From the course: Real Estate: Navigating the Multiple Listing Service (MLS)
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Search for REO properties
From the course: Real Estate: Navigating the Multiple Listing Service (MLS)
Search for REO properties
- [Instructor] The next type of search is REOs. These are bank owned or real estate owned properties. You can filter for REOs that need cash buyers. Often REOs will specify the type of financing needed. Conventional FHA or VA financing usually means the property is not distressed. Cash or cash to seller usually means that the property will not finance through traditional loans and is in a distressed situation. The next one is probate or cash buyers. Those are two other types of searches to use for finding deals on the MLS. Have your agent or field agents set up your MLS search and make sure all your field agents are creating MLS searches exactly the same way. As a pro tip, if an agent thinks they can yield better results by tweaking the search criteria, have them document the changes and test it. If it's successful, then you can implement the changes with the other agents. If you have MLS access yourself, set up your own…
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