Realty trac?

Question

Was wondering if anyone has used realty trac? And if so is it good enough to justify the $50 a month? Also how accurate is the information on this website? Thanks in advance

Brandon Schlichter · Answer

Well.........

I handle foreclosures for banks as a listing agent, I had a lady call me the other day about a listing.

The bank gave me the loan information so i could use it to determine the worth of the property.

Property was initially bought in 2001 @ $120,000 95% LTV. 
Property was Mortgaged in 2005 @ 135,000 100% LTV

Bank foreclosed on it in December 2006 with a remaining mortgage balance of around $132,000. I've set the value for the home in the $120k-$130k range.

RealtyTrac has the property posted at $85,000 remaining balance!

Its not a good system at all..........I know alot of REO Real Estate agents that hate the program because they get calls on properties with people thinking the realtytrac price is the actual going rate of the home wanting to put offers 40% below list price.

There's other ways to skin a cat, and i'd NEVER EVER subscribe to a program like that.

N/A N/A · Answer

I've been noticing this trend, I was down to my county building today, and found out that all forclosures are listed in a legal news paper whoes office is right there in the building, they publish it daily, but and here's a big BUT I honostly don't understand what they are saying in them, they list the mortgage price and they give lot and subdivision numbers, but almost never give an address for the property, and hardley ever give the city it is located in, so i'm kinda at a loss because the last thing I want to do is bother trustees to point they want nothing to do with me. I'll get it figured out one way or another though.

N/A N/A · Answer

Hi Karnan,

I subscribed to a 7 day trial with RealtyTrak. I must say that the website is very detailed in terms of providing information about properties (i.e. comps, analysis, liens, etc.). However, I'm not sure how accurate the information is.

Hope this helps alittle