RealtyTrac to provide pricing on previously sold foreclosures
RealtyTrac, an online foreclosure marketplace, added a new feature that allows users to see information such as pricing on properties sold in the last nine months. The data will be available for more than 2.5 million recently sold properties. Users will be able to view sales prices, sale dates, foreclosure status of the property when it was sold, number of bedrooms, bathrooms, square footage, lot size and the year the home was built. RealtyTrac targeted the data at homebuyers who wanted to know how much a foreclosed home would sell for in a given neighborhood. Sellers would use it to determine a sales price, using comparables, or comps, in a specific area, and investors would use it to determine the profit and cashflow potential of a neighborhood. "The new 'recently sold' feature will help our users determine what buyers have recently paid for properties in any neighborhood nationwide,” said James Saccacio, CEO of RealtyTrac. Discounts on REO properties, homes that were foreclosed and repossessed by the lender, vary widely state to state. According to RealtyTrac data, REO in Utah is discounted as little as 1.45% from traditionally priced homes in the state while REO in Kentucky can be sold for as much as 48% below traditional sales. Only RealtyTrac subscribers can access the data. Write to Jon Prior.