| RealtyTrac Unveils New Site Features to Quickly Determine Property Equity |
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05/04/2011 06:05 (421 Day 15:08 minutes ago) | |||||
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The FINANCIAL -- RealtyTrac, one of the leading online marketplaces for foreclosure properties, on April 5 unveiled new site features that help users quickly see the amount of equity — or negative equity — in a property based on its estimated market value and total outstanding loans, along with a simple list showing the position of those loans.
Estimated equity will be available for properties in the foreclosure process, including properties in default and scheduled foreclosure auctions, and will be displayed prominently on each property details page as a dollar amount and as a loan-to-value ratio — the total amount of outstanding loans as a percentage of estimated market value.
The equity and LTV will also be listed on search results, and users will be able to sort the search results by amount of equity or even create search filters that only return properties within certain equity or LTV ranges.
“These new features bring key information to the forefront, helping buyers and investors more quickly decide which distressed properties represent good purchase opportunities for them and which do not,” said James J. Saccacio, chief executive officer of RealtyTrac. “These features will also help real estate agents and brokers pinpoint potential listing opportunities — both short sales and equity sales — and spot second- or third-position loans that could trip up a short sale.
“In addition, the position of outstanding loans will make it easier for auction buyers to avoid costly surprises when purchasing at the trustee’s sale or sheriff’s sale,” Saccacio continued. “In short, these new features represent a giant step forward in terms of convenience and usability for our customers, paving the way for them to find the best foreclosure deals.”
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