Question Details

Ramiro Garcia,  in Grants Park, Atlanta,...

How is RealtyTrac able to provide public informatino ( usually late and inaccurate) to buyers and real estate?

Asked by Ramiro Garcia, Grants Park, Atlanta, GA Mon Apr 21, 2008

agents on Trulia FOR A FEE?! This does NOT seem like it's in the best interest of all parties - especially considering the homes RealtyTrac provides to Trulia does NOT have the address, which means the consumer has to sign up for their 'services' to contact an agent whom also has subscribed to their 'services'. And to top it off, many of these homes happen to be in the MLS with a totally different Listing Agent and the home may just be in 'default' or pre-foreclosure status! Am I missing the boat ? Does NOT sound consumer friendly NOR accurate! Shame on you Trulia for allowing this to happen! Is this the direction of future offerings? Just when I was talking you up to fellow agents in my office and telling them how much I love TruliaVoices!

This listing submitted by RealtyTrac on Trulia is an example of what I'm conerned about!
http://www.trulia.com/foreclosure/2001155994--Mead-St-SE-58-…

This is just one of MANY!!!!

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Answers

1
Found this post here at Trulia... This is really ridiculous... having to pay for their service of poor quality information. I'll be posting a response from Trulia Support later...

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!
0 votes Thank Flag Link Tue Apr 29, 2008
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