Realtytrac, Any Good?
Anyone ever used these guys to find foreclosures? They seem to list a lot in my area but I have no idea what kind of properties they are or how old the listings are. Is it worth the $19.95/mo?
Thanks
Scott 
Get in your car drive down to the courthouse and look it up on their computer. Non of us knew what we were doing when we got their the first time. We asked for help and they helped us. That is the best place to get info. I am amazed how much info slips through the cracks of the web sites. Those are the ones that have the best margin because only the people who actually go to the recorders office know all of the properties being forclosed on...
Check this link too:
http://www.thecreativeinvestor.com/ViewTopic15395-18.html
Merry Christmas Eve!!! I use ****Must Reach Freshman Investor status before posting URL's*** and it has been really good to us! We recently did a mailing to about 150 properties and 3 were Vacant, 2 were wrong address and 3 return to sender.....
It's worth the investment
Hey Dr Coleman
Could you please Private message me the url that didnt show up.....I just signed up for the 7 day free realtytrac but havent seen much good said about them on here.........will do my own homework to see how they are around here....from their dates it looks like they are only off a couple days from when it hapes to when they post up...........
B
The only bad information is information that you don't use....
I object !
bad information is worse than no information....
What, in your opinion, is bad information?
(I'll concede that properties listed on Realty Trac, NJ Preforeclosure, ForeclosueNet, etc., that have been sold are of little or no use... and should be culled from the lists)
no
Realtytrac sux and that's why I cancelled my subscription. I was just saying that the bad information they provide wastes a lot of our time. If they didn't provide us with "bad" infomation, my time would have been spent looking for other deals than chasing old leads. In their case, I would rather have them give me NO information and that's what I am getting from them now. I am much better off !
Jason
OK, you've stated that they provide bad information. My question was, and still is, what do you consider to be "bad" information? What was promised that caused you to subscribe, and then not delivered that caused you to terminate your subscription.
Come on! I really want to know.
Can you give some examples of 'bad' information?
here's my 2 cents worth, Realty Trac
has old ,out of date info . 3-4 months
is way too old. Here's a tip since your
not in my area , Visit your local court
house , civil division , that's where to
find ,just filed notices.
merry christmas to all
3 to 4 months too old? Thanks, That's the answer I was hoping for. I disagree and offer this to support my previous (and refuted) statement, "The only bad info is info not used...."
Personally, after 20+ years working preforeclosures from virtually every conceivable angle... I find that 'fresh' info produces fewer opportunities than 'leads' that are three, four, even six months old. I live in a judicial foreclosure state where a couple is more likely to file BNK than for divorce.
Generally stating that info isn't any good because it's older... is a cop out and is an indication that you don't have a comprehensive understanding of the process.
The majority of folks that face foreclosure for the first time are able to resolve their problem...without any help from enthusiastic speculative investors.
Early on in the process the distressed homeowners are still exploring conventionally accepted non foreclosure alternatives, including bankruptcy.
89% of the folks who employ bankuptcy as a non foreclosure alternative to keep their home... fail. But they won't know that they fail until several (3 to 6 or even 9) months AFTER the NOD, or lis pendens is filed/served.
IMHO, that's the best time to meet with the Homeowner. After their conventionally accepted options have been reduced or eliminated.
Much like real estate brokers who call on expired listings.
But, that's only my opinion.[ Edited by TheShortSalePro on Date 12/26/2003 ]
Short Sale Pro,
I agree with you wholeheartedly but when they give me a NFS date that is old, it is "bad" information. The damn sale has already occured and they just post it. I get much better info out of the legal newspaper and of course the court house when I have time.
Jason
OK, so the sale has been held. And if that is your only criteria for information, then RealtyTrac sucks for you. Did the bank take it back? Then you have a lead for an as of yet unlisted REO. Or, a conversation with the REO manager might result in another lead.
(I always ask about their problem REO... those with structrual problems, those that have not sold....)
If the bank didn't take it back as an REO, perhaps the new owner would consider selling it for a fast profit...and now you have the name of someone who might buy your deals in the future....network! Sure these are longshots... but this is a business of follow-up and attention to detail.
I agree that most old info isn't worth it, but you never know if you might be able to find a needle in a haystack... especially if nobody follows up on what they consider to be bad info...
When I send out a mailing, I get excited when letters come back marked, "owner moved..." or forwarding time expired..."
because I know that 99% of the speculative investors want instant gratification and won't go the extra mile... the tracking down of the mortgagors...
I teach my students to go that extra mile because it is a path less traveled.
Are you guys saying that when they list the info in your areas it is after the listed sales date? In my area I am seeing the listing usually a week or 2 before the listed sales date and they also list some REO's which I havent been interested in... If you are seeing the sales listing and seeing the same dates I am could you explain why this is too old? I would think that a listing that is 2-3 days after recording at court is pretty good info...especially for someone shopping out of their area.......
B
Your best bet is to go down to the courthouse yourself and do the research, but if time is a contraint, do what I did....look for someone that compiles the info on a daily basis and buy it from them.
There is usually someone in every city in every courthouse that will have the info for sale.
I try to stay away from the mass marketing companies that do more than one state, because 9 times out of 10 they have out dated information.
I happen to think Realty Trac has old data. I'm from a non judicial state and I collect data in 13 counties. I've compared our daily data to Realty Trac and foreclosure ****Must Reach Freshman Investor status before posting URL's*** there's no comparison our data is 1-2 days behind the county releasing the information to the public.
I follow the preforeclosures from the 1st stage, Notice of Default, 2nd stage to the Notice of Trustee's Sale and then to 3rd state the Trustee's Deed upon sale. This way I'm bound to get something along the way.
But then again you make the choice, do the comparison , find a local provider vs. Realty Trac. The local provider will always be far better. But do go to the county and check these properties out.
You'll learn more and get a better understanding of how the system works.