The Lowdown on Foreclosure Radar

Two weeks ago, in the San Francisco Sweet Digs Weekly News Round Up, there was a mention of Foreclosure Radar, a service that tracks every foreclosure opportunity available in California, and all upcoming auctions. Iheader_logo_nobeta.jpg had to opportunity to chat with founder Sean O’Toole about his entry into this growing field.

Foreclosure Radar began as a personal tool for Sean, back in 2002, to help him invest in foreclosed properties. With over 150 purchases under his belt, he decided that the tools he had developed were successful and could translate into a helpful website for other professionals to use in the burgeoning foreclosure market. Launched in May of 2007, the number of foreclosures, and the interest in them, has gone up significantly, to the tune of 70,000 notices per month from various agencies. It is the goal of Foreclosure Radar to get the word out about every one of these in the most efficient and honest way possible.

Basically, Foreclosure Radar (FR) is a dataset. Information is culled from a variety of sources, and updated daily, tracking every foreclosure in California all the way to their final outcome. Starting with information from the county recorders’ offices throughout the state, FR sleuths track down auctions and their results, as well as foreclosure sales, postponements and cancellations. To maintain accuracy, 120 validation routines are performed on public notices. (Needless to day, the research staff is kept very busy.) In addition, FR offers foreclosure search tools for websites, foreclosure software, does market analysis, offers webinars, and has a “Foreclosure Truth” blog, where they invite questions and information.

While FR targets lenders, investors, and real estate professionals, that doesn’t mean the average joe wouldn’t find it useful. The terminology on the site is geared more for those professionals, but if you know the lingo, and want to do your own research, the site is available to you. Yes, there is a fee for the service, but if you are determined to find one (or more) bargains amongst the stampeding herds, this is probably the most comprehensive place to do so. There is a 3-day trial, and then the fee becomes $49.95 per month, for as long as you need or want it.

While they are not the only service out there, they may be the most comprehensive, with no hidden agenda or “get rich quick scheme” attached. Just the facts, ma’am.