Comments on: Free foreclosure listings: What is right and wrong http://blog.foreclosure.com/2008/07/free-foreclosure-listings-what-is-right-and-wrong/ Distressed Real Estate News and Opinion Mon, 16 Nov 2009 23:36:06 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: Foreclosure.com Blog · RealtyTrac foreclosures: Reason #9,827 not to trust its listings http://blog.foreclosure.com/2008/07/free-foreclosure-listings-what-is-right-and-wrong/comment-page-1/#comment-24303 Foreclosure.com Blog · RealtyTrac foreclosures: Reason #9,827 not to trust its listings Thu, 30 Jul 2009 15:33:45 +0000 http://blog.foreclosure.com/?p=463#comment-24303 [...] have said it better ourselves. Let’s just add this latest complaint to our growing list (here and here) of disenfranchised (and wise) media outlets that do their homework when it comes to RealtyTrac’s [...] [...] have said it better ourselves. Let’s just add this latest complaint to our growing list (here and here) of disenfranchised (and wise) media outlets that do their homework when it comes to RealtyTrac’s [...]

]]> By: FSBO BLOG » Blog Archive » Foreclosure Data: true or false? http://blog.foreclosure.com/2008/07/free-foreclosure-listings-what-is-right-and-wrong/comment-page-1/#comment-10584 FSBO BLOG » Blog Archive » Foreclosure Data: true or false? Wed, 23 Jul 2008 14:34:42 +0000 http://blog.foreclosure.com/?p=463#comment-10584 [...] Foreclosure.com Article:  “Free foreclosure listings: What is right and wrong” [...] [...] Foreclosure.com Article:  “Free foreclosure listings: What is right and wrong” [...]

]]> By: Steele in Minnesota http://blog.foreclosure.com/2008/07/free-foreclosure-listings-what-is-right-and-wrong/comment-page-1/#comment-10559 Steele in Minnesota Tue, 22 Jul 2008 14:32:14 +0000 http://blog.foreclosure.com/?p=463#comment-10559 How very true. I worked with RealtyTrac for over three years attempting time and again to have them stop publishing inaccurate information. Here in Minnesota their biggest area of error is in bank owned listings. Because we have a six month redemption period after the Sheriff Sale/auction a property does not become bank owned for an additional six months. But RealtyTrac ignores this completely and publishes these properties as bank owned and equally wrong, shows a selling price of the auction amount! 95%+ are not even for sale. And if they are, they are for sale by the original owners at whatever price they feel is correct. Probably the biggest offense is listing secondary lien Sheriff Sale amounts as the price. Regularly we see "Bank owned" townhouses for prices of $1,000 to $10,000. In reality, these are association liens. Equally often we see small home equity or contractor liens on much more expensive housing showing as the price. Do either of these get response? You bet! Who wouldn't want a $180,000 townhouse for $2,500? Or a $500,000 executive home for $40,000? And so they sign up only to find that the properties that they are interested are not even for sale most of the time and if they are, they are at best at a slightly discounted price from market value. Claiming to have highly accurate information that is up-to-date does not wash with what is actually on the site. Sadly, it may take a class action lawsuit to bring this organization back to reality. And the number of disgruntled consumers is growing... How very true. I worked with RealtyTrac for over three years attempting time and again to have them stop publishing inaccurate information. Here in Minnesota their biggest area of error is in bank owned listings. Because we have a six month redemption period after the Sheriff Sale/auction a property does not become bank owned for an additional six months. But RealtyTrac ignores this completely and publishes these properties as bank owned and equally wrong, shows a selling price of the auction amount!

95%+ are not even for sale. And if they are, they are for sale by the original owners at whatever price they feel is correct.

Probably the biggest offense is listing secondary lien Sheriff Sale amounts as the price. Regularly we see “Bank owned” townhouses for prices of $1,000 to $10,000. In reality, these are association liens. Equally often we see small home equity or contractor liens on much more expensive housing showing as the price.

Do either of these get response? You bet! Who wouldn’t want a $180,000 townhouse for $2,500? Or a $500,000 executive home for $40,000? And so they sign up only to find that the properties that they are interested are not even for sale most of the time and if they are, they are at best at a slightly discounted price from market value.

Claiming to have highly accurate information that is up-to-date does not wash with what is actually on the site. Sadly, it may take a class action lawsuit to bring this organization back to reality. And the number of disgruntled consumers is growing…

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