Realtor Q regarding pre-foreclosure listings on Trulia : how accurate is the status and what does it mean to a potential buyer?

Asked by Ivan Diaz, 79936 Mon Nov 28, 2011

I have noticed some prices to be low and Im thinking these homes are still a few months before they are actually on the market. Is this true?

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Oggi Kashi’s answer
Oggi Kashi, Agent, San Francisco, CA
Tue Nov 29, 2011
As soon as a notice of default is recorded against a property, sites like RealtyTrac try to use the info to entice buyers to sign up for a paid memberships. The Info is usually accurate but just because a notice of default is recorded, it does not necessarily mean the property will become a foreclosure. Some may come on the market sooner as short sale listings, some are cured or delayed and some are finally foreclosed.

Oggi Kashi
Broker Associate, Paragon Real Estate Group
All data from sources deemed reliable but subject to error and omission, and not warranted. CA DRE 01844627
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2 votes
Steven Ornel…, Agent, Fremont, CA
Tue Nov 29, 2011

RealtyTrac's primary objective:
Separate potential buyers from the Dollars in their wallet on a monthly basis for information any Realtor® can provide for FREE.

RealtyTrac is not a "distressed property MLS", they are simply using Trulia to take public record notices and syndicate the information to the web. Less than 30% of RealtyTrac listings are actually for sale:

MLS Data Accuracy – Where to search if you’re “without Realtor®”…

1 vote
David Chiles, Other Pro, Los Angeles, CA
Tue Nov 29, 2011
The pre-foreclosure information on Trulia is as accurate as the court records they receive it from. That means that there are mistakes because many people have complained about paper work errors. During the pre-foreclosure period the homeowner still has time to avoid foreclosure and may. Furthermore, banks are not putting many of the best properties back on the market as REO's because the financial loss due to market conditions would be too great. Therefore, the homes that you see on Trulia in Pre-Foreclosure are hit and miss at this point. There are some things a good real estate agent can do to get that specific home for you, but it is a long shot.
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0 votes
Ivan Diaz, Mortgage Broker Or Lender, 79936
Tue Nov 29, 2011
Much appreciated! Makes sense!
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