RealtyTrac Launches Renter Foreclosure Alerts
Irvine, CA-RealtyTrac here is launching a new service called RealtyTrac Renter Alerts that gives tenants advance notice when the property they are renting enters into default or is about to be foreclosed by a lender.
"Unexpected evictions are becoming an all-too-familiar scenario for good tenants who pay their rent on time," said Rick Sharga, senior vice president of RealtyTrac.
"Some landlords aren't paying their mortgages - even while their tenants are paying their rent faithfully - causing the tenants to be evicted without warning. Our new Renter Alerts give tenants a good early warning system and avoid this unpleasant and unfair scenario."
More than 2.3 million U.S. households received a foreclosure notice in 2008 - an 81% increase over 2007 - and foreclosure activity is expected to rise again in 2009. With over 30% of these homes not owned by the occupant, hundreds of thousands of renters are at risk of being evicted, even though many have never missed a rent payment.
Renter Alerts, which provide access to the nearly 1.8 million foreclosure and bank-owned properties in the RealtyTrac database, have been designed to help renters research properties they're thinking about renting and to monitor properties they're already renting. The new foreclosure monitoring service sends e-mail alerts to subscribers warning them immediately of any foreclosure activity on a specific property. The service is currently available for $24.95 a year.
The company has also formed an alliance Enormo, a global real estate portal, that will give Enormo's international user base of potential homebuyers and investors access to RealtyTrac's database of U.S. foreclosures.
RealtyTrac's foreclosure listings are integrated into Enormo's search functionality, allowing users to browse more than one million foreclosure properties from 2,200 U.S. counties.
As RealtyTrac's first-ever international partnership, the alliance will enable the company to accept international subscriptions to its service thanks to Enormo's translation of RealtyTrac's marketing messages into its 31 interface languages.
"Foreclosure inventories around the United States are at historically high levels, and interest in purchasing those properties has been growing steadily from buyers and investors outside of the U.S.," said RealtyTrac senior vice president Rick Sharga.