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Chapter 5:
How to Use Bargain Network's Foreclosure Listings
It's easy to access Bargain Network's Bargain Real Estate Locator, by phone or online. This powerful tool lets you search bargain real estate opportunities - by zip code and by price - in all 50 states. Bargain Network's huge real estate database includes some 30,000 nationwide foreclosure listings. You'll also find a vast array of "for sale by owner listings" and other bargain real estate opportunities.
However, if you wish to concentrate your search on REO-type foreclosures, Bargain Network can provide you with a printed set of foreclosure listings - as often as every two weeks - at no charge. Simply call Bargain Network member support at 1-800-216-8757 and request a foreclosure listing update. To help you get the most out of your listings, we offer the following helpful hints:
Where the Listings Come From
Your Foreclosed Property Listings are compiled from the latest available property lists put out by private lenders, government agencies, and government-sponsored institutions, including:
- Banks, insurance companies, and other private mortgage lenders
- Fannie Mae (Federal National Mortgage Association, or FNMA)
- Freddie Mac (Federal Home Loan Mortgage Corporation, or FHLMC)
- Small Business Administration (SBA)
- Federal Deposit Insurance Corporation (FDIC)
Farmer's Home Administration (FmHA; recently renamed RECDS, or Rural Economic and Community Development Services)
Straight Talk About Government Record Keeping
As you can see from the bullet points above, the listing information contained in the Bargain Network real estate database comes from sources deemed to be reliable. However, Bargain Network has no compensated business relationship with these sources, and no guarantees can be made that the listing information is current or accurate, as the information we receive from third parties is subject to change, errors and omissions. Consequently, the information contained in each Bargain Network foreclosure listing should be verified with the listing institution or seller prior to visiting the property or making any financial commitments.
One last piece of straight talk: many government agencies - and some private lenders - are notoriously slow about updating their own data, and removing sold properties from their foreclosure lists. Consequently, we estimate that between 10% to 20% of our foreclosure listings are currently in escrow, or have previously been sold. So don't get frustrated if a property you're interested in is no longer available. There are plenty more where that came from, and Bargain Network will continue providing you with the most current - and most abundant - foreclosure information possible.
When You First Get the Listings
All Bargain Network members receive an initial set of printed listings inside their "welcome" package. Many members initially requested auction listings to find vehicles, electronics and other big ticket items at live auction events. Other members requested foreclosure listings...to find homes and other properties. If you did not receive auction or foreclosure listings in your welcome package, but would like to receive them, simply call Bargain Network Member Services at 1-800-216-8757.
When you first get your foreclosure listings, you may wonder, "How will I ever be able to call them all?" The answer is, "you don't have to." Simply call the ones that are of greatest interest to you.
And to find those quickly, we suggest you first scan the listings by address and circle (or use a highlighter to mark) the properties located in neighborhoods that interest you. You may want to scan the listings more than once, as it's easy to miss something the first time through.
How To Read Each Listing
Although different agencies and institutions provide different kinds of information on their foreclosures, the basic listing information is easy. Here is a simple guide to understand the entire listing:
- Sale Type. A "foreclosure" is any form of real estate (such as a home, commercial building, raw land, etc.) that is repossessed by the lender because the buyer has defaulted on his or her mortgage. Buyers default for many reasons, including job loss, divorce, bankruptcy and ill-health.
- Property Type. This tells you what kind of property is for sale. Some of the types you'll find in your Foreclosed Property Listings are: Residential Unit, House, Single Family Lot, Condo, Multifamily, Commercial, Industrial, and Other.
- Location. This tells you the location of the property. It gives you the street address, city, and zip code. Use this information to help find a home in the neighborhoods that interest you.
- Listing Agency and Contact. These lines tell you what agency and/or individual is in charge of selling the property. Opposite their name is the phone number to call for more details and to arrange to view the property.
What To Do When You Call on a Listing
Now that you know exactly what properties you want to learn more about, it's time to call the contact numbers and do just that. Start out by giving the address and ID number of the property and ask if it's still available. If so, you can then ask to see the property. Make sure to bring a photocopy of the Home Buying Checklist from the Resource section of this website. The agent in charge of the sale will come out to the property, show it to you, and explain the terms and conditions for that property in detail. If you like what you see and want to place a bid, the agent will help you do so.
Live Assistance in Using Your Listings
Please keep in mind that if you don't find what you're looking for right away - or if some of the listed properties are no longer available - don't worry! You can receive FREE updates of your Foreclosed Property Listings by simply calling our Customer Support Department at 1-800-216-8757.
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