RealtyTrac beefed up its foreclosure listings today, adding features that allow users to see the amount of equity (or negative equity) in a property, based on its market value and total outstanding loans.
Estimated home equity can be seen for properties in the foreclosure process, including both those in default and those scheduled for foreclosure auction.
“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, in a press release.
“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.”
Saccacio added that knowing the position of outstanding loans will also make it easier for auction buyers to avoid surprises when purchasing foreclosed homes at a trustee’s or sheriff’s sale.