Bypassing the MLS?

Stuff It_IHB

Stuff It_IHB

New member
I heard (or read - can't remember which) that some banks are now going directly to realtors and their houses are not being entered into the MLS system (this is probably nothing new to the knowledgeable people on this forum).



My question is, where do we find out about these houses since I assume most websites like redfin get their data from MLS?
 
1. Follow the foreclosures, either by tracking them yourself or via service such as RealtyTrac or Foreclosure Radar.



2. Drive around the neighborhoods you are interested in and look for the "For Sale" signs.



3. Check the websites of Realtors themselves, like <a href="http://northhillsrealty.com/603478w/index.php?main=reo&pt=SFR&title=REO Single Family Properites&id_from=14Ub081D52Wo05Nf907r650630a1h4744Koar922">this one</a>.
 
A better question is who is buying these phantom houses.



Now, not only do we have phantom inventory, but we have phantom customers with phantom deals that nobody can see. I thought oil trading was dirty.
 
I read the Deutsche Bank report on the phantom inventory and after reading more and letting it settle for awhile, I have concluded that there are few homes on the market which are not on the MLS. There may be many, many, many which are waiting to be listed, but they are not for sale ... Yet.
 
[quote author="no_vaseline" date=1219743025]A better question is who is buying these phantom houses.



Now, not only do we have phantom inventory, but we have phantom customers with phantom deals that nobody can see. I thought oil trading was dirty.</blockquote>


Some of those bull goons over at Lansner's have claimed this as well... that the 'good foreclosure deals' aren't even getting onto the MLS and instead going to people 'in the know'. But then, what would one expect from people in this line of work.
 
[quote author="PadreBrian" date=1219887932]Banks should require the stupid agents to list the damn property...not hold it for friends. Good god.</blockquote>


Not unless you work at the bank and receive something in return for letting an agent handle a REO. It's funny how companies don't align employee compensation with their corporate goals.
 
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