MLS Listings

The Multiple Listing Service, or MLS, is a local database of homes for sale or lease, excluding those that are For Sale By Owner (FSBO). By cooperating with each other, agents can provide one source for all the available properties in an area, agreeing to share commission on sales involving multiple realtors. Potential home buyers can check out their local MLS through a variety of sources, including real estate agencies and the Internet.

While FSBO properties are not included in the Board of Realtors MLS, consumers may now find these listings compiled into their own special databases. Many sellers prefer the FSBO listing since there is no commission to pay and they can stay in charge of the final sale. Some buyers also prefer dealing directly with the homeowners, rather than negotiating through an intermediary who stands to make a tidy profit on the final sale.

Foreclosure MLS

Foreclosed properties are also available in their own online MLS, and are easily accessed for those looking to buy a home at a discounted rate. This MLS can include government foreclosures such as those offered by U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Veterans Affairs (VA). Foreclosed properties are also offered from various banks and original lenders of the defaulted loans.

It may be a good idea for those interested in foreclosed homes to employ the services of a realty service that specializes in purchasing distressed property.
Just like buying a non-distressed property, getting pre-qualified and approved will be the first steps, and it is important to get them done quickly. Since timing is crucial when buying a foreclosed property, a knowledgeable realtor or foreclosure lawyer will prove vital when making final negotiations and filling out necessary legal forms.