Foreclosure in Maumelle>Question Details

Kevin, Home Buyer in Maumelle, AR

RealtyTrac is showing houses underforeclosure that are not. I went an talked to an owner of a house they are showing as being under.

Asked by Kevin, Maumelle, AR Tue Jan 12, 2010

Has this been brought up before? There was no signs in the yard and people still living in the house. The guy who lives there informed me that it was not underforeclosure nor would it be! He was straight forward and nice but not happy his address is being shown as being under. is this being addressed?

Help the community by answering this question:

Answers

4
Yes. This problem has been brought up here many, many times before. And, no, it's not being addressed. At least not adequately. Frankly, so long as people are willing to pay good money for a questionable product--when you could get the same information for free--there's no incentive to fix the problem.

Having said that, I'll also note that many people who are falling behind on their mortgages and facing foreclosure are in denial. They'll certainly tell you that there's no problem. And they may believe that somehow they'll get bailed out--by a relative, by refinancing, by a loan modification, by winning the lottery, and so on. Talk to investors. They all have stories of approaching people in financial difficulty and being told, "Oh, no. There are no problems. Everything's been taken care of." In many cases, the problem hasn't been taken care of. Often enough, those investors get another call from the same owner about a week before the auction date of the property, by which time it's usually too late to do anything.

One way to approach owners in financial difficulty if you choose door knocking--which I personally don't like to do but others say is really very effective--is to say: "Hi. My wife and I [if you're married...sounds friendlier if you come across as a couple or a family] are looking to buy a home in this neighborhood. Do you know of anyone around here who might be interested in selling their property?"

It's a much kinder, gentler approach than: "Hi. I understand that your home is being foreclosed upon. I'm interested in buying it."

Using the gentle approach, you're more likely to get a positive response. Make sure you have some contact information about yourself--a business card or something--that you can hand to the homeowner. Recognize that most of the time, the homeowner's response will be something like: "Well, I don't know of anyone right now." So you say, "That's fine. If it's OK with you can I give you my contact information? If you do hear of something, could you please give me a call?" Also, as appropriate, just engage in a bit of chit-chat about the neighborhood (or the weather, or whatever), just to establish some rapport with the owner.

Oh, and what if the homeowner says, "Well, I think Fred down the street may be planning to sell soon. I know he's moving in a few months, but I don't think his home is listed yet"? You may just have uncovered a nugget of gold.

Hope that helps.
1 vote Thank Flag Link Tue Jan 12, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Realty Trac hires contractors to provide data. Some contractors provide better data than others. The timing of the updating is important issue because of filing of first legal action and recinding of first legal action when the default is cured. All Realty Trac provides is properties that are or were deliquent on their loans. The site does not provide a data base of the properties for sale. The sale has a sign on the data base that indicate the property is for sale.

The site provides a data base which is good for what it is a data base of loans that were reported deliquent. It is only one tool and does not guaranty every property on the list is for sale or will sell before foreclosure or the default is cured.

Realty Trac is only one of these data bases that do the same thing; i.e. foreclosure.com.

I am not sure what can be done to address this issue in the near term. The process has been out there for a long time, at least 20 years , that I can remember. The difference is the internet and the access to the information. Data is great as long as you know how to use it! In the world of the internet we access to lots of information but you need to get the knowledge of what to do with the data or get someone to assist you and the process that has the knowledge.



Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee


http://www.milwaukeebailout.com
0 votes Thank Flag Link Tue Jan 12, 2010
Hi Kevin... Amen to Bob!! These companies continue to sell this information, most of which is inaccurate. Yes I have seen this on here many times. Usually it is properties showing up for sale under the value of the second lien holder. Like a 500k house listed for 15k.... Until people stop paying them,sadly enough, it will continue.
Have a great day,
Nancy

Nancy Doyle
239-209-2237
nancy.doyle1@comcast.net
search Cape Coral/ Fort Myers FL mls at http://www.nancyd.listingbook.com
0 votes Thank Flag Link Tue Jan 12, 2010
This is a major problem these days, even if a home is under notice of foreclosure the homeowner owns the home and has every right to fight the foreclosure, settle the mortgage, get a modification, or sell the home. Realty Trac searches public records for foreclosure notices and posts them on their site, this is not illegal but with so many un-experiences vultures (term for people that seek and purchase homes in foreclosure which leave a homeowner on the streets) out there, it becomes another nuisance a homeowner that is going through a difficult times needs to deal with.
0 votes Thank Flag Link Tue Jan 12, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer