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Is a realtor/agent allowed to not list a bank owned property?

I've found a home that I'm interested in and for some reason the broker/agent is not listing the property. I found it by accident and there was a for sale sign in front but it's not listed in the MLA. My agent called them and they won't give any info for some reason. I tried calling the National Association of Realtors and the woman I talked with said she didn't know. I'm just curious, this seems like it should be against the law or something. What are some of your thoughts/experiences? Thank you.
Be Blessed


Asked by Anonymous at 3:17 PM on Aug. 6, 2009 in Politics & Current Events

This question is closed.
Answers (4)
  • it depends on what stage of the foreclosure process it is in. if it is in the very early stages there is probably no listing contract on it right now. chances are the sign in the yard was the homeowners agent and the contract expired, now the agent is using it as free advertising hoping you will give up and use them to find a different house. if you love the house keep watching it and check you local courthouse tax records to see who is paying the tax on it. the trustee who ultimately holds the house will be paying the tax and will likely be a bank employee or lawyer. if the house is scheduled to go up for auction, you may not find out about it until it's too late. see if you can't contact a good mortgage company for a preapproved loan with closing in 10 business days on what you think the house is worth. you'll then be ready to bid when it auctions. GOOD LUCK!

    Answer by jewjewbee at 5:19 PM on Aug. 6, 2009

  • Maybe they haven't been authorized to officially put it on the market yet. There could be a holdup with the listing for some reason. I would think though that they would say something about it. Do you know the bank that it belongs to? If so, call them. You might also ask for the owner or manager or the real estate agency.

    Answer by yourspecialkid at 4:18 PM on Aug. 6, 2009

  • Whose sign is in the yard? Was there a number? If it is a bank or mortgage company owned home and it IS really for sale anyone should be able to put in a bid for it with any realtor. If teh realtor can't find anything on it though there is no way they can sell it.

    Answer by itsmesteph11 at 4:38 PM on Aug. 6, 2009

  • Thank you all, I appreciate the info. Be Blessed!

    Answer by TChristina at 12:54 PM on Aug. 7, 2009