I am not trying to be funny with this question! You see an empty house, it has a sign in the window with the agent's name, sometimes there is a real estate sign -- sometimes not. Here in Stockton, CA and most of the larger cities in Northern California - there are so many vacant or distressed homes (about every 2/3 houses on a given block in some cases). But no where do you see that it is a bank owned property. So you have to ask.
Question: Is it hard to spot a bank owned property - if yes, why?
Answer: Some of larger banks do not allow advertising or signage marketing properties as Bank Owned, REO or Foreclosure. This even includes the MLS, signs, riders that are on the property. So you will have to continue to call the agent and ask if this is a bank owned property to be sure.
O R
You can assume if it is not stated as a Short Sale on the MLS: Here are some other signs that the property must be bank owned:
- Yellow lawn - almost yellow, more yellow than green....
- Vacant no curtains
- Wild weeds in the front and on the side of the house
- Neighbors house is nicely maintained, green lawn and all or at least most of the weeds are pulled
- MLS states "as is" sale
- MLS states bank requires pre-approval by a named bank
- Property has a "coming soon" sign outside
- That feel of there goes the neighborhood
- Listed on Craigslist
- You are in California - especially Stockton, CA where just about every other house is either in distress or it is already foreclosed.
Before your home is one of these, check with your lender and ask for a Loan Modification OR if you cannot afford the loan modification they offer or they don't give you a loan modification --->> you may have to do a Short Sale just to avoid getting a Foreclosure on your credit. There is a new program that will streamline the process, offer you more options and opportunities to keep your or home or Short Sale with less hassles and stress.
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