iowahomeloans

Beware of Websites Promoting Foreclosures to Buyers

Posted on: August 5, 2012

The Internet has many valuable resources for people shopping for a new home. All new homebuyers want a great deal, and in this economy, many people are promoting the value of finding homes in foreclosure. You may be able to find a great deal on a home in foreclosure, but using the Internet to find these homes can be a double-edged sword. Beware of websites promoting foreclosures, because they can turn around to haunt you in a variety of ways.

Websites that sell books on how to find and buy foreclosures.

One popular way that foreclosure-related websites attempt to part you from your cash is to sell electronic or ‘downloadable’ books on how to find and buy good foreclosure deals. While this information can be valuable, because finding the right foreclosure deal requires good research and the ability to accurately judge the condition and value of a property, you can find this information in other places without paying for an eBook.

 

Websites that charge subscriptions to access ‘foreclosure’ listings.

Another category of foreclosure websites that cross the line into ‘scam’ territory is websites that charge subscriptions to access foreclosure listings. These websites might sell you a database of foreclosures, or charge you for monthly access to online listings. Often, these listings are outdated and typically not worth the subscription fees. You can find foreclosure listings for free in your local newspaper, so beware of these paid subscription sites.

Foreclosure sites that sell your contact info.

Finally, some foreclosure sites not only charge you for information you can get for free elsewhere, but some sites actually sell your contact information to other people. RealityTrac, one popular foreclosure website, sells subscriptions to an online database of foreclosure listings which are outdated and inaccurate.

They also sell customer information to real estate agents and other realty-related companies. Check the Better Business Bureau database before you give your contact info to any foreclosure-related company on the Web to make sure they’re legitimate and won’t misuse your information.

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