Jan 5 2010
Foreclosure.com files for Bankruptcy
 

Times sure are changing when a company that reports and collects foreclosure data is filing for bankruptcy.

More details here:

https://www.bankerandtradesman.com/news136268.html

I’m sure there are more details to follow.  What is the real business model of sites like Foreclosure.com, RealtyTrac, HUD homes, sites that basically collect “free” data and enhance it with more “free” and or public record data.

I would say that these sites do serve a purpose, but not at the prices they charge, and the upsell and cancellation procedures leave a lot to be desired.

Note: This is about Foreclosure.com bankruptcy, there is another company operating under ForeclosureS.com, that is not the same company.

Disclosure:  I used to work for a foreclosure listing service. Most of these services hope you sign-up for a “free” trial and forget to cancel. Do they really reach out to their “subscribers” and make sure they are really utilizing the service properly? Are they help prospective buyers find and buy properties? I would say most of them do not.

For most of us, buying a foreclosed property or distressed real estate at a fraction of the original value is mere pipe dream and as the economy has tanked so have these services that sell “the dream”. We as consumers need to be smart and if we try out a service for 7 days and do not like it, make sure you cancel, and the service gives you a hard time, report them and cancel with your credit card. Do not put up with the nonsense.

You can obtain much of the information available from these services for free from public records. It’s just a matter of convenience to have it online. Also, some real estate agents specialize in foreclosures, hud, distressed, bank owned homes, so reach out to them, they would have access to some of these properties or can connect you with a specialist that handles distressed properties.

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