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Edina Offers Foreclosed, REO Property Search Tool.(Managing REO)

Mortgage Servicing News

| September 01, 2008 | COPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Amilda Dymi

Edina, MN-Edina Realty has introduced an online search tool that allows users to screen foreclosed and lender-owned properties on its website.

Users can click on the home page link, "Search Foreclosures" and then "In Foreclosure/Lender-Owned Properties" to retrieve property information using an interactive map, or searching by area, city or school district, to access data on all the properties as listed by Edina Realty and other brokers.

"The increase in foreclosures is another opportunity for consumers to take advantage of the current real estate market," said Edina Realty general manager, Barb Jandric. "But when entering into this type of real estate transaction, it's critical to work with an agent with experience in these types of listings who can help navigate a complex process and protect the buyer's interests."

Currently these listings include over 3,000 foreclosed or REO properties in Minnesota and Wisconsin, ranging in price from $8,000 to over $5 million, Edina said.

Buyers favor REO over foreclosed homes. Sales of REO homes represented 27.6% of the total market in the first quarter of 2008, compared to 9.3% of the market in the first ...

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