Foreclosure in Rowlett>Question Details

Becky, Both Buyer and Seller in Bonham, TX

Foreclosures available only through RealtyTrac???

Asked by Becky, Bonham, TX Thu Mar 27, 2008

I am seeking info on foreclosures but every listing shown requires I subscribe to RealtyTrac. Is this honestly the only method available through your website? Give me another, free, less privacy invading method for finding local foreclosures.

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15
Becky:

This is Rick from RealtyTrac. Assuming that you're from Bonham, Texas, and actually looking to buy something in the same area (or at least the same state), you have some options. Some are even free.

Texas is an unusual state in that it only has two stages of foreclosures. The first stage is the notice of sale, which 21 days later results in the house being auctioned off on the courthouse steps. You can find those listings posted for free in the county courthouse, but will need to be ready to move very, very quickly in order to either negotiate a deal and execute a purchase within 21 days, or arrange to have cash financing to purchase the house at the auction.

Because most homebuyers don't want to rush into that kind of lightning fast purchase (and there are some risks involved at the auction stage), many Texas foreclosure purchases are at the second stage (REO), when the bank takes the home back. These files are also in the county courthouse, but are harder to find. Some banks will post the properties they've repossessed on their websites, generally for free.

If you're new to the foreclosure game, and looking for a home to live in, your best bet might really be to work with an agent or broker who specializes in REOs. If you need help finding one in your area, let me know, and I'll see if there's someone in our network that I can recommend. For what it's worth, there are very few foreclosure or REO properties in Bonham right now...but that can change at any moment in a market like this.

RealtyTrac isn't a free search engine like Google or Yahoo!. It, like most other companies who collect and distribute this data, is a subscription-based service (although you can use the site free for up to 7 days). This data is extremely hard to come by and expensive to compile, as much of it is hand-gathered from over 2,200 counties every month. What services like ours provide beyond just the list is some of the information you'd need in order to research the property (loan amounts, delinquency amounts, comp sales, photos, etc.), and convenience. There are also local companies in Texas who provide regional listings of foreclosures and REOs; the only one I'm personally familiar with is the Roddy Report, which costs between $125 -$325 a month, which is much more expensive than RealtyTrac.

Good luck with your search!
2 votes Thank Flag Link Mon Apr 21, 2008
Furthermore Becky, Can you believe this?
see the web-site below
1 vote Thank Flag Link Tue Apr 29, 2008
Becky, I can't believe Rick Sharga from RealtyTrac had the audacity to explain how you should be happy to 'pay' for this compiled data that is not accurate.... That if you want more accurate data you'll have to go to other companies and pay more money. He recommends the Roddy Report in Texas. Furthermore, he says RealtyTrac is not a search engine, no Duh... that's what Trulia is supposed to be... a Real Estate Search Engine... But, this is still a SCAM between RealtyTrac and Trulia to get numbers up with incorrect information! That is truly a disgrace! If Trulia is not going to control quality content, then maybe we should stop sending our REALTOR listings to be syndicated here... then only the shoddy foreclosure listings will be here.... how's that for a thought? Just as I've been turning into a huge Trulia fan, this 'stuff' happens!
1 vote Thank Flag Link Tue Apr 29, 2008
Becky,

I find no fault with RealtyTrac except it is not complete and it it much too difficult for you the buyer to use unless you want to make a full time job of it.
There is another site but mostly HUD homes http://www.BidSelect.com and there are some auction sites, but still a lot of work for the indvidual. That is why you pay an agent. Also let the agent pay for RealtyTrac and other sites, they use them for more than one home. Hopefully. Find an agent that does do more that 1 or 2 foreclosures, unless that is too difficult in your area. I will be happy to have my assistant run a search if you want a referral.

Margaret
0 votes Thank Flag Link Mon May 26, 2008
Hi Becky,

We offer this page below as a free service for our clients. Please click on the link below and it'll give you DAILY updates of all the foreclosures in the D/FW area. Please let us know if you find one that interests you.

Thanks,
Terri Hayley
0 votes Thank Flag Link Sat May 24, 2008
You can Google any lending institution with REO and go directly to there properties. Example search countrywide reo, and you will find thier site. All there properties are listed as with the other institutions.

Or e-mail me and I will get you going.
Web Reference: http://www.bigdrelo.com
0 votes Thank Flag Link Tue May 6, 2008
I'm selling my house in Trenton. Where were you looking?
0 votes Thank Flag Link Thu May 1, 2008
Becky, I must be a bit slow or just notice the new listings from Trulia I started receiving included many from RealtyTrac - The problem is that many of these RealtyTrac listings are homes that may actually be listed with an Agent and in the MLS. It may have been listed prior to the pre-foreclosure statuse or part of a Short-Sale. Regardless, I'm opposed to Trulia having a parntership with any company that then wants to charge consumers AND agents a fee to use their service, such as RealtyTrac! They do offer agents a free subscription period and maybe that's how they consider it NOT SPAM for Agents.

I don't thing it's a fair business model, if it's truly 'supposed' to be a search engine tool! Besides the fact that most of the information if not up to date - as previously mentioned. This one REALLY bothers me! Especially, since I've become a BIG fan of Trulia! and and TruliaVoices!
Web Reference: http://www.DweLLintown.com
0 votes Thank Flag Link Mon Apr 21, 2008
Pick the city, then pick the real estate agent you want to work with and tell them what you are looking for & they will set you up on an email system ( usually free) that will update you as soon as soon as a property hits the MLS.

Keep me in mind for Las Vegas!
Web Reference: http://www.DawnBarrier.com
0 votes Thank Flag Link Mon Apr 7, 2008
Most of those sites a lead capturing sites, which I hate those sites personally when I am on the web. Best locate a real estate agent that can forward "real time foreclosures" many of these sites have out of date listings
Keep in mind not all foreclosures are below market value, there are other ways to obtain properties with equity. Many tips and tricks on locating commercial or residential real estate for sale
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Mar 27, 2008
Many of the bank owned properties are farmed out to local realtors to manage and sell. Local MLS (Multiple Listing Service) information is usually the most up-to-date information. Determine which area you would like to look in and then do a web search for the board of realtors in that area. Most of them have a public link (in CA anyway) in which you can view the properties yourself. Otherwise, a realtor in that area would be able to give you a list of the bank owned properties...the local board of realtors website should have all of the profiles and contact information for you to review.
0 votes Thank Flag Link Thu Mar 27, 2008
Becky, go to http://www.ushud.com You can find all sorts of foreclosures there and it is a free site! I hope this information helps! Best Wishes!
Web Reference: http://www.gomelinda.com/
0 votes Thank Flag Link Thu Mar 27, 2008
You have some options. RealtyTrac works fine, but is a subscription service. I'm not knocking their service at all, but it sounds like you don't want to spend unnecessary money to find a house. There are other website which allow you to search for free, but many of them are not as current or user-friendly as they could be.

Naturally, my suggestion to you is to find a Realtor that you trust. They can provide the information and help you with contracts and negotiations. That's what they do. Find one who is good at it and let them explain what they can do for you. I mean, why not have a professional on your side while dealing with the banks.
0 votes Thank Flag Link Thu Mar 27, 2008
Just about any real estate agent can provide you with this information. Problem is that many require you to sign up. Some sites will allow you to search freely without signing up or paying for anything. The site listed in web references below is one possibility. Another would be to request a real estate agent that is investor friendly to set you up on the local MLS prospect gateway with a specific search that shows primarily foreclosures and distress sale properties. I have done this myself for buyers. All I usually ask is that you call me when you are interested in placing an offer.
0 votes Thank Flag Link Thu Mar 27, 2008
no
there are many
that are free
you just have to find them
try google
i posted a site that lists many free sites
google "REO"

anyways

good luck

by the way realtytrac makes everything really convenient
i used it years back
its not that expensive
if you are really thinking of buying a foreclosure
0 votes Thank Flag Link Thu Mar 27, 2008
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