid online for properties. On some of the auction sites you have to be a licensed real estate agent to place a bid (get your license). On most of the auction sites you have ZERO inspection period meaning if you win then your credit card is charged and you cannot back out.
Most (but not all) of the properties found on the sites below are also listed on the MLS. Just remember that if you are a real estate agent you won’t see them if you do not subscribe to the MLS that the property is listed on. But you WILL see them on www.realtor.com – that part really annoys agents because they feel like all they need to do is use their own MLS. But that is a huge mistake.
Remember that realtor.com takes EVERY MLS and feeds it into their website.
Please make sure you understand that because that is the number one reason licensed agents miss great deals. Don’t forget to search popular sites like www.zillow.com and Trulia.com and Redfin.com well to see for sale by owners (FSBO), pre-foreclosures and more.
And please remember DO NOT USE ZILLOW, PROPERTY APPRAISER, IMAP, OR MLS FOR COMPS!!
Here are the links:
Bank of America
City National Bank
Fifth Third Bank
First Citizens Bank