Big Day for Portland Foreclosures Yesterday; Err, or Not…The Practice of “Re-listing”

Bank owned (AKA REO’s) had a big day in the Portland real estate market yesterday accounting for 25% of all properties listed with 20 new REO listings (79 total listings including all foreclosures, short sales, new construction and re-sale).

That’s a huge bump up from what has been an average through January (and most months for that matter) of around 5 a day as well as 5% of all new listings on average; here’s the graph:

 

 

 

 

 

 

 

 

 

With such a large jump I had to check it out…turns out, it was almost entirely the same agent RE-LISTING their foreclosure properties.

This is a tactic agents due from time to time to get more eyes on their listings. The way it works is buyers working with a Realtor often (and should!) have what we as Realtors within the Portland RMLS call “Prospect Profiles”…This is where we can save a property search that automatically emails new listings directly to our buyers for us.

Re-listing a property causes that property to be emailed to all of those buyers that have searches setup that match the subject property; it puts it in front of them again.

This can also be achieved with a price change as that also triggers the email alerts, however it doesn’t look like the agent responsible for yesterdays uptick changed the prices at all…just a new re-list of each. Thing is, that is actually more work for the agent. It would have made more sense for this agent to get an approval from these banks for a price change of say $100 +/- as it would have been super fast for that Realtor to make that change rather than a whole new listing AND it wouldn’t have skewed REO inventory / listing tracking for myself and others that track this data.

And here’s the fun part, the agent, by regulation, would have needed to get the banks permission to re-list it as well. It’s unfortunate to see this type of thing happening as the agent created much more work for themselves or their assistant and skewed the market’s numbers at the same time.

Just a little bit of better planning goes a long way.

Your Portland Realtor, Scott McDonald

Everything. Portland. Real Estate. Blog.

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