From The Desk of Greg M. Ingerson, Attorney At Law
LOS ANGELES, CA – April 12th, 2008 –
LA Home Search, has launched a new technology which allows home buyers to search for bank owned properties which are listed for sale in the Multiple Listing Service (“MLS”).
In today’s tough real estate environment, home buyers are looking to buy homes that are "on-sale" and not just "for sale."
This shift in focus comes as many Buyers are sitting on the sidelines waiting for buying opportunities and don't have the time or resources to look at every property that is "For Sale," only the bargains.
Recently, we have had a tremendous demand by consumers wanting to search and view just the bank owned listings on the market and know we are able to provide this addition service to our clients.
However, contrary to popular belief, almost no lenders sell foreclosed residential properties directly to consumers.
Banks usually need to cover their loses and almost always list their REO (Real Estate Owned) properties with a broker who than puts these properties in the local Multiple Listing Service.
Unlike traditional sellers, the institutional bank owner must, at some point, price the home at the new market level so that is will sell (even if it is at a loss for the Bank!!!) and that is why consumers want to focus on these listings.
Other websites such as RealtyTrac.com and Foreclosure.com provide paid subscriptions to search for foreclosures, but most of the homes are not on the active market for sale.
In addition, LA Home Search will be tracking its own set of statistics focusing on bank owned homes active and pending on the market, and the percentage of the overall market of the bank owned properties.
For the media, LA Home Search will make available real time interactive maps plotting the bank owned homes to illustrate the regions most affected, and compiling custom statistics on the sales activity of bank owned listings.
To search for Southern California Real Estate including real estate in Beverly Hills, Brentwood, santa Monica, and Malibu go to http://www.LAHomeSearch.com
To search for "For Sale By Owner" properties in the Los Angeles Real Estate Market visit http://www.FSBO.LAHomeSearch.com
Thinking of Selling? To get the most Money, Fastest Sale, and the Fewest Problems, visit http://www.LAHomeSearch.com
About the Author
Greg M. Ingerson, Attorney At Law & Real Estate Broker, is a real estate Broker with LA Home Search in Los Angeles, California. To learn more about the Los Angeles Real Estate Market, please visit http://www.LAHomeSearch.com
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