Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
MLS members are not required to label foreclosed homes as such. The MLS and foreclosure listing agents bent to pressure from the banks.
So, TMLS foreclosure listing data is corrupt.
OP: Can you define "preforeclosure," and the types and status of properties that fit that description, or would be excluded. In my perception, "Preforeclosure" is more of a pop realty term than a bona fide real estate designation.
MLS members are not required to label foreclosed homes as such. The MLS and foreclosure listing agents bent to pressure from the banks.
So, TMLS foreclosure listing data is corrupt.
OP: Can you define "preforeclosure," and the types and status of properties that fit that description, or would be excluded. In my perception, "Preforeclosure" is more of a pop realty term than a bona fide real estate designation.
Thanks for the replies everyone.
Mike,I have limited knowledge of real estate, but from what I can tell a " pre foreclosure" is one that has defaulted on their mortgage (3 payments), but the bank has yet to formally foreclose on the property-at least that is what I get out of the "realty - trac " website.....There was actually a house that came up on my street on that website. I knew the homeowner was having financial difficulty, and it came up as being in " pre foreclosure", but then it went off the website. This was well over a year ago, and while I am not certain, I do believe the homeowner is now current on his mortgage.
Mike,I have limited knowledge of real estate, but from what I can tell a " pre foreclosure" is one that has defaulted on their mortgage (3 payments), but the bank has yet to formally foreclose on the property-at least that is what I get out of the "realty - trac " website.....There was actually a house that came up on my street on that website. I knew the homeowner was having financial difficulty, and it came up as being in " pre foreclosure", but then it went off the website. This was well over a year ago, and while I am not certain, I do believe the homeowner is now current on his mortgage.
RealtyTrac has in the past identified homes whose owners had refinanced, triggering a change in Substitute Trustee for the Deed of Trust, as "Preforeclosure."
If a property owner hasn't paid property taxes, Z and Realty Trac would sometimes label them as "preforeclosure."
Real estate seminar gurus will tell attendees to pursue those owners, and I have little respect for that approach or the designation.
If you want to get info on bank foreclosures, and are considering to chase property owners, reading the Legal Notices in the newspaper, on the Clerk of Courts' bulletin board at the court house will give you better data.
If you plan to approach distressed owners, be ready to have doors slammed in your face, get cussed out, etc, for invading folks' privacy at a time of very high stress for them.
Companies like RealtyTrac need to pay people to look this information up and other data sources, so they are certainly not going to give it away for free.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
