RealtyTrac – It just ain’t right

There are tons of foreclosure websites out there.  If you have been searching for a deal or a steal you have probably come across most of them.  As a matter of fact, a foreclosure search is so popular that Google even announced they added them to their real estate search too. One of the main websites though is RealtyTrac, who tracks foreclosures, bank-owned, pre-foreclosures, auctions and more.

But, pardon my Southern, it just ain’t right.

Let’s take a look at the map below of 29401 (Charleston’s Downtown zipcode).  The blue Ps are pre-foreclosures, the maroon Bs are bank-owned – and most of them are incorrect. (Sorry, but for an interactive map you’ll have search directly on the site). If you know the market as well as I do, you can tell that it is wrong the minute you see the address.  Let’s look at a few Bs and Ps for an example.

72 Murray Blvd – NOT bank-owned, it was purchased at the courthouse auction in July for $1,680,100 and is now back on the market for $2,395,000. (Back in February 2010 I predicted it would come back on the market for $2,250,000 – perhaps it should have been since it’s been sitting at that price for more than 6 months now)  1019127 – Details: 72 MURRAY BLVD, CHARLESTON, SC – $2,395,000

49 Laurens St – NOT in pre-foreclosure.  It was on the market and sold at the end of November for $1,210,000.  1004176 – Details: 49 LAURENS ST, CHARLESTON, SC – $1,210,000

16 Harleston Place – this WAS bank-owned but it sold on 1/7/2011 for $469,000.  1017403 – Details: 16 HARLESTON PL, CHARLESTON, SC – $469,900

5 Bull St – this WAS bank-owned but it sold on 12/10/2010 for $357,000.  1016657 – Details: 5 BULL ST, CHARLESTON, SC – $357,000

105 Smith St – this WAS bank-owned but it sold on 12/17/2010 for $272,000  1027452 – Details: 105 SMITH ST, CHARLESTON, SC – $272,000

55-A Hasell St – may have been in pre-foreclosure but it’s under contract now (Yay for them!)

So the point is – please don’t rely on the public websites for accurate information because you might end up being disappointed.  In Charleston, your best resources include:

1. The county website for pretty good up-to-the-minute public information.
2. Your real estate agent.   If it’s not me, find someone who knows the areas you are targeting like the back of their hand AND knows the foreclosure/auction process.   If they don’t know what MIE or a docket is or how to find the bid price – move on. 🙂  In addition, our Realtor MLS updates the status of homes within one second so you can be on top of it when the bank-owned house you’ve been watching comes on the market.

Any questions??