have a first time buyer that does not want to purchase a property that is in foreclosure. She is getting very frustrated as many of the houses I show her are in foreclosure and the listing agent does not disclose that information. She asked me if that was right.
The Multiple Listing Service does have a box a listing agent can check to tell the public it is in foreclosure, or they can check nothing. It is not a requirement. It might seem unfair to the consumer, but that agent might have been instructed by their seller not to disclose.
There are ways a showing agent can get information about the listed property.
1) Court records would indicate if a sheriff's sale has taken place
2) On the MLS in agent remarks it might state being sold in as is condition or certain forms are necessary
3) There are certain listing companies or Realtors that work only with foreclosures
4) There are certain phrases used by Realtors in their comments that subtlety say "foreclosure
Once I knew my buyer did not want a house in "as is condition" or wait 6 weeks to several months to see if her purchase agreement was accepted, I was able to guide her away from foreclosed properties.
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