Feed back needed on RealtyTrac and similar sites that provide foreclosure listings for a fee.

Asked by GR, Garland, TX Wed Oct 15, 2008

I am interested in exploring foreclosed/REO properties that I can get at a discount.
I have heard about RealtyTrac but want to get your opinion before I sign up and give them my credit card number. Do they give you accurate listings in a timely manner which someone like myself - a first time investment property buyer - can use that get a property at a good discount. I have heard that sites like RealtyTrac which promote a free 7 weeks trial period usually make it extremely hard for you to cancel within that period in case you don't like the service. All feedback will be highly appreciated!

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ALBERTO S., , New York, NY
Thu Oct 16, 2008
call me. i have a site i use since 5 yrs & they have grown. 917-826-0705
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Bruce Lynn, Agent, Coppell, TX
Thu Oct 16, 2008
In my opinion the realtytrac infomation is not helpful. It's incomplete and often may report houses that have only been put on the delinquent list by a lender and not actually have gone through the process. If you want to pay for reports, pay for Roddy . They're local, they're experts, and the information is normally very good. However we must also caution you that chasing foreclosures from the list is very hard work. Lots will never actually go through the process and a huge percentage are bought back by the lien holder at auction.

If you're interested in foreclosures give me a call. I think the easiest way to pick them up is after the auction when they come back as REOs. You may also be able to pick up properties as short sales. There are also many free resources on my website under the foreclosure link.
Web Reference:  http://www.teamlynn.com
0 votes
T.E. & Naima…, Agent, Dallas, TX
Wed Oct 15, 2008
Realty Trac is not a very reliable source to find foreclosures, REOs or short sales. Most of the time, their data is incomplete and only show the amounts due on one loan where actually there are 2. Other instances if they list homes where the owners are simply late on their payment and may have caught up.

I think it's a waste of your money but if you want to spend it to surf...

My advice is to work with a Realtor that knows the area you are looking to invest in, being Plano or Richardson or whatever. We can research homes that are actually for sale and available and it doesn't cost you anything.

If you are not represented, I will be very happy to assist you in your search. Keep in mind that not every foreclosure is necessarily a good deal either.

Web Reference:  http://www.sumnerrealty.com
0 votes
Josh Thomas, , Austin, TX
Wed Oct 15, 2008
I have not heard a lot of positive feedback about Realty Trac. If you look at their listings here on Trulia, many of them are old or no longer available.

My office actually has a full time team which specializes in foreclosure properties and teaming with investors here in Travis County. It's not necessarily your market area, but I think it is a great place to start and get more information and it won't cost you anything. I don't know if there is anything quite like this in Dallas.

Visit the weblink below, then contact my Broker, Peter Sajovich. You can let him know that I referred you. He is very knowledgeable in this area and his investor model is second to none. Perhaps you may end up investing here in Austin.

Please contact me if you have further questions and good luck.
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