Searching For Foreclosure Properties In 60646 Or Elsewhere In Illinois? Contact Us.
With pre-foreclosure and REO (lender-owned) properties at an all-time high, our real estate firm RE/MAX has forged a partnership with the nation’s largest provider of real estate foreclosure information, RealtyTrac. We now have access to all details of distressed residential properties in Illinois, whether they are in pre-foreclosure, headed for a trustee sale (auction), or are outright owned by lenders (REO).
Unfortunately, RealtyTrac’s fairly strict terms of use prohibit any member of RealtyTrac’s service from making this information available on any other website. It’s understandable: They are in the business of selling real estate data, and we recognize and respect that. Therefore, you won’t be seeing any information about these properties on 60646 Blog (unless they’re in 60646 and listed in the MLS). I would like to point out that some of RealtyTrac’s listings also appear on our MLS, as I found out cross-checking the data yesterday. For example, some properties in our MLS marked as “short sale” are clearly identified in RealtyTrac’s database as pre-foreclosures (Notice of Default, Lis Pendens). And then, some lender-owned properties in RT’s database that are listed for sale with a Realtor are clearly marked as such in the MLS. The major difference, as I could ascertain, is that RT’s data contains a ton of more information, such as lender information, outstanding liens and amounts, property owner information etc.
Obviously, this is a service that we pay for (and it’s not cheap). So if you’re an investor or home buyer, and you’re seriously interested in acquiring a distressed property in Illinois, we’d be more than happy to provide you with RT’s information, however, in return we would ask that you work with us exclusively when you’re ready to purchase a property that’s listed in RT’s inventory. Contact us, to find out more.
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Tags: 60646, Blog, Foreclosure, Home, MLS, RE/MAX, Real Estate, REO, Short Sale
Markus,
I fear that my blog efforts are as close as I'll ever come to writing things down.
We have an ...
Jon, having been in the real estate business for thirteen years, nothing really surprises me anymore. If I could get ...
Markus,
Good answers defending your seller's position!
You would be surprised how many listing agents will pass information that is not in ...
Thanks you! I'm trying to figure out who that is a statue of in the pic. If you know where ...
Comment by JB on 29 May 2008:
does this mean you will reach out to homeowners who have a lis pendens on their record to see if they are interested in selling? on a personal level, this seems like the hardest part of using this data to a homebuyer’s advantage and would likely be worth more than the standard commission.
Comment by Markus Azadeh on 29 May 2008:
Potentially, this would constitute a fair use of RT’s data, of course within the framework of the existing FTC-Do Not Call rules. In other words, we wouldn’t call a seller who is in default if that seller is on the DNC list. But if we worked with a potential buyer for whom that property could be suitable, we might send the owner a letter inquiring as to whether or not they would consider selling their property.
The problem is that many homeowners who are in default, unfortunately do not take timely action. Either by contacting their lender for a possible loan modification, or by hiring a reputable Realtor to sell the property before it’s too late. Embarrassment is a possible explanation for this behavior, but often times it’s also depression, apathy or simply procrastination.
Either way, we still need to figure out exactly what the best uses of RT’s data are, but I will agree with you JB that buyers (and in all likelihood sellers) will reap tremendous benefits of working with us on finding/selling distressed properties.
Comment by Stop Foreclosure on 2 July 2008:
You have to have motivated real estate agents or investors because many of the homeowners in foreclosure are there for a reason, they do not see a sense of urgency to get anything done. Good for REMax for working out that agreement.