Home Buying in 32829>Question Details

Carmen Marti…, Home Buyer in Jacksonville, FL

Can someone tell me how easy or hard is to buy a lis pending property from realty trac?

Asked by Carmen Martinez, Jacksonville, FL Mon Aug 25, 2008

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Having been a realtytrac account holder for some time last year, I can tell you that much of their information is inaccurate, and is not updated frequently. All it does is upload information from county sites, which makes it look like you can get a 400,000 home for 12-20,000--couldn't be further from the truth. Lis pendens just means that someone has filed a "pre foreclosure" claim against the owner of a property, no matter what the amount is. It does not deal with how many outstanding liens there are against a property. For example, if the filing is for 20,000, that might be the second mortgage amount with one lender. There might be another mortgage for 350,000 with another lender, which has not been in arrears, and therefore doesn't show up on realty trac. This makes the internet surfer think that a 370,00 home is going to sell for 20,000--NOT!! At an actual foreclosure sale, the bank sends a representative to look out for the banks interest, and is prepared to bid up to 20,000 less than the appraised value of the property. No great bargains here!! Forget realtytrac, and use a realtor that can give you accurate and complete information. In the end, you don't buy from realtytrac anyway. Good luck, and happy hunting!!
Web Reference: http://www.MykeTriebold.com
2 votes Thank Flag Link Mon Aug 25, 2008
Hi Carmen -- I would add that Realty Trac just goes on the county websites and uploads any recorded lis pendens filed with the court. In many cases, a lis pendens will not result in a foreclosure (someone is just late with a payment to the mortgage company, homeowners association, etc).

If you are looking for properties that are in the foreclosure process and are being offered for "short sale" or for properties that have already been bought back by the bank, please visit my website http://FloridaMoves.com/Louise.Warring and click on "Bank Owned/Foreclosures". This will give you all of the homes that are being offered for sale through the MLS for whatever zip code you input.

Hope this helps.

Happy House Hunting!

Louise Warring
Coldwell Banker Residential Real Estate
2 votes Thank Flag Link Mon Aug 25, 2008
Realty trac doesnt list or sell properties, they are just a site that shows upcoming foreclosures and current forclosures. Contact the agent who has the listing or for upcoming auctions, do your homewiork as to what liens, back taxes are on the property because you will be responsible for them if you buy at auction, chances are the bank will buy it back. Good luck Carmen
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Mon Aug 25, 2008
In short, it's impossible. Realty Trac does not sell properties.

As for the properties that are on Realty Trac, you can either purchase them from the current owners before the home goes to foreclosure. Or if you would like you can bid on the property at the foreclosure auction (cash only). And if that doesn't work, you can purchase them directly from the bank that will own the property after the foreclosure.

An agent can help you pre-foreclosure and once it's owned by the bank. Caveat Emptor
Web Reference: http://www.gregtraub.com
1 vote Thank Flag Link Mon Aug 25, 2008
What's up Lynn? Totally bored in Dallas? 2 and a half year old question.

By the way the answer is it is IMPOSSIBLE. Realty Trac does not sell houses. They only sell information. Not very useful information at that.
0 votes Thank Flag Link Sat Feb 19, 2011
You need a buyer agent NOT NECESSARILY true anything posted on the web is an actual property

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sun Feb 13, 2011
Realty Trac is not your answer to anything- get a local agent who knows your market and sign a buyer's representation contract. Have a long talk about what you want and are pre-qualified to buy (you are pre-qualified- right?). A good agent will be researching and showing you properties in those parameters.
Web Reference: http://topbraineragent.com
0 votes Thank Flag Link Sun Feb 13, 2011
I agree with the previous post by Myke, You should be consulting with a Realtor you can trust to guide you through this process. Realtytrac only posts what is out there and we only see few of those! There are more Bank owned properties than are currently listed for sale. There will be more hitting the market. Florida has more than California,the tip of the iceberg is all we are seeing now.
0 votes Thank Flag Link Tue Aug 26, 2008
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