Registering with a Broker That Handles Foreclosures

I recently replied to an associate with our company who posted a comment for an article in the Sarasota Herald Tribune about buyers frustrated with multiple offers.

This associate supposedly handles a large list of foreclosure properties.  His assertion was that many of the best foreclosures don't make it to the market, and sell before they are listed, so buyers should sign up with this broker to be the first to know about foreclosure listings.

I found his assertion to be ludicrous.  Reference this excellent article:

If he's working with banks, they have no reason to withhold properties from the MLS and exposure to the general marketplace.  Banks want the highest price possible for their properties, and are extremely risk averse.  Withholding properties from the MLS for only a select group of buyers that register with a broker could be construed as discriminatory.  It's highly doubtful any bank owner of any home is taking offers from a broker before a property becomes listed in the MLS.

The next time you see a Realtor or broker advertise that they give you first shot at foreclosures, take it with a grain of salt.


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