Becoming Familiar with Terradex’s Real Estate Monitoring
Terradex can monitor numerous transactional real estate data sources permitting the detection of problematic real estate scenarios at tracked properties. The sources include monitoring new residential and commercial listings, new sold properties, pre-foreclosure actions, foreclosure actions, tax liens, bankruptcies, new easements and new occupants. Thorough real estate monitoring is critical when the responsible party no longer owns the land, and tracking ownership and the owner’s financial health are duties to help assure the integrity of institutional controls.
Terradex alerts metatrader 4 upon key changes including a listing of a property, ownership change, financial duress, or placement of new liens or easements. The expanded real estate monitoring services were inspired at a California site monitored by Terradex – in this case the then owner entered bankruptcy, the property foreclosed, and the convenants agreed to by the then current property owner were vanquished. This suite of real estate sources raises the reliability of institutional controls monitored by Terradex.
- Listing Services – search by address match, this information provides indication of a sale (or a new tenant). The information is derived from commercial listing services and reviewed daily. Various commercial aggregators of real estate information provide the data set that Terradex monitors daily.
- Residential For Sale– Search criteria maintained in MLS residential listings
- Residential For Rent – Search criteria maintained in residential listings
- For Sale By Owner – Listings filed on websites listing for sale by owner
- Commercial For Sale – Search criteria maintained in two commercial listings
- Commercial For Lease – Search criteria maintained in two commercial listings
- Economically Distressed Properties – searched by address match at weekly basis, this information provides indication of a pending sale.
- Pre-foreclosures – such as Notice of Defaults and Notices of Sale typically alerting of potential foreclosure about 4 months prior to foreclosure sale (derived from county recorder offices; commercial aggregators)
- Bankruptcies – property listed as asset in bankruptcy filing – dervied from court records; commercial aggregators
- Tax Liens – government taxing agency may sell property to collect taxes owed (derived from commercial aggregators; county recorder records, other sources)
- Trustee/Sheriff Auction – this is a judicial foreclosure event and occurs within one year of notice of default (commercial data aggregators; newspapers)
- Change of Ownership – The information is derived from the County Tax Assessors and/or commercial aggregaters. This identifies principal owners changes, but may not identify a change in members of a partnership.
- Change in Tax Records – After close of escrow and filings with the county recorder, new owners are recorded into the county assessor office. (avail from commercial data aggregators; county tax assessor)
- Foreclosures – property title has transferred to lender through private (non judicial) foreclosure (avail. from commercial data aggregators; county recorder offices). The nonjudicial foreclosure occurs typically within 4-6 months of the default.
Reporting Procedure for Real Estate Events
A real estate event (listing, economic distress or sold) would be reported as an email to the contact associated with a particular property. The alert would contain the information about the property transaction and the associated site monitored. The alert would then be tracked by Terradex to make sure that the information was received. During the process you (the client) may ask clarifying questions, and we can see if our data providers have further information.
When is the Alert Issued?
The alert is issued daily. The trigger is the real estate event at the property (or zone monitored). There is latency between the the real estate event and when the knowledge of that activity is detected by Terradex. For example, a county may be slow at maintain the filings that we search, and the county’s speed is beyond our control.
When is a Property Listed for Sale?
This is at the discretion of the owner, broker or government agency. We rely on the Internet for these listings, and our sources anticipate residential or commercial MLS, or a listing in FSBO web wervices. When sold by a government agency, the filings or newspaper advertisements control the timing of the listing.
After A Sale, What Could Terradex Do?
Preliminary title review could be conducted to produce documents. Some clients ask Terradex to conduct a preliminary title review and produce documents that their counsel could review to determine if environmental easements are still in force. Upon request, Terradex can produce these documents.