Realty Trac

[Whitney Blaine]

Anyone use realtytrac? They seem pretty good. I have tried them a few times...Have never been able to purchase a forclosure though. My experience has been when call the lender (the information realty trac provided) The guy told me, he was getting tons of calls for the same property i was calling on, and that he was not the lender, and didn't know why his name was posted on the site)

Realty trac is better than most out there, but the info isn't always the most current... and I have found a few fake listings.

Why is it so hard to find foreclosures?

[Brandon Schlichter]

Rant Insuing about RT :

I'm a Real estate agent that handles REO properties, I HATE IT when people that subscribe to realty trac call me!

I currently have a property listed, it's a nice little ranch on 1.1ac , as a agent, and one who works with the bank, I know alot of information that most people don't see.

Origional ammount owed on loan (Deliquent ammount) of $139,000
Origional Bank list price for home $131,000
Current Bank list price $119,000.

My estimate is the house is worth $117,900 or something in that area.

I've got MULTIPLE calls from individuals who ask "Will the bank take $85,000". My usual responce is "Why would they take a offer that's $40,000 under what the home is worth, it's not like we're not getting offers on it already". The callers are usually indignant and don't understand why realty trac is giving them a number of $85,000.

Here's why .......Realty trac is STATING on the website that the foreclosed price is $85k , this price is the one that the bank paid for it back at the sherrif sale, no one bid on the property that day. Anyone who's been at the Sherrif sales knows they will bid up to a point where they recover an acceptable part of the mortgage.

Unacceptable figures............Very unacceptable.

Here's what you do if you really want to play the game well.

Go find the mortgage record, amoritize the loan and figure out how much is owed ,then go from there.

These banks aren't out to make money, they're out to RECOVER part of the price they lost.

Realty trac is a very poor tool for finding REO properties...