Edina Offers Foreclosed, REO Property Search Tool
Edina Realty has introduced an online search tool that allows users to screen foreclosed and lender-owned properties on its website.
Users can click on the home page link, "Search Foreclosures" and then "In Foreclosure/Lender-Owned Properties" to retrieve property information using an interactive map, or searching by area, city or school district, to access data on all the properties as listed by Edina Realty and other brokers.
"The increase in foreclosures is another opportunity for consumers to take advantage of the current real estate market," said Edina Realty general manager, Barb Jandric. "But when entering into this type of real estate transaction, it's critical to work with an agent with experience in these types of listings who can help navigate a complex process and protect the buyer's interests."
Currently these listings include over 3,000 foreclosed or REO properties in Minnesota and Wisconsin, ranging in price from $8,000 to over $5 million, Edina said.
Buyers favor REO over foreclosed homes. Sales of REO homes represented 27.6% of the total market in the first quarter of 2008, compared to 9.3% of the market in the first quarter of last year, according to the Minneapolis Area Association of Realtors.
Ms. Jandric cautions, however, that buying a foreclosed or lender-owned property "can be more complicated because the lender is involved in the transaction, either acting with approval powers or as the owner/seller." Once a property is in foreclosure, the owner is served a legal foreclosure notice, the foreclosure process is completed and the property becomes lender-owned or REO.
Since each situation is unique and the market volatile, Ms. Jandric said, sometimes, for example, because these properties may have been previously owned by people experiencing financial difficulties, they may need updating and repairs, or there may be liens or back taxes due on the property.
"Researching market conditions and thoroughly understanding the 'ins and outs' of the foreclosure process are crucial," she said.
Edina Realty is a subsidiary of HomeServices of America, which operates 80 real estate offices throughout Minnesota, North Dakota and Wisconsin through over 2,800 Realtors.
Edina Realty's family of companies includes Edina Realty, Edina Realty Title, Edina Realty Mortgage and Edina Realty Relocation. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/