Realtytrac

[IBNewb]

I just got back from my first research trip. With digital camera in tow I stopped at a few houses I found on Realtytrac. I was pleasantly suprised by a couple of the houses to the point I had the phase "if it sounds to good to be true, it probably is" running through my head.

Is anyone here familiar with Realtytrac and is the information reliable? I found a couple houses with "opening bids" under 50K (as low as 10K) with estimated values over 150K (as high as 197K). I found other houses for sale in the various neighborhoods that support the estimated values and I can tell these houses need a fair amount of work but....

I know I need do a full inspection and other research but can it really be this easy?

Please tell me I am missing something here :SM030:

Also what other online resources would you recommend for REO properties?

Thanks
IBNewb

[Dan Auito]

Bnew, you can count on the competiton driving up those initial low prices so that is why you will need to do your research and crunch those numbers hard long before the auction date arrives.

When you soak your brain with how to do real estate from our stand point as full tilt investors it does get easier, but never let your guard down!

There is a lot you can miss when you get cocky so follow a system and use other professionals to help you ensure your not missing key issues, Title co's, home inspectors, a good attorney, a real estate agent that has the REO listing, enough capital to turn the deal around etc...

Set your bottom line and make those offers! Go forth and prosper young jeddie! :SM020:

[kimesha]

hey newb,
i never used realty trac but i hear bad stuff about it ALL THE TIME! i have heard that most forclosure services is outdated. what i do is, when they send me an address( i'm on the mailing list) i check out the current owner on the tax accessor website. this usually displays that the bank already owns it and has owned it for a while.

[IBNewb]

"this usually displays that the bank already owns it and has owned it for a while."

That might work in my favor. I am actually looking for REO properties to rehab. Any other suggestions on sites?

[investinAK]

I have heard good AND bad things about realtytrac...I used it for the free trial, and they stayed pretty up to date with my area. Though, that may be just because there were only about 10 foreclosures or so...I am beginning to think that it may depend on your area...Might be great for you since you are searching for REOs. There were plenty of those compared to the foreclosure list-in my area.

Ryan

[Dan Auito]

Bnew, since your just getting used to the site you may not have found this thread yet, I like tucking things away so people explore the site. Here is a thread of links, scroll down to research:http://www.magicbullets.com/forum/showthread.php?t=54&page=1

[IBNewb]

Thanks Dan, and yeah I have already been through that list. I have found a lot of sites that cover preforclosures but very little once they get to the REO stage.