Housing data site RealtyTrac has beta launched HomeDisclosure, a mobile-friendly, consumer-focused due diligence site enabling home shoppers to get detailed data on 177 million U.S. homes.
A HomeDisclosure property report provides detail on more than 40 separate categories of real estate data and neighborhood-specific environmental information, and that information is quite detailed, RealtyTrac CEO Rob Barber said.
“There is no other property report, let alone property listing website, that will identify nearby registered sex offenders and drug labs, while also giving potential homebuyers comprehensive loan history and financial details such as the current equity position on each property. We’re able to provide this unique combination of property due-diligence data to consumers thanks to RealtyTrac’s nationwide footprint of publicly recorded real estate data along with the neighborhood and environmental data we gather through our subsidiary Homefacts.”
Because RealtyTrac’s business model does not leave it beholden to an agency, it can provide unbiased information, Mr. Barber added.
“We’re willing to provide this data to consumers because our business model is not dependent on whether someone buys, sells or rents a home. We are agnostic when it comes to whether or not a real estate transaction occurs, which frees us up to provide a property report with transparency as its highest objective.”
Information provided in a typical HomeDisclosure report includes the neighborhood risk for flooding, hurricane, or other natural hazard, crime rates, school information, median income, and any potential environmental hazards like polluters or storage tanks.
“Most real estate websites provide consumers with the basic information they need to search for homes, but they don’t offer deeper data that will make buyers aware of potential risks in the neighborhood,” Realty Trac Executive Vice President Mike Sawtell said. “It’s interesting that in today’s world, consumers will perform more pre-diligence on a $30,000 automobile (by purchasing a Carfax report) than they will on a $300,000 home. This is because until now there was not a simple method to access the necessary information.”
“For no cost, a consumer can have access to a comprehensive, yet easy-to-use report that is built for smartphones and tablets.”
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