There are so many ways to take advantage of today's buyers market and many newcomers are taking a stab at real estate investing.  Whether becoming a landlord or specializing in rehabs, real estate investing is catching on fast due to the high number of foreclosures, low property prices and even lower interest rates for the financially secure. 

While foreclosure properties are appealing to investors, many first timers and a large number of experienced real estate investors are targeting the REO market.  REO, or real estate owned, properties are the safer purchase to make in the foreclosure arena because the properties can be inspected and in many cases, the properties have been clean out and "dressed" for sale on the MLS.

Marketed by experienced REO agents, bank owned (REO) properties are placed on the MLS fairly quickly.  Searching for these great investment opportunities can be rather difficult though.  Not all MLS systems are created equal, but the general search capabilities of each are fairly similar.  Searching the MLS for REO listings can be a bit simpler by following a few basic rules. 

The first trick is to start with a broad search.  Not all information entered into the MLS is accurate.  So even though you are looking for a two bedroom, don't use that in your search criteria.  Also true is that not all of the available information about a property is always entered.  If a realtor leaves a field blank and you are requiring that criteria for your search, this property would be excluded because it does not match. 

While broad are better, broad search results can also be a little bit overwhelming.  Narrow your REO listing searches to areas that you are interested in purchasing.  Most MLS systems allow you to search by zip code or neighborhood.  Then include ALL homes or specify family homes, condos, etc. to find the best possible matches.  You could also limit your search by your price range, but only choose one or two search criteria so you don't miss the property of your dreams. 

Finally, the most common question for about finding REO properties on the MLS is "how do I know which listings are REO properties?" Listing agents do not blatantly market properties as REOs or short sales.  Lenders don't approve of this tactic as they would get more low-ball offers than realistic offers.  For this reason, listing agents will discreetly advertise these properties with terms like "as-is", subject to bank approval or pre-approved by bank.  You can target these terms in your MLS search.

The best tool you can have for finding REO properties on the MLS is an experienced REO agent.  Most REO realtors have a list of properties that they can provide for your review or they can help you identify equitable properties on the MLS listed by other agents or lenders. 

Trent Realty is your source for Florida REO properties.  Search our listings for the best Florida homes for sale at incredible prices.