The recent status of the home market has lead many home
buyers to gain interest in foreclosure sales. The
use of web sites has allowed home buyers instant access
to information on thousands of foreclosed homes.
Web sites that charge a monthly fee, such as
Foreclosure.com, Foreclosures.com and RealtyTrac.com,
typically provide more access to information regarding
the house, such as detailed description and condition of
the house, broker information and newsletter articles.
Columnist Ruth Simon of The Wall Street
Journal warns home
buyers to take caution when visiting foreclosure Web
sites in her July 16, 2006 article, “Cooling Home Market
Spurs Interest in Foreclosure Sales.” While Web sites
offer vital information containing a particular home’s
value and financial history, the information may not
be accurate or current.
“We learned that novices
should approach the foreclosure process-and the Web
sites that sell foreclosure listings-with care. Finding
a good buy on a foreclosed house requires hard work and
can carry significant risks. Critics say that Web sites
selling foreclosure listings often contain out-dated
information or listings on houses that aren’t ready for
sale.”
It is important to check a variety of Web
sites containing information on a particular house
before making any major decisions.
“Then there
was the three-bedroom, one-bath home that has been on
the market for several months. Foreclosure.com was the
only one of the three sites to report that the price had
been cut to $145,900. RealtyTrac.com pegged the property’s value at roughly
$204,000, while Foreclosures.com valued it at $264,000.
The Web sites say that such numbers are estimates of
market value and aren’t a replacement for a formal
appraisal.”
Web sites are useful tools in
assessing the value of a foreclosure listing. However,
the financial figures are often misleading. Even the
most respected foreclosure Web sites do not always have
accurate, current information. Once you sift through the
promotional pop-ups and inaccurate information, and
decide to pursue purchase of a house, you should have
the house professionally appraised to determine true
value compared to its asking price. |
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