Re: RealtyTrac

Posted by Steele In Minnesota on September 07, 2005 at 12:01:26:

In Reply to: RealtyTrac posted by Kayti on September 06, 2005 at 14:18:37:

: Is this search site for real? I want to buy a house and Ive been looking at some foreclosed properties. There doesnt seem to be a real honest site out there, any sugestions? Thanks

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It's not so much a matter of "honest" sites as it is finding one that is half-way accurate.

I am very familar with RealtyTrac as a Realtor that specializes in foreclosures and bank owned homes. RealtyTrac was and is a preforeclosure site. 99% of the properties (at least in my experience)are in the foreclosure process. The problem is that they claim large numbers of REO (bank owned) houses. And they just don't seem to have them.

In working with these guys it seems that much can be blamed on a computer glitch. You see they track three stages of the foreclosure, the notice of default, the notice of trustee sale (sheriff sale) and the REO or bank owned stage. It seems that if a property does not fit in the first two it automatically goes in the third catagory.

The problem is that there can be some "in between" stages. Here in Minnesota, for example, almost all the the properties that RealtyTrac shows as REOs are actually in the earlier stages of foreclosure.

So as a preforeclosure site it is a fairly good one. For REOs...no.

Since I track both kinds of properties I use RealtyTrac as a cross reference. But for bank owned properties I go to the people at FreeForeclosureSearch. While not 100% accurate, they are pretty good. Probably about 50-60% accurate. In comparison I have yet to see another site that is much above 30-35% accurate. Simply put the typical national site is 2/3 filled with old listings long gone.

If you want to check them out go to:

http://www.onlinebankhomes.com

I subscribe to both of these services. I continue to check others out and would be happy to see others that are having good experiences with other sites that they share here.

I, personally, keep one of the most accurate lists of REO properties for the nine county Minneapolis/St Paul area of Minnesota. But I still use the cross references.

Steele V. Propp
Foreclosure and REO Specialist
Minneapolis, MN
steelep@aol.com

Follow Ups:

• Re: RealtyTrac - Dan Bronson 16:33:58 11/10/05 (0)

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Comments:
: : Is this search site for real?  I want to buy a house and Ive been looking at some foreclosed properties.  There doesnt seem to be a real honest site out there, any sugestions? Thanks

: ********************************

: It's not so much a matter of "honest" sites as it is finding one that is half-way accurate.

: I am very familar with RealtyTrac as a Realtor that specializes in foreclosures and bank owned homes.  RealtyTrac was and is a preforeclosure site.  99% of the properties (at least in my experience)are in the foreclosure process.  The problem is that they claim large numbers of REO (bank owned) houses.  And they just don't seem to have them.

: In working with these guys it seems that much can be blamed on a computer glitch.  You see they track three stages of the foreclosure, the notice of default, the notice of trustee sale (sheriff sale) and the REO or bank owned stage.  It seems that if a property does not fit in the first two it automatically goes in the third catagory.

: The problem is that there can be some "in between" stages.  Here in Minnesota, for example, almost all the the properties that RealtyTrac shows as REOs are actually in the earlier stages of foreclosure.

: So as a preforeclosure site it is a fairly good one.  For REOs...no.

: Since I track both kinds of properties I use RealtyTrac as a cross reference.  But for bank owned properties I go to the people at FreeForeclosureSearch.  While not 100% accurate, they are pretty good.  Probably about 50-60% accurate.  In comparison I have yet to see another site that is much above 30-35% accurate.  Simply put the typical national site is 2/3 filled with old listings long gone.

: If you want to check them out go to:

: http://www.onlinebankhomes.com

: I subscribe to both of these services.  I continue to check others out and would be happy to see others that are having good experiences with other sites that they share here.

: I, personally, keep one of the most accurate lists of REO properties for the nine county Minneapolis/St Paul area of Minnesota.  But I still use the cross references.

: Steele V. Propp
: Foreclosure and REO Specialist
: Minneapolis, MN
: steelep@aol.com


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