Dallas, TX. REOs, Foreclosures, Corporate Owned, RELO - what is in the name?
Have you noticed the trend of naming foreclosed properties - RELO or Corporate owned? The naming game is reflected in the MLS data field called seller type. This is a big trend here, in North Texas. Of course, the instructions of how to present the listing are coming from the lenders in the case of REOs. They are thinking that calling a seller RELO may hide some negativity surrounding word FORECLOSURE/or REO. Whether this makes any difference for the market place at all is yet to be seen. However, what interesting is "real" Relocation companies are also giving instructions to listing agents to mark them as RELO while the ownership is still with the relocating family. I came across such for sale listing in my town of Corinth, TX - located 35 miles north of Dallas, TX while searching for RELO/Foreclosed properties in Corinth, TX area. Although, it's easy to establish what this RELO means after a few minutes of research - my concern is for the buyers who are signed up for an automatic updates with a search criteria set for RELO/REOs. These buyers are focused on "deals" in foreclosures or they are investors. While almost 30% of Dallas , TX Area Foreclosures in NTREIS (North Texas Real Estate Information sSstem) are marked as RELO, I make it a habit to include both RELO and Lender Owned for my investors/buyers of Foreclosure properties in Corinth, TX. So, watch out for this question to come up - What is RELO, what does it mean? I quickly pull out tax records to see who is the owner - the picture is clear then. Oh, well, if only we all had those extra few hours to spare in a day to figure out all these details regarding each listing that could have been very well set up forth properly in the first place!