Foreclosure in 92064>Question Details

Sarioko, Home Buyer in 92064

I just subscribed to realty track and just wondering if any body out there can tell me how accurate their information are in their realestate postings

Asked by Sarioko, 92064 Wed Nov 24, 2010

auction,foreclosurer,REO

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14
Steve Ornellas’ answer
Hi Sarioko, save your money!

RealtyTrac is not a "distressed property MLS", they simply take public record notices and syndicate the information to the web. To the uninformed this looks like home are being sold for cheap; however, the truth is that most of the time the home is not even listed for sale.

Distressed property is almost always sold via Realtor MLS systems to provide the widest exposure as possible. The remainder is sold directly to investors via "portfolio purchases" where multiple homes are sold at once, public auction on the County courthouse steps via a Trustee Sale, or via private auction companies.

Best, Steve
1 vote Thank Flag Link Wed Nov 24, 2010
Hi there -

I have friends that used RealtyTrac years ago so they may have improved, but they ALL were truly disappointed with their services. Big promises, "easy", etc turned out to be more marketing less action.

Also, if you are looking at buying a foreclosure, look into financing first! If buying via court steps (where they are typically sold) many Counties require cash only. Also, know you are going up against people that do this as their full time job, work for corporations etc. It sounds great - but go to a few and see what it is like first.

Hope this helps!

David Rudd
2 votes Thank Flag Link Wed Feb 20, 2013
I will tell you my experience with realty track:
http://neki-to-vole-vruce.blogspot.com/
0 votes Thank Flag Link Wed Jan 30, 2013
Sarioko:

Good information here about Realty Trac. Zillow is just as bad or worse.

If you are looking for property on your own or trying to get a feel for prices, any good real estate agent will have some kind of IDX search solution (internet data exchange, where participating brokers in a local association offer their listings to be posted on competitor's websites) on their website.
0 votes Thank Flag Link Thu Oct 13, 2011
I am new to this site too and was wondering the same thing. Great info!!!
0 votes Thank Flag Link Thu Oct 13, 2011
Thanks to all of you that responded to my questions ,It's been very educational.I agree that working with a good R E agent is the way to go,since they get paid by the sellers anyway.
0 votes Thank Flag Link Sun Dec 12, 2010
From my experience, not too accurate. The online search places are good starter places, but you have to really run the MLS to find out how accurate the information really is. The MLS is updated in real time. Some of the listings on the internet services are quite out of date.
0 votes Thank Flag Link Sun Dec 12, 2010
Keep in mind that when looking at some of RealtyTrac's ad, some of the information be misleading and inaccurate--you could be looking at a lis pendens property--notice of default--or some other kind of fee; some of those properties may not be for sale yet, and some may never be if the owner satisfies the default--therefore if interested in foreclosure, work with an agent of your own, he/she can provide you free and accurate information.
0 votes Thank Flag Link Sun Dec 12, 2010
Realty trac is a tool not the only source for looking for a property. Realty trac hires vendors to supply information for specific areas through public records. Some areas of the counties use better systems track the information. I a meeting I had with realty trac , they indicated that the information was 60% accurate.

If your a investor that wants to be active in finding properties, it may have some benifits. However, if you are a first time buyer, it is better to find a good buyers agent to assit you with the process. It is like any other thing, one tool does not make you an expert and it takes time to master the tool.

You have to understand all properties on realty trac are not for sale. Some of the people may deliquent and not going to try to sell (just let the property go to foreclosure). Others may be second mortgages and will not help you because the property still has a first lien on the property. Still others property owners may file bankruptcy and delay the sale process. The REO section is good because those properties are going to be sold or have already been sold. The timing of reo's depends on timing of notice. I have seen where they are not available yet and where they sold months before listed.


Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Mileaukee


http://www.milwaukeebailout.com
0 votes Thank Flag Link Sat Nov 27, 2010
OOPS... sounds like this is a question you should have asked PRIOR to signing up. Sorry... no help here... I haven't had interaction with them or anyone who has used their service. Good luck.

Cameron
Corona Short Sale Agent
Corona, California
0 votes Thank Flag Link Sat Nov 27, 2010
I was discussing Realty Trac with a group of Realtors in Alaska. We went through the list and saw several properties that were no longer bank owned but had sold weeks prior. A lot of the information appeared to be correct but was peppered with out dated details. I have used USA Foreclosures.com to keep up on when the properties revert to the bank and what properties are coming up. This site, at least for Alaska, seems to be very accurate, plus its free. Hope this helps.

Larry Ficek
Alaska Dream Makers
0 votes Thank Flag Link Wed Nov 24, 2010
I believe Realty Trac does have some nice features. The one thing that I find most beneficial is the property analysis, so that you can see what type of returns you would be earning, running all kinds of scenarios. However, as far as your specific question, the other respondents are absolutely correct in that Realty Trac merely pulls their information from other sites. Thus, it is contingent upon all the other sites being accurate as well. As with most sites, there are some positives and some short comings. Another site that is useful when looking for foreclosures is foreclosureradar.com....they offer a 3 day trial, so I'd recommend doing that and really digging deep into it for three days to see if it offers exactly what you are looking for. There is a pretty cool video that gives you insight into how the auction proceedings take place on the courthouse steps. While sites are definitely one source, it wouldn't hurt to speak with someone who is in the trenches on a daily basis. Best of luck!

Chad Basinger, REALTOR®, CPA, CFP®
858-997-3704
chad@chadbasinger.com
0 votes Thank Flag Link Wed Nov 24, 2010
Less than 30% of RealtyTrac listings are actually for sale:
http://docs.Steven-Anthony.com/RealtyTrac30.pdf
0 votes Thank Flag Link Wed Nov 24, 2010
I specialize in foreclosures and use realtytrac a lot. The information can be dated and not just by days, by months. Some properties remain on there well after they are sold or auctioned. And there are a lot of properties out there that are not on realtytrac that are in foreclosure. The best place to find foreclosures if you're serious about finding a solid one with great value for your money is through an agent and I'm not just saying that because I am one. But we have access through the MLS and Realist which is a tax site and can find foreclosures for you instantly and be successful in getting them closed.
0 votes Thank Flag Link Wed Nov 24, 2010
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