Searching for additional information on pre-foreclosures, foreclosures and auctions in our MLS system is about to get easier. Or at least that is what the latest news flash from MRIS says. A new partnership with First American’s Realist will provide MRIS subscribers with access to a Foreclosure Activity Search Tool (FAST) directly linked to our system.
Per the MRIS site the tool will provide us with access to:
“Pre-foreclosure – identifies homes on which lenders or other parties have begun the default against delinquent property owners. This can help you locate short sale opportunities.
Auction – identifies homes that have an auction date to sell the property as a result of a default and foreclosure related proceedings. This can help you locate investment opportunities.
Bank Owned/Real Estate Owned (REO) – identifies properties currently owned by a bank, lender, or other financial institution due to a foreclosure-related proceeding. This can help you locate listing opportunities. “
Today I ran a search using the tool looking for pre-foreclosures in Lake Ridge and found a list of 33 properties. The next phase is to determine whether the pre-foreclosure properties are already listed in the MLS as short sales. At first glance the spot check I ran did not find these properties in the MLS.
It will take a little more investigation to determine how best to use this information for my buyers. Any leg up to help buyers into today’s Prince William County real estate market is helpful!