New RealtyTrac feature lists property equity
RealtyTrac unveiled a new feature on its website Tuesday that enables users going through the home listings to see how much equity each property has. The new feature also tells users if a home has negative equity based on its estimated market value and the total number of loans outstanding. All outstanding loans are listed under the property profile. To go one step further, the online real estate data provider RealtyTrac is providing the estimated equity on each property as a dollar amount and loan-to-value ratio, both of which can be entered as search criteria on the site. The equity feature is available for properties in the foreclosure process as well as properties in default and up for auction. Chief Executive Officer James Saccacio believes this capability will better equip individuals across all branches of the industry with better knowledge before potentially buying or listing a home. "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," Saccacio said. "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." RealtyTrac is an online listing service for foreclosure properties. The website boasts more than 1.5 million default, auction and bank-owned homes from more than 2,200 U.S. counties. Click here for a video tutorial on how to find the equity listings. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.