Searching for Distressed Properties on MRIS
This is the BEST time to work with investors. I STRONGLY suggest that you pre-approve them and understand exactly what they can afford previous to working with them. Once you have done that then you should start looking for properties for them. Many agents who have come to my workshops have been confused about how to search for distressed properties. The following are 4 areas in the MRIS form that you can use to search for distressed properties:
1) In the disclosure field there is one that says “Subject to a Potential Short Sale”
2) Remarks may state “Short Sale”
3) Disclosure pick list must say “Potential Short Sale”
4) In the “Current Financing/Loan Information” the following are possible options: REO Property, Foreclosure, HUD Owned, Pre-Foreclosure
P.S. In the same form I would also either select specific zip codes or cities.
Please let me know if you have any issues or if you find other ways to do a better search! Please either leave a comment or email me at psingh@rempower.com
I will look forward to seeing you in a future workshop!
Prabhjit Singh
psingh@rempower.com