Home Buying in Orlando>Question Details

Elbert and M…, Home Buyer in Winter Haven, FL

Explain Realty Trac to me how does it work are the prices actually what they are stated or is it the highest bidder that takes the prize.

Asked by Elbert and Mary Stonebraker, Winter Haven, FL Fri Sep 6, 2013

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Realty Trac strikes again:
Look at the posting for that home again and find the logo for Realty Trac (black and red). Most times when you see that logo on any listing it means the price you see is NOT a sale price, and the home is probably not for sale as of yet. It is just a posting of what the Bank/Lender had to pay the courts to document regaining custody of the home when they foreclosed on it (transfer value); and/or an announcement that the foreclosure process has just begun (Lis Pendens). Next that Bank/Lender will take several months to put the property on the market at "Market Value for the specific community" and it will be listed/advertised as a Foreclosure or an REO. Was this answer helpful? If so please click on the "thumbs up" above.

Tony Vega
Antonelli Realty
1 vote Thank Flag Link Fri Sep 6, 2013
0 votes Thank Flag Link Fri Sep 6, 2013
In most cases the major real estate websites pull information from the county tax site and the local MLS. The downside is all information posted on Realty Trac, Zillow, etc is not always accurate. First they use a formula to questimate which properties are in foreclosure/foreclosures sale. Which means some properties shown are not really for sale or in foreclosure. Next, some brokers/ property owners opt to not have information on their for sale properties available on the major websites, but only available on the MLS. Approximately 25-30% of current for sales/sold property information that will only be seen by Realtor/MLS members. Lastly, more often than not initial information pulled from public record/MLS is never updated. A property could show on one of the public sites as for sale, and it could have been sold 3 months ago, but never updated. This causes a huge disparity in valuations posted on the public sites.

Bottom line, if you want the most accurate up to date information on real estate consult a Realtor

Michael D. Bellamy, P.A.,
Charles Rutenberg Realty, Inc
407.536.MIKE(6453) (direct)
407-567-7551 (fax)
Search the MLS: http://www.michaelbellamy.net
Know Your Options: http://www.shortsalemyhome.info
"The Standard of Excellence"
0 votes Thank Flag Link Fri Sep 6, 2013
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