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      June 7, 2020

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Realty Trac vs Foreclosure Listings

Best Foreclosure Listings

To help you find the Best Foreclosure Listings, TopConsumerReviews.com provides you with an in-depth comparison of Realty Trac and Foreclosure Listings.

To see ALL of our reviews for the Best Foreclosure Listings, please Click Here

What is the best way to find Foreclosure Listings? Generally speaking, it should be easy to find properties that are in foreclosure, pre-foreclosure, are bank-owned (REO) or maybe even available for short sale. Why? According to the Mortgage Bankers Association, 1 out of every 200 homes will eventually be foreclosed on with 250,000 families entering into foreclosure every 3 months.

Although the total number of homes in foreclosure now is still much lower than the mortgage crisis over a decade ago, there are still thousands of homeowners that find themselves unable to make their mortgage payments due to unemployment, divorce, or other reasons. Eventually, the lender forecloses on their home.

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Best Reviews

2020

Foreclosure Listing Reviews

4 stars
Realty Trac

REALTY TRAC

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Cost:

7-day free trial

$49.95 / month thereafter

RealtyTrac was founded in 1996 and offers all types of Foreclosure Listings, including properties in pre-foreclosure, auctions, and bank-owned.

Like most subscription-based Foreclosure Listings services that offer a free trial, you'll need to enter your credit card information during the sign-up process. If you decide to keep your subscription beyond RealtyTrac's free 7-day trial period, you'll be billed $49.95 per month. If you decide to cancel your subscription, you may be given access as a "Free Member", with the ability to log in, save properties, searches, and notes in the "Homes for Sale" channel, and limited access to their Stats & Trends section.

Once you've signed up for your account, you'll be taken to a helpful Getting Started page. Here, you'll find Tips for Beginners that show you how to use the site more effectively, like how to search for the right properties and save your searches for later use, how to save properties you're interested in, and so on. If you need more education on foreclosures, particularly with respect to laws in your state, you'll find that in the Learn More section. Finally, if you want the help of a local realtor or need to get an idea of current mortgage rates in your area, those links are in the Next Steps section.

You can also find market information under the Stats & Trends tab. This is the place to click if you want information on market trends in the US, such as the number of foreclosures nationwide, or which states have the highest foreclosure rates.

When you're ready to search for Foreclosure Listings, you can enter a neighborhood, city, zip code or state into the search box, or go under the Search Homes tab. Keep in mind that RealtyTrac isn't limited strictly to Foreclosures, so you'll also find homes that are in pre-foreclosure, bank owned (REO), and that are listed as a traditional sale.

Once we entered our target area, we got a results list that could be sorted by date entered, number of beds/baths, square footage, price, and properties identified as "hot opportunities". We were surprised to see that the first 20+ listings were all sourced from another Foreclosure Listings service in our review, Auction. That left us wondering why we'd pay a monthly fee for RealtyTrac when Auction gives people accounts at no charge.

On a positive note, we were impressed with the amount of information provided in each listing. For example, on one property that met our search criteria, we were able to see that while crime rates were low in the area, there were 15 criminal sex offenders located within a mile, and 8 environmental risks also within a mile. Further information showed us exactly how much had been paid in property taxes, the purchase history, and much more. Those kinds of details can make or break a purchase, whether you're planning on living in a home or you're using it as part of an investment strategy.

RealtyTrac enjoys an "A+" rating and accreditation with the Better Business Bureau. That's a good sign for a business in the Foreclosure Listings industry.

Overall, RealtyTrac offers good value for what you pay, especially with the level of detail the service provides on each property listing.

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1.5 stars
Foreclosure Listings

FORECLOSURE LISTINGS

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Cost:

$3.95 for a 7-day trial

$39.95/month

Foreclosure Listings was founded in 1998 and compiles properties from all 50 states. Their database includes homes in Foreclosure, Pre-Foreclosure, Short Sale, Sheriff Sale, and "Cheap Homes".

The information given on each property seems to be primarily driven by other sites: Google Maps, Zillow, and so forth. That's to be expected from a service that specializes in gathering data from other sources, but Foreclosure Listings comes up short when compared with the wealth of information provided by competitor sites. You can get a preview of their listings by clicking on any of the properties featured on their main site or by searching for an area of interest, but you'll need to create an account to see what Foreclosure Listings offers in detail.

This service doesn't offer a free trial. You'll pay $3.95 for 7 days of access to the site, and then you'll be charged $39.95/month thereafter if you don't cancel.

Looking through the terms and conditions of using the Foreclosure Listings service, we found this: "Your information may be sold to brokers". This happens automatically, unless you specifically request otherwise. We also found out that the number of listings you can view in a 24-hour period is limited by the company, but they won't tell you exactly how many that is because it's a "secret number...to protect its data from data mining". Poking around other parts of the site, we found missing links and typos that made us feel that this Foreclosure Listing service is less than professional.

Foreclosure Listings is owned by the parent company Foreclosure Data Online, Inc. This business did not have a rating or accreditation with the Better Business Bureau at the time of our review, but the company has been on file with the BBB since 2004. To top it off, we found no customer reviews of the service - not even testimonials on the Foreclosure Listings' site itself.

For all of these reasons, Foreclosure Listings is one of the lowest-ranked services in our review.

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Continued from above

At the same time, this can be a huge opportunity for people looking to start or expand their investment portfolio by getting properties well below market cost, or to buy a home for themselves at a significant discount. Plus, the original homeowner may be able to avoid bankruptcy or other negative financial consequences through your purchase of their home, even at a reduced cost.

It's important to realize that many homes purchased as a foreclosure are sold as-is, so budgeting for things like repairs or replacing appliances is key. Another factor to keep in mind is that it may take longer to close on a foreclosed property than in a traditional home sale. If the property is bank owned, the bank may not be as motivated to cut a quick deal or close quickly. And, there can also be a legal component to getting the current residents to vacate the property before you can take occupancy.

Once you're ready to find a foreclosed property, where should you look? There are several services that provide Foreclosure Listings, doing all the legwork of searching databases and other sources of information to give you the details on the properties in your target area.

When deciding which Foreclosure Listing provider to use, keep these criteria in mind:

  • Cost. While some Foreclosure Listings are provided free of charge, this may only be for a short trial period before you're charged a monthly subscription fee.
  • Data Quality. Choose a service that updates its Foreclosure Listings frequently. It'll do you no good to get listings of properties that are no longer on the market. Also consider how much information you get in a listing: most services include the number of beds/baths and square footage at a bare minimum, while the best services include detailed information about the neighborhood, previous sales of the home, etc.
  • Reputation. What do others say about using the Foreclosure Listings they've found on the site? Is the service rated by the Better Business Bureau?
  • Ease of Use. Can you easily find what you want on the site and in each of the Foreclosure Listings? Does the site make it simple to get through the steps of buying and/or bidding on a foreclosed property?

TopConsumerReviews.com has reviewed and ranked the best Foreclosure Listings available today. We hope this information helps you in your real estate goals, whether you're buying a home for yourself or adding to your investment portfolio!

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