RealtyTrac

RealtyTrac is a real estate information company and an online marketplace in the United States for foreclosed and defaulted properties. It was established in 1993 and is headquartered in Santa Barbara, California. It issues a monthly report on the foreclosure market in the United States. RealtyTrac provides purchasers with access to foreclosed homes. Consumers who purchase a membership service also gain access to foreclosure addresses, loan histories, and auction dates and locations. Buyers can find amazing prices when searching for foreclosures, but there are certain problems to consider. A bank-owned property is typically sold as-is. That means the bank will not make any repairs or improvements to the property.

A bank-owned property will have a clear title, which means the buyer will not have to worry about liens or unpaid taxes. This may not be the case if the home is purchased in a foreclosure auction. Some properties may have a clouded title, requiring the buyer to absorb those debts. Yet, a foreclosure auction might produce a wonderful deal because the residences are offered for the amount of the outstanding mortgage, which is sometimes relatively cheap. Just keep in mind that the price is usually due in full, in cash, at the time of the sale. Mortgages are typically not permitted for auction transactions.

Pros:

• It offers a potential solution to folks who are experiencing difficulties. It assists people in distress by democratizing data.
• RealtyTrac is now the industry standard for reporting this information.

Website: realtytrac.com