RE/MAX regions add foreclosure data
Thousands of Web sites now include foreclosure search
By Inman News, Thursday, April 24, 2008.Thousands of RE/MAX Web sites this week have added foreclosure property search features thanks to a new partnership between four independently owned RE/MAX regions, Web developer Reliance Network and foreclosure data provider RealtyTrac.
RE/MAX Web sites in Northern Illinois, New Jersey, Kansas, Missouri, Oklahoma, Arkansas, Alabama, Louisiana, Mississippi and Michigan have gone live with the new foreclosure search feature, the company said in an announcement.
The respective RE/MAX Web sites for these states are: illinoisproperty.com, remax-nj.com, remax-midstates.com, remax-oklahoma.com, remax-arkansas.com, remax-alabama.com, remax-louisiana.com, remax-mississippi.com, and remax-michigan.com.
The same search feature is also available through individual agent Web sites in these regions, the company said.
In 2007, more than 2.2 million foreclosure filings -- default notices, auction-sale notices and bank repossessions -- were reported on more than 1.2 million properties nationwide, according to RealtyTrac. This represents a 75 percent increase in total filings from 2006.
The number of foreclosures is expected to continue increasing in 2008 as millions of adjustable-rate mortgages with teaser rates reset.
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Submitted by Jonathan Steingraber on April 24, 2008 - 10:48pm.
This is a great feature although it is taking away from all the other homes on the market. As a company I would believe that all of your clients deserve equal service. By promoting foreclosure searches you're limiting exposure to your taken away from the homeowner's that are trying to sell their home the traditional way. Every buyer is looking for a bargain and homeowners are struggling to sell their homes more and more. Many buyers are also being misled by this feature because they automatically believe that they're getting a bargain when sometimes REO listings are listed way above market and the banks have already taken a huge loss and are looking for full retail.