Very Confused With Realtytrac.com
ok, so Im a beginner with an expert real estate investor as a grandfather. He is guiding me through the process...
I used www.realtytrac.com to get ahold of some foreclosure listings and most of them would have been received in the mail today... so far.. 4 people have called me.... to tell me their homes are NOT in foreclosure.... whats this all about? I dont get it... anyone have this problem?? :-(
Curious, how much did you pay for realtytrac?
I break them up as REOs, foreclosure sells, and Les Pendens (Notice of Default, or Complaint). Make sure that you are tracking the Les Pendens, no the foreclosure sell.
Also realize that most of the data on any commercial site is dated. My experience is that the more they charge, and the more regional the site, the more timely the data.
Brenda
Or, it COULD be the people are doing their Egyptian imitation, you know, living in DeNIAL? lol Sorry... Couldn't resist...
Seriously tho, a LOT of people will deny anything bad's going on until it's too late...
I've found their listings to be out of date sometimes. What you'll want to do I cross check the listings with ur county auditors website, if the owner is still the bank listed on realty trac then it should be up to date.
I used them for about 30 days and they also seemed dated to me. plus realtors in my area go to the court house and get the info first and call them and they end up listing it with them because its still a crazy sellers market here and they get what they owe to the bank and more.
The other thing you can do is to check to see if there is a company in your state that delivers foreclosures strictly within the counties in your state. I have used www.foreclosuresma.com (MA), I've seen www.nyforeclosures.com (NY), and my company is currently developing a site for NH foreclosures.
Welcome to the world of Preforeclosures! They almost all "claim" they are not in default. Some of them aren't. After all banks do make mistakes. But some people just don't want to face it. Just keep trying. Also check some local title companies to see if they offer a listing of pre-foreclosures. I get NOD's from a title company emailed to me every week.
The art of dealing with preforeclosed homeowners is you need to understand your customers and their motivation. You need to uncover a customer's true need in an effort to strike a deal. As has been stated in this post they are in denial!
Article post on this subject:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=668
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=717
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=725
I hope this helps have a great and prosperous day
[addsig]
I used www.RealtyTrac.com when I first started and religiously sent postcards to the Homeowners in the areas I wanted to invest. After several months of not even one lead, and a few phone calls that said they were not in default, I decided to pursue other avenues to get my leads.
If I was to look on that experience positively, I would say that it taught me to be disciplined in doing my day to day REI work and led me to other more effective means of gathering leads. It was not that expensive at all and so I guess I just chalked it up to a learning experience. Good Luck.
Dave
[addsig]
i've found most of these sites have dated leads as well.....km
I found that realtytrac does not update very well and its not good if you are using it for preforeclosures. Its even not that good for REO's.
I've gotten a lot of response from mailings to realtytrac NOD"s. However, I've found that many of the addresses are incorrect (approaching 50% of mailings are returned). Also found that owners have next to no equity in the homes, so even though they are willing to sell to avoid foreclosure, it seems that the only deal available is in a short sale. Anybody relate?
ANOTHER PROBLEM I SEE WITH REALTYTRAC IS THAT THERE MAIN DATA BASE IS CONNECTED WITH EMC MORTGAGE AND NOT ALL BANKS AND MORGAGE CO............BEING CURIOUS I TALK TO THERE ONLINE SERVICE AND THEY CONFIRMED THAT EMC IS THERE MAIN INFO PROVIDER.
[ Edited by phillyrealtor on Date 12/23/2004 ][ Edited by phillyrealtor on Date 12/23/2004 ]