Scoring Foreclosed Real Estate

by James & Miel on November 18, 2006 · 0 comments


Everyone is interested in buying foreclosed or distressed real estate. From the average joe to gurus like Robert Allen, getting real estate below market value has magic appeal that seems to pique everyones interest.

Like Odysseus, I hear the siren song and signed onto RealtyTrac.com this morning. RealtyTrac.com is a website which lets you search distressed property listings, and provides access to resources such as agent referrals and financial calculators.

Based on my “extensive” 10 minute review, I reached a couple of preliminary conclusions about the site.

1) Its expensive. The charge is $40.00 a month (well, actually $39.99, but lets call a spade a spade) and the terms of their use agreement are quite strict. Users many not make the information in the site available to third parties, etc.

2) It Has Data Problems: Some of the listings I saw for the greater DC area were out of date. That is to say, the auction date for the foreclosed property had already passed. What this suggests is that for places like Washington DC, where there aren’t a whole lot of foreclosed properties, you might be better off pursing another strategy. On the other hand, if you live in a place like Colorado where there are many distressed properties, the service might be of some use (presumably auctions there will be more frequent and RealtyTracs data will be more up to date there).

That’s all folks! Enjoy your Saturday.

Best,

James

p.s. If you sign up for the sites 7 day trial, be aware that you need to give them 5 days notice of cancellation via email. So, effectively you need to cancel your subscription immediately after signing up.

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