A recent post that detailed the launch of a new foreclosure database that offered tons of detailed really caught my interest. Foreclosureradar.com only contains property foreclosure info for California right now, but I’m certain it’s only a matter of time before somebody begins to roll out a nation wide site. Currently consumers and investors can subscribe to sites like realtytrac to get foreclosed property listings, but there hasn’t been a highly detailed option until now.
The even more powerful thing in my mind is the prospect of having a foreclose IDX feed availble for real estate professionals to embed in their own websites, or added to sites like Trulia. The lenders and asset managers will also benefit, as it’s hard to sell a house if nobody knows it’s for sale. As a real estate professional, we’re expected to know where every foreclosure property is and all the details. Depending on the lender and management company, the property info might be available on a hard to find and even harder to navigate website. How do the banks expect to minimize the loss they already take when buyers are lined up and don’t know where to go?
Hopefully sites like foreclosureradar start to pop up and provide more transparency to the foreclosure process. Just imagine: a concise list of all Astoria foreclosure homes right at your finger tips. That would be great!
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