Realty Trac

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Dan Walker, Licensed Real Estate Broker, Salt Lake City, UT

Date: January 24, 2008, Number of Replies: 6

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Realty Trac...

Does anybody have any experience with Realty Trac? Are all the foreclosures they list on the mls anyway?

What is your experience with them? Thanks in advance

Warm Regards,
Dan Walker

Associate Broker,
CRS, CNHS, e-PRO, GRI, ABR
Web GotHome.us
Blog www.RESLC.com

Office: 838-8624
Cell: (801) 288-2260
Toll Free: (800) 791-0359

Fax: (866) 851-4308
RE/MAX Associates

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Steele Propp Licensed Real Estate Agent, Minneapolis, MN

Date: January 24, 2008

Realty Trac...

Does anybody have any experience with Realty Trac? Are all the foreclosures they list on the mls anyway?

What is your experience with them? Thanks in advance

Let answer one part first and then the other.

In many areas of the country RealtyTrac is highly inaccurate. Here in Minnesota their REO section is wrong a terrible 90-95% of the time. Although I have contacted them many times nothing has changed.

My professional opinion is that because we have a six month redemption period they mistakenly take recent Sheriff Sales were the certificate was redeemed by the lender and presume that is an REO. Not so. At least for six months. Also they can't differentiate between first and secondary liens that are foreclosing. So in my area they show lots of townhouses "priced" at under $10,000. Sorry, no such thing. Just an association trying to get it's money.

As to REOs being in the MLS anyway, yes, most lenders require that REOs be immediately placed in the MLS. However, they will usually also require that there be no mention of being bank owned. So they can be hiding in plain sight.

Yes, there are any number of clues handy. "Corporate owned" and so on. But you still have to dig.

One of the few national services that I have found to be quite reliable in getting bank owned right away is:

http://www.foreclosure.com?rsp=20857

And yes, I get a small spiff if you sign up through that address. Disclosure, disclosure, disclosure :>)

It's very good in Minnesota and I am told it is the same elsewhere. Nice thing is like many they give a 7 day trial period.

Now none of these national sites I have found are really good on the preforeclosures. For that I subscribe to a local service or dig for myself.

I feel kinda two faced in that I do use RealtyTrac. But not for searches. Rather for buyer leads. I have handled two counties for them going on three years. Get 6-15 leads a week. Not bad. Just have to tell them that the properties that they are calling about are not for sale....yet. And maybe not at that super cheap price... ever.

Steele

Steele V. Propp
Foreclosure Specialist/ Loss Mitigator
Bank Owned Property Division
Schatz Group GMAC Real Estate
1009 Mainstreet
Minneapolis, MN 55343
(612) 325-6764 Direct Line/Cell
(952) 938-2593 Office
(952) 938-3831 Fax
mailto:SteeleP@aol.com

Access Hundreds of Twin City Bank Owned Homes
http://www.MinnesotaForeclosureNetwork.com

Foreclosure, Short Sale Training and more. Start with Free Video Training.
http://www.automateyourwebsite.com/app/?af=380101

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Linda Grissette Licensed Real Estate Broker, St. Charles, MO

Date: January 29, 2008

Realty Trac...
Does anybody have any experience with Realty Trac? Are all the foreclosures
they list on the mls anyway?
What is your experience with them? Thanks in advance

I missed the original post on this. Don't believe anything Realty Trac
says. They claim that they can track foreclosure rates all over the
county. Media depends on them as experts. Last July there was a top of
front page story in the newspaper that is free to most residents of St.
Charles County Missouri. In the article Realty Trac stated that 1 in every
25 homes in St. Charles County are facing foreclosure on based on the April
foreclosures. I didn't believe it. The next week they published another
article stating that Realty Trac stated they had made a math mistake and it
was 1 out of every 725 homes, with the national average being 1 in 350 (I
can't remember the exact number on that one...some where in that range).
But the damage had already been done. By September our activity had
dropped off considerably and everyone I talk to outside of the industry
talked about how dead real estate is here. It's has picked up considerable
since the first of the year. Why could someone who could make that big of
a mistake be considered and "expert". And how in the world could anyone
predict future foreclosures based on the foreclosure filings in one
month!!!

Linda Grissette, JIM, GRI, LTG, ePRO Certified
Broker/Associate, River City Real Estate, St. Louis Area
Linda@Grissette.com http://www.FindStCharlesCountyRealEstate.com
All my products on sale until March 3 at
http://www.RealEstateMarketingHelp.com

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Susan Riggins Licensed Real Estate Broker, Birmingham, AL

Date: January 29, 2008

Realty Trac...
Does anybody have any experience with Realty Trac? Are all the foreclosures
they list on the mls anyway?
What is your experience with them?

I have subscribed to them as a lead service for about six months. About 2 leads per month have registered, but to date I have had only 1 phone conversation with one of them. Unfortunately, the property they were interested in had incomplete contact info. My purpose for signing up for RealtyTrac was twofold, one for leads and two for easy access to REO’s without having to be a super sleuth. So, overall, I’ll give it another 6 months, test out a few more things and then decide if its worth it.

If anyone can save me the time/expense and headache, please let me know if you have had positive results. Thanks!

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SarahRummage@comcast.net Licensed Real Estate Broker

Date: January 29, 2008

I absolutely don’t know what makes them experts. I have seen flawed information over and over on their site. And yet they are quoted over and over again on news reports.

They entered a listing I had as a foreclosure and I started getting calls. That one was most certainly NOT a foreclosure. It scared me that the seller would start being hounded by would be investors.

Sarah
****
Sarah Rummage, e-PRO
Keller Williams Realty, Nashville, TN 37215
www.HouseInNashville.com

Realty Trac...
Does anybody have any experience with Realty Trac? Are all the foreclosures
they list on the mls anyway?
What is your experience with them? Thanks in advance

I missed the original post on this. Don't believe anything Realty Trac
says. They claim that they can track foreclosure rates all over the
county. Media depends on them as experts. Last July there was a top of
front page story in the newspaper that is free to most residents of St.
Charles County Missouri. In the article Realty Trac stated that 1 in every
25 homes in St. Charles County are facing foreclosure on based on the April
foreclosures. I didn't believe it. The next week they published another
article stating that Realty Trac stated they had made a math mistake and it
was 1 out of every 725 homes, with the national average being 1 in 350 (I
can't remember the exact number on that one...some where in that range).
But the damage had already been done. By September our activity had
dropped off considerably and everyone I talk to outside of the industry
talked about how dead real estate is here. It's has picked up considerable
since the first of the year. Why could someone who could make that big of
a mistake be considered and "expert". And how in the world could anyone
predict future foreclosures based on the foreclosure filings in one
month!!!

Linda Grissette, JIM, GRI, LTG, ePRO Certified
Broker/Associate, River City Real Estate, St. Louis Area
Linda@Grissette.com http://www.FindStCharlesCountyRealEstate.com

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land1942

Date: January 29, 2008

Linda,

Realty Trac reports their figures on foreclosures monthly and all the media pick it up and use it. I believe that they re-iterated today that 200,000 homes are in the foreclosure process every month and have been for the past 6 months. So, that by this summer we should have 2 million homes somewhere in the foreclosure process.

Cordially,

Eileen Landau, ABR, CRS
e-pro Internet Certified Agent
Realty Executives, Realtors
Naperville Il 60540
630-961-2700 or 630-961-2600
www.MoveUPtoNaperville.blogspot.com
www.MoveUPtoNaperville.com
www.EileenLandau.com

**************
Start the year off right. Easy ways to stay in shape.
http://body.aol.com/fitness/winter-exercise?NCID=aolcmp00300000002489

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loulimongi@zoominternet.net

Date: January 30, 2008

RE: VOIP & phone number portability

I was an ACN rep before I was in real estate, and continue with it today. I find the businesses complementary. You can definitely "port" your land line phone to a VOIP number. I never had anybody ask to port their land line to a cell, since they are usually for different purposes.

Chuck Willson

www.cwillson.acnrep.com

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