I used Realty Trac for about a year, like 3-4 years ago.  Of the lead programs, they were the best I used, BUT you get a lot of people who read a foreclosure book and want to buy  a $400,000 home for $40,000.

Every lead I got was legitimate in that they were all real people (no dogs, fake emails, etc) but they were mostly people wanting to invest (I was thinking of that specialization at that time) and very time consuming.  While I still work with investors, I only have a few that I work with now.  Lots of people wanting help to negotiate a preforeclosure sale (I require a retainer for that).

I have been with RealtyTrac for almost 3 years now.  Get leads for my two counties nearly every day.  As stated most of these potential buyers are "wannabee" investors who think that a course or two on foreclosures make them experts.  But they are good people at heart and many can be retrained into reality.

One hard thing is that much of RealtyTrac's information is very poor for my area.  Of the bank owned properties that they list some 95% IS WRONG.  We have a six month redemption period here in Minnesota and RealtyTrac's computers don't seem to understand this means the properties are still the borrower's until the time has elapsed.  Not bank owned.  Usually not even for sale.  On top of it the service will report Sheriff Sale amounts (what is owed) as the price.  And it regularly reports secondary liens as if they were the asking price.

Hard to explain that the $400,000 house they saw "listed" is not for sale and not available at the $60,000 they saw on RealtyTrac.  It was a secondary lien foreclosing.  Worse yet is when associations foreclose on townhouses and condo for back dues.  RealtyTrac makes it look like we have units available for $3,000 -$10,000.  In your dreams (or late nite TV).

But they do get the response from the consumer.  Wonder if there are any enterprising attorneys that might consider this false and misleading advertising.

Steele

Steele V. Propp
Foreclosure Specialist/ Loss Mitigation Consultant
Bank Owned Property Division
Schatz Group GMAC Real Estate
1009 Mainstreet
Minneapolis, MN  55343
(612) 325-6764   Direct Line
(952) 938-3831  Fax