Posted: 12/6/2009 10:39:28 PM EDT
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It seems like banks are holding on to thier forclosure inventory. Maybe they will have an inventory of 100 houses for a city or area, and they will only put 2 or so on the market, to see how much they can get for them.
How does one get in contact with a manager or person at a bank that has access to the full inventory? I wanna buy something cheap in my area. |
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Usually the county sheriff's website has a listing. ETA: This might just be an Ohio thing, as the law here is court order to foreclose goes to sheriff. I googled Maricopa and Pima county sheriffs out of curiosity and didn't see anything. Might also check treasurer, assessor, local government, etc. AZ has non-judicial foreclosure, which we don't, so maybe they're not all in a unified government system. |
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Quoted: It seems like banks are holding on to thier forclosure inventory. Maybe they will have an inventory of 100 houses for a city or area, and they will only put 2 or so on the market, to see how much they can get for them. How does one get in contact with a manager or person at a bank that has access to the full inventory? I wanna buy something cheap in my area. I've found that its tough to get the full inventory. Those online places that charge you money will give you outdated listings. It's too bad, it seems like it would be in the bank's interest to promote all its foreclosures. |
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Quoted:
Quoted:
It seems like banks are holding on to thier forclosure inventory. Maybe they will have an inventory of 100 houses for a city or area, and they will only put 2 or so on the market, to see how much they can get for them. How does one get in contact with a manager or person at a bank that has access to the full inventory? I wanna buy something cheap in my area. I've found that its tough to get the full inventory. Those online places that charge you money will give you outdated listings. It's too bad, it seems like it would be in the bank's interest to promote all its foreclosures. If they listed all of thier foreclosures at once, the market would crash. The available supply would be too high. That is thier perspective anyway. It would be nice if they sold stuff off cheap. |
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I'm a realtor in AZ.
If the banks let loose their entire inventory of foreclosed properties that would be a negative thing for all parties because property values would drop considerably. If the banks release them in waves (like they are doing now), it keeps the market inventory shorter and demand drives up the value of the properties they do put on the market. There are people saying that the banks are sitting on tens of thousands of homes in AZ alone. Part of me believes this, but the banks don't seem to be doing anything quickly so I'm truly not worried about the market being flooded. |
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Quoted: There are people saying that the banks are sitting on tens of thousands of homes in AZ alone. Part of me believes this, but the banks don't seem to be doing anything quickly so I'm truly not worried about the market being flooded. RealtyTrac mapped foreclosures to MLS listings. In California they found that only about 30% of the foreclosures have hit the MLS. There's a ton of shadow inventory out there. I suspect the low end is being sold off quickly, often to investors who might be able to cash flow now, but not so much the mid-to-upper. I was just poking around in Google Real Estate. I dunno what their source data is, but they do have a "show foreclosures only" option that lists NODs and foreclosures. In this market with so many houses underwater I think the NODs will almost all migrate to foreclosures. As a very rough estimate you can compare that with zillow or the "for sale" option in google real estate or some other sales site.
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