I have access to MLS, what do I do now? - Posted by RBJet

Posted by HTucker on June 19, 2004 at 18:37:48:

It depends what is stated in the listing contract. It is usually a specific time period stated on the listing contract such as a number of days after the listing has expired which the agent would still be entitled to a commission.

I have access to MLS, what do I do now? - Posted by RBJet

Posted by RBJet on June 13, 2004 at 20:59:56:

Hi:

My brother who just became a real estate broker just subscribed to MLS. I asked him if I could use it sometimes, and he said I could use it anytime. He is not into CREATIVE real estate. He just does the traditional real estate stuff.

I think that this should be a wonderful opportutnity for me, but I dont know how to put it to use. How could I use this MLS for creative REI purposes? How can I get deals off it? Can anyone one give me some tips, or is there any investor who works exclusively off MLS.

Everyone keeps saying its a good thing to have access to MLS, now that I do, I dont know how to put it to REI use. Somebody please give me a few ideas. Thanks.

Re: I have access to MLS, what do I do now? - Posted by Atlanta_bob

Posted by Atlanta_bob on June 13, 2004 at 21:56:12:

Hi RBLet:

You can use the MLS computer to mail (or call) Expired Listings and/or Withdrawn listings to see if the HomeOwner is motivated enough to sell you the house “subject to” their existing mortgage or, perhaps, to Lease/Option it to you with the right to sub-lease it to your Tenant/Buyer.

You can also use it to find “junkers” that you can wholesale to other investors. You can find pre-foreclosures by reading the “Comments area” on the listing sheet, where the realtor tells everyone that this family’s house might go into foreclosure soon. You can often access county tax records from the MLS computer to see what the size of the house (Sq Feet) and the tax assessors value of the property. You can also find the price range of comparable properties for that area or subdivision to see what houses are selling for & what your profit might be.

Yes, I’m a realtor and I use the MLS computer for those reasons. Hope this helps!

Atlanta_bob

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Re: I have access to MLS, what do I do now? - Posted by Wes

Posted by Wes on June 14, 2004 at 24:52:26:

don’t get caught using it, or let it get known by other agents, that is a fast way for your bother to loose his mls privilages. the mls services don’t look to kindly to giving out full access to non members as it contains confidential info.

biggest things for an investor is to search for foreclosures, multifamily, and fixer uppers. listings that have expired may be good leads too, as they are ready to sell usually.

Re: I have access to MLS, what do I do now? - Posted by Tyrone

Posted by Tyrone on June 14, 2004 at 13:14:37:

Finding fixer-uppers and foreclosures on the MLS is great. However, the MLS listings only lists the selling agent and broker info. How would an investor find the property owner to offer a deal without going the RE agent??

Re: I have access to MLS, what do I do now? - Posted by Wes

Posted by Wes on June 14, 2004 at 13:30:31:

If it is in the MLS the owner has signed an exclusive right to sell agreement with the agent. So in other words if you cut the agent out of the deal they can sue to get their commission, and they will win 9 times out of 10.

that attitude is why it is so hard to get agents to work with investors. think about it this way you get a good agent they will feed you deals for years to come, you make them mad by trying to screw them out of their commission, you’re going to have a hard time getting them or their company to work with you, as you can rest assured that everyone in their firm will know what you did.

Re: I have access to MLS, what do I do now? - Posted by Tyrone

Posted by Tyrone on June 15, 2004 at 15:38:27:

Hi Wes,

I didn’t mean to sound like a deceiving, greedy investor because by all means I am not. However, the previous post said using the MLS to search for “expired” listings. If a listing has expired…are the agents still entitled to a commission if the property sold after the expired listing??

Re: I have access to MLS, what do I do now? - Posted by Wes

Posted by Wes on June 15, 2004 at 16:45:36:

My apologies, I took it the other way.

You should be able to find the owner through the yellowpages or tax records if it has expired.