A “Secret” List Of Bank Owned Homes – The Truth Revealed

A “Secret” List Of Bank Owned Homes – The Truth Revealed

bank owned homes


We have had a lot of buyers tell us they want to buy a bank owned home. So, we create a personal home search for them where a list of homes that fits their parameters is sent to their email directly from our MLS ( Multiple Listing Service ). This is the most up to date database of homes available. We then explain how new homes will be emailed to them as they come on the market.

However, over the course of time, many buyers, curious to see if there is anything else out there, will come across sites that advertise “a Secret list of bank owned homes”, and want to know why these “great” homes didn’t show up on the search they receive from us. 

The answer is simple: these homes don’t exist.

There is no secret database of foreclosed homes at deep discount prices. Quite simply, all bank owned homes are listed with real estate agents, appear in the MLS, and are available to be shown by any agent.

What you will find on line, however, is companies advertising a list of bank owned homes, perhaps with limited information on the home, and then require you to sign up and pay a monthly fee to get a list of homes sent to you. I am certainly not being negative about these companies.  I am merely stating that all they are doing is reselling information that any good agent can get you for FREE.

I personally saw one of these popular websites indicate there were over 100 foreclosed homes in my personal community of Solon, Ohio. The reality is that there are actually only 4 bank owned homes currently on the market here. Are these companies engaging in questionable and deceptive business practices, I’ll let the consumers be the judge. However, I will caution home buyers from accepting everything they see on line as being accurate.

So, there are two things to be learned here:

1. If something sounds too good to be true, it usually is.  And,

2. Why pay for something that you can get for free. 

Don’t be fooled by information you see on line. A good real estate agent will be able to bring all homes for sale to your attention, including ones that are bank owned.


About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans service both the East and West sides of Cleveland and specialize in assisting those who are buying bank owned homes within the luxury home marketplace, and executives who are relocating to Cleveland.

If you are looking to buy or sell Cleveland real estate, including the surrounding suburbs, please contact the Schuman Team at 216-346-3235. 



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 A “Secret” List Of Bank Owned Home – The Truth Revealed is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Jan,2010

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