I am a real estate broker/owner and I see an opportunity in launching a website specifically for REO properties via IDX from our local MLS. Most sites including our present company site, use IDX but do not allow buyers to search REO only (no selection). The MLS includes a field that defines a listing as "bank owned". I'm looking for a web developer to propose a basic low-cost solution.

Well we would be that developer - but "low cost" is relative - our CORE IDX platform starts at a $2500 install and $30 per month for data hosting.

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Strep throat! - Yup tis the season - boooo if you are wondering why you haven't seen me as much it's because I had strep throat for a week, feeling better just playing catch up. Merry Ho Ho folks

And I will add that you should contact your Board to ensure the REO specific data is delivered in the IDX data feed. You might not see it from other solutions because it is not currently available in the feed. If it is not currently available do not fret. MLS's will often increase the number of fields in the feed if a member requests more data, unless there is a legal reason for excluding it.

If you give us your MLS name, I can give them a call and find out the feasibility of this sort of thing.

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Reed Botwright
IDX Coordinator
Real Estate Webmasters Staff
MLS Update Blog

That's a good question. There is a field called "Disclosures" with values such as "BKOWN" (bank-owned), "FORCL" (pre-foreclosure), etc. - but I don't know if the field is included in the feed. The Board is MIBOR (Metropolitan Indianapolis Board of Realtors) and they refer to the MLS system as "BLC" (Broker Listing Coop). (317) 956-5000 x1

We deal with the MIBOR feed, Reed perhaps you could look into this for this gentleman?

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Strep throat! - Yup tis the season - boooo if you are wondering why you haven't seen me as much it's because I had strep throat for a week, feeling better just playing catch up. Merry Ho Ho folks

Peter our MLS does not have much for REO fields. There is one for short sale,but the check box is rarely used. I have a custom IDX from REW that can search for Short Sales and Foreclosures and you can have something like that done.

Customizing is expensive, but the result is, well, custom. I have to search ( with their great programmers) the public comments for short sales, foreclosures, etc to be able to provide that for clients. Most agents use those for the REO remarks anyways. Check with your local MLS providers as to what data they have and I am sure REW can get you a great one.

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Why limit the site exclusvely to REO? Just add some specific pages to a seasoned URL, optimize them, blog about them and you may not so suprisingly find your site on the first page for those terms. We put some REO pages on our site a few months ago and already get 3,000 page views a month for just REO or Bank Owned properties. Actually, about 200 page views just today, and we are in a relatively small market with lots or REO properties. So, thanks to REW for those results.

Low cost is a relative term... consider ROI.

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Peter, sorry about taking so long to get back to you.

From the looks of things, there are about 94 FORCL listings and 141 BKOWN listings in the MIBOR database. This might not cover all of the areas of the BLC, but would provide a fair number for those interested I would think.

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Reed Botwright
IDX Coordinator
Real Estate Webmasters Staff
MLS Update Blog

I just did a quick MIBOR database search, limited to Single Family residences and condos - and found a total of 1914 active listings identified as Bank-Owned or Pre-Foreclosure (BKOWN or FORCL). Do your findings mean that the IDX feed is limited to 235 listings?

If I'm following you, the IDX feed DOES contain the disclosure field (with such values as BKOWN, FORCL, etc.), correct?

I asked my idx provider this same question about two weeks ago and have yet to receive response, not sure if they are too busy or unable to perform task

idx I use has an url search builder with specific fields to choose from such as condo, single family, subdivision, etc, all you would need to do is select bank owned under seller type and you would be up and running, but of course this is not included in available fields within url search builder.

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